My name is Rick and I currently own a 1999 Ford Explorer XLT 4wd with 107k on the ticker. I am looking to get rid of that and then work for a pretty hefty down payment on a used s2000. I am 20 years old and I am in college currently but unfortunately as of the past 5 months my credit has taken a few hits, I get no help from parents or anyone else in regard to finances and that has forced me to be late on damned near everything over the past months since school has started, I have even missed a truck payment but then quickly doubled the payment the next month as well as misunderstandings with Dell financial which may possibly have been missed as well. I was current and never late before all this however due to my lack in overall history I think it stung me pretty well but most say I am not too deep to be hopeless. I am going to be making a solid $13.00 an hour working for the state of maine department of transportation and I was looking to get into a used s2000 with about 60-80k, I have seen them for between $14,000 and $16,000.

I was wondering with the experience I'm sure you all have under your belt in regard to financing in general you could help me out. I plan on putting $5,000 down and I am sure I could do that however I was told that often in many cases with a decent enough down payment it pretty much can buy out the credit you do not have, I have been paying on my Explorer and my credit card for over a year now and besides recent problems with finances I have been clean. It is not that I cannot afford the car but hefty repairs on my Explorer and it being my only transportation forced me to put the money into fixing instead of bills, so now the Explorer is finally going out the door and I plan on acquiring a beater that will be paid for so I can start saving for the down payment however I wouldn't want to even get started or get my hopes up if this is a far fetched goal in the slightest bit. What do you think?

 

I was in a similar situation a couple of years ago (working through school) when I first started hankering for an s2k. It all worked out. It just took a little bit. I'm sure that with a sizable down payment you could work our some sort of financing, but, assuming that doesn't work out right away I would not worry. Your in a good situation being in college. Your S2000 will arrive soon enough, if not tomorrow. Worked for me. I would check out your options and keep on top of all your existing payments and it will come together. Good luck! I'm sure it will work out fine.

 

Rick,

I think it's good that you're honest about your situation. My opinion is that this is probably not the time for you to take on an S2000. Forgetting the cost of the vehicle, there's insurance, worry, etc.... You'd be much better off with a single practical car to get you through school and start into the working world.

Just my opinion. Wish you the best of luck.