Insurance is 3400, ijust actually found a place that will do it for 3100.

That is no different from how much my miata in London costs, so my dad, who is doing the monthly and ins (i am doing the 10k down)said it is fine.

 

Josh,
Try Mercury Insurance online quote. My full coverage for 6 months is $292.
Did you try to get a loan from any credit union ?

 

I am extremely pissedoff.

I went down to the dealer the other night to seal the deal and when we got there all the numbers changed from 33,600 OTD to 32,200 +tax and fees at 639 a month over 4 years.

I walked out with my uncle because i was pissed that they changed the deal.

So then i went to another dealer and they said they can give me the car at invoice OTD but they couldn't get me bought at any banks because the original dealer had run my application at 15, yes 15 banks... As a result i went back to the other dealer today as it was one of my only options as now i cannot really get approved at a low rate anywhere and they have bulshitted me, telling me that they have anoteh rbuyer that is willing to pay 33,200 plus tax and fees and are unwilling to match there switched number of 32,200

They are telling me that over 54 months it will be 619 a month at 9.85 interest, which makes the otd price around 36,520


What shall i do...i am not going to get approved anywhere else for a while, and the only way i can do it at the other dealer is if i get someone to co-sign, and my uncle doesn't want to do that.

 

Josh,

Forget about the S2k for a few days. You need to find out how to become a member of a credit union. If you have some friends who are members of some credit unions, they may be able to refer you to that credit union.
After became a member of a credit union, then you like to tranfer all your current accounts with a bank to that credit union, and have your paycheck direct deposit to that credit union too. After those things, you can apply for car loan with them and you will likely get a loan with less than 7% interest.

 

Josh, keep the dream alive, but exercise some patience. (I wanted a roadster since age 5. After driving around some ***tty beaters, and some nice family cars (HondaAccords), 40 years later I got my S2000.)

I agree with the idea of deferring this purchase until you can secure a lower interest rate through a credit union; or convince your father/uncle to co-sign. Big monthy payments for 4 years could spoil the experience of a nice car.

 

<Edit> sorry, this has been addressed :-/



$33,600 - 10,000 is 23,600 financed, $620 Pmt/Mo., 48 Mos. indicates an interest rate of roughly 11.8723%. That is total crap for a new car. I would either shop that rate around with different car loan lenders or get someone to co-sign to obtain better financing with the current lender.

my .02

 

Man you guys in the states are so lucky. The prices here in Canada for new s2ks go for bout 50-60k Canadian out the door. You guys have it easier.

 

21 years old..no credit history with 10 grand to put down....If I were you I'd find a great 8K car and pay cash..build some job and income stability and trade the 8K car on a new S in 07 or 08...but I was 21 once and you'll most likely strap youself to those huge Porsche like payments..good luck

 

As a general rule, don't get loans from the dealer unless they're offering 0% or something.

9% isn't even remotely reasonable.

 

LAbrit: Perhaps I missed it but besides you being 21 and like you say FOB....haha where are you located?

I've bought / sold quite a few cars since my teen days and can tell you that since I was 18 I wanted an s2000 but doing the math made me realize that owning a car and getting raped on payments is not the best course of action. I ended ownin a 91 Eclipse and later a 97 Eclipse before moving to european cars and then buying my first s2000 as a weekend car at 27

Dealers love people like you - its sad to say since they know you want the car badly so they will do anything to make you justify spending your money.

At your current rates I would NEVER EVER buy a car at that rate. Do you realize how much you are losing each month in interest???? For $600 dollars a month I can almost buy a new 997 Carrera!

The s2000 is a great car but definitely not worth the kind of money you about to spend. And your insurance is NUTZ too - holy shiet... I pay $400 every 6 months and I'm complaining!

I'm about to buy my 2nd s2000 soon and paying it in cash this time around but last I checked my credit union (PTCU) is offereing 4.39% up to 72 months on new cars.

A lot of people here are offering you good advice so I won't repeat but ultimately it's your choice

good luck,
rick