SilliG

I still go by the old school if you can't afford it don't buy it ideal so I bought my s2000 in cash. With doing research and speaking to others there can be a benefit of getting a auto loan but only if you had enough money to buy it outright to begin with and ppl use that money to invest and grow interest. Do what ever best for you I just love the peace of mind of NOT having any additional outgoing income. BTW ive only had one auto loan my entire life and it only lasted for 8 months I hated having something and modifying something I didn't fully own it was weird.

BooGTS

Have to go with the don't buy it comments. If you are "car poor" or end up paying $16k for a $13k car that is then worth $10k by the time you're done paying it off, you end up being mad at the car because it keeps you from buying those other things you want - new phone, fancy dinner with a girl you really like, better house or apt, etc.

My $0.02 is that you'll be happier buying an old *insert something reliable here, Jeep Cherokee, Wrangler, Civic* and then when you have the $20k burning a hole in your pocket, buy the s2000.

hirev

OK, you have getting an S2000 in your sights....so a local credit union might be a good place to pre qualify for a loan, better rates and they are more liberal with loans. Used car dealers can set you up with a loan for allot more interest than you may want to spend....

Spend less of your money for a downpayment, you will need some money to fix this car, every car needs some sort of tweaking and or work, so plan on that as well. Next spend a little more money, borrow a little more, spreading your payments over 5 years, that way you get the best possible car up front, better than buying a real fixer upper and that I tell you from experience. Even if it takes you a bit more time to get a bit more money or buy a newer car with less miles...you are looking for a unmolested stock S2000, one that someone else has not beat or neglected=.....A one owner car might work, you may take months to find it....I am in norcal and a good S2000 like mine, a one owner 04 with 78,000 miles on it might fetch $17,000 plus, but worth it if it were for sale,your mileage may vary, best ofluck.

SwitchUps

If you really want the car. No one can stop you. I would say absolutely get a car loan if you can secure one. This would help build your credit in the long run. Having a credit card is one thing for your credit history but having a car loan can help you establish credit better. I would just be wary of the rate you get. If you get a higher rate I would just say to pay it off faster if there is no fees in doing so.

jsenclosure

your credit history/credit score will affect your interest rate, and you may need a co-signer gicen your age and short credit history. However, given the vehicles value and a 5500 down payment (which should be about 30% of the vehicle value, maybe more, maybe a little less), i don't see a problem with a bank giving you a loan. I wouldn't sweat it, keep saving and good luck finding a nice s2000

ipeefreely

Pay with cash.

Short

Buy a Miata with your cash. Learn to "drive" it. Save your money. Go to college. Get a good job or start your own business. Then buy any s2000 you want.