Am I able to get an S2k?
03-24-2007, 05:17 PM
#1
Am I able to get an S2k?
Well I have a 99 Civic that KBBs for about $7,300 and has modifications that I could part out and make some cash back. My credit is 693 and I have a job that pays atleast $22,000 a year. What would be my best option or options to get my hands on a car and between what price range? I dont have a co-signer. I have been looking at some rides in the For Sale thread in S2KI and if possible I might get one from here.
03-24-2007, 05:28 PM
#3
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General rule of thumb is that you are going to pay $300/month for every $15,000 you finance over 60 months. If you want to know what you qualify for I would recommend heading down to your bank or credit union. They can pre approve you for an auto loan and give you an idea of the limits of your purchasing power.
Keep in mind that what you are approved for and what you are willing/able to spend are not the same thing. Also keep in mind that you will need to allow for other related expenses in your budget such as insurance and tires.
I bought my S2K brand new when I was 21. I wasn't making much more than you are now. I traded in my Ford Explorer which was worth 8,200 and then I forked over another $1,000 out of pocket. 6 more payments of $500 and my car will be completely paid off.
It can be done. Be smart. Good luck.
Keep in mind that what you are approved for and what you are willing/able to spend are not the same thing. Also keep in mind that you will need to allow for other related expenses in your budget such as insurance and tires.
I bought my S2K brand new when I was 21. I wasn't making much more than you are now. I traded in my Ford Explorer which was worth 8,200 and then I forked over another $1,000 out of pocket. 6 more payments of $500 and my car will be completely paid off.
It can be done. Be smart. Good luck.
03-24-2007, 05:29 PM
#4
Im not really the kind of person to lease a car because I throw to much money at my cars to just hand it back after the lease is up lol. Ill take anything I can get my hands on thats not complete junk.
Im also 19 and I have had my job for a year. I know not long but its my 2nd job.
Im also 19 and I have had my job for a year. I know not long but its my 2nd job.
03-24-2007, 05:31 PM
#5
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With a 693 you should be able to obtain financing without a co-signer, It will help more if you have a decent down payment on top of the trade in. The APR should not be too high, but remember if you buy new the APR would be lower than on a used vehicle.
Your income could be a hurdle to overcome depending on the loan requirements of the bank when you apply for a loan. The bank I work for will not finance an individual loan with out a gross income of 1850.00 per month and you are just shy of that amount. If your going through the dealer to obtain financing than they should be able to find a lender (they are not as strict with dealer loans, but the APR may not as low through the dealer)
You dont mention your age, but if you are under 25 I would look into Ins. 1st and foremost depending on your age and driving record it could be the deal breaker.
Good Luck.
Your income could be a hurdle to overcome depending on the loan requirements of the bank when you apply for a loan. The bank I work for will not finance an individual loan with out a gross income of 1850.00 per month and you are just shy of that amount. If your going through the dealer to obtain financing than they should be able to find a lender (they are not as strict with dealer loans, but the APR may not as low through the dealer)
You dont mention your age, but if you are under 25 I would look into Ins. 1st and foremost depending on your age and driving record it could be the deal breaker.
Good Luck.
03-24-2007, 05:53 PM
#6
Im 19. I make atleast $20,000 a year. I have a perfect driving record. I dont have a co-signer. My credit score is 693. I live in California if that makes a difference. I will take any s2000 that I can get in to the driver seat.
03-24-2007, 05:59 PM
#7
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Dude... easily.
Go to your bank, and tell them you're putting down 8K on a 17K S2000 (some banks will give a bad interest rate if you don't finance enough). They will BEND OVER BACKWARDS to loan 9k on a 17k car - especially if you're buying private party!!! A 17k car private party will look like a 19-20k car going by retail. You will probably only need a 3 or 4 year finance too. This is exactly the situation I had... I put down a ton of money (around 7k - the positive equity from my last car) on a 17k pricetag and got a 42 month loan (3.5 year) for 333/month. The interest rate for used cars is going to be around 8 or 9% - it's not too bad.
Try to make some extra principal payments every now and then so you can save on interest that you throw away.
Your credit score is good, you're putting a ton of cash down up front - I'd say you're going to be owning an S2000 very soon. Your insurance on the other hand... you better prepare for that. The S2000 is the 7th most expensive car to insure in the country - and it's very expensive for us youngins. I'm 25 and I still pay 283/month with E-surance... Progressive quoted me 450/month (I have a ticket here and there). Try to stay on your parents plan if you can and just tell them you'll pay the extra that it takes. If you go on your own - well let's just say that since you're 19 you'll be paying more monthly in insurance that your car payment.
What type of job do you have btw? You should look into serving/bartending - some insane cash to be made there.
Go to your bank, and tell them you're putting down 8K on a 17K S2000 (some banks will give a bad interest rate if you don't finance enough). They will BEND OVER BACKWARDS to loan 9k on a 17k car - especially if you're buying private party!!! A 17k car private party will look like a 19-20k car going by retail. You will probably only need a 3 or 4 year finance too. This is exactly the situation I had... I put down a ton of money (around 7k - the positive equity from my last car) on a 17k pricetag and got a 42 month loan (3.5 year) for 333/month. The interest rate for used cars is going to be around 8 or 9% - it's not too bad.
Try to make some extra principal payments every now and then so you can save on interest that you throw away.
Your credit score is good, you're putting a ton of cash down up front - I'd say you're going to be owning an S2000 very soon. Your insurance on the other hand... you better prepare for that. The S2000 is the 7th most expensive car to insure in the country - and it's very expensive for us youngins. I'm 25 and I still pay 283/month with E-surance... Progressive quoted me 450/month (I have a ticket here and there). Try to stay on your parents plan if you can and just tell them you'll pay the extra that it takes. If you go on your own - well let's just say that since you're 19 you'll be paying more monthly in insurance that your car payment.
What type of job do you have btw? You should look into serving/bartending - some insane cash to be made there.
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03-24-2007, 06:05 PM
#8
Im definetly going to my bank to talk.
I work at a Michaels Arts and Crafts Distribution Center. It pays alright cuz Im making $12/hour and I see a raise every 3 months that roughly 30 cents. Plus we work atleast 40 hours a week sometime 60. I was a buss boy for my first job but didnt make much. I am trying to get an on base job or go to college.
I work at a Michaels Arts and Crafts Distribution Center. It pays alright cuz Im making $12/hour and I see a raise every 3 months that roughly 30 cents. Plus we work atleast 40 hours a week sometime 60. I was a buss boy for my first job but didnt make much. I am trying to get an on base job or go to college.
03-24-2007, 06:16 PM
#9
Under 26yrs old in Calif. and an S2K really put you behind an 8 ball to begin with.
This is one of the more expensive cars to insure which makes it hard for many even if their income is adequate.
I'd investigate insurances prices before a purchase. If your still living at home, you might try adding this car to your parents policy and declare yourself as a 2nd driver.
Don't give up just be realistic with the insurance situation you are placing your self in. Researh many companies and your possible other options before you buy. Good luck.
This is one of the more expensive cars to insure which makes it hard for many even if their income is adequate.
I'd investigate insurances prices before a purchase. If your still living at home, you might try adding this car to your parents policy and declare yourself as a 2nd driver.
Don't give up just be realistic with the insurance situation you are placing your self in. Researh many companies and your possible other options before you buy. Good luck.
03-24-2007, 06:17 PM
#10
Registered User
Yeah, I know Michael's, there's a few here in Atlanta. 12/hr. is okay for your age, but honestly man, if you really want to start making big money you need to start serving. You can make 1k/week easily at a nice restaurant. However, you have to work up to the level to where those kind of restaurants will even begin to give you an interview. You need to start now so by the time you're 21-22, you'll be able to work ANYWHERE because you have the experience.
For example, my sales in the average 5-6 hour LUNCH shift (about 1k) are about equal to what 2 servers would sell at the average casual family dining restaurant for lunch AND dinner. That allows me huge earning potential - but I work in the most profitable restaurant chain in America (Cheesecake Factory) and I'm in the top 5 tip % servers every month (out of around 100 servers in the restaurant).
You could easily start out in a Chili's type restaurant, making more than you do now (you don't have to claim SHIT either - and get all your taxes back
), and work your way up until your one of the shift leaders, then move on to a restaurant where you'll really be able to make some cash.
For example, my sales in the average 5-6 hour LUNCH shift (about 1k) are about equal to what 2 servers would sell at the average casual family dining restaurant for lunch AND dinner. That allows me huge earning potential - but I work in the most profitable restaurant chain in America (Cheesecake Factory) and I'm in the top 5 tip % servers every month (out of around 100 servers in the restaurant).
You could easily start out in a Chili's type restaurant, making more than you do now (you don't have to claim SHIT either - and get all your taxes back
), and work your way up until your one of the shift leaders, then move on to a restaurant where you'll really be able to make some cash.