What's it like to pay monthly for a car....?
 

Hey all, as I'm going on to senior year, and preparing for college. And wanting said car. What would it be like to pay for something like a $16,000 car?

Credit as I understand needs to be built up. And maintained. Student loans will kill you in the long run, and I hope to apply for a few scholarships throughout senior years as the counselors have recommended.


I plan to live at home or may rent an apartment with a friend.

how much do you have to put down? if you don't have established credit then you will probably need a co-signer on the loan.

Imaginary money for 4 years from now or whenever, I'd put $6,000 down.


Building credit, I would assume it would take a few years to build up.

i'd start by going to your local credit union and seeing what it takes to get an auto loan. they will probably have the best rates. don't know what year S2000 you are looking for but make sure they will finance a car that's at least 6-10 years old. then start buttering up to your uncle or mom for a co-signer!

And in the case that an S2000 is older than 10 years old. How does a person finance a car?

Won't be buying one for another two years, about 19-20 years old. Or later.

yeah, only certain financial institutions will work with older cars. you'll have to call around to see who's game.

For an older car take out a personal loan; but you will probably want to pay like half up front and take a loan for the other half. Being a cosigner sucks so most people won't do it. My father told me never be a co-signer for ANYONE. If you don't pay they'll come after me for the payments, meanwhile you're chillin' riding around in a nice new sports car. :thumbdn:

If I co-sign. It'd be mom or step dad. In which case they're the next room over.

I agree, chances are unless you are putting at least half down your interest rates will be really bad from a dealer. Check with your bank, see if they offer auto loans.

Scholarships? To college? 99% of those are based on family financial need, not your intellect. The only way to save money on college tuition is to settle for public universities in your home state (or play Division 1A football or basketball). Top-100 private colleges in North America are running above $50K and the price will continue to climb.

-- Chuck