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

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

 
Old 05-16-2015, 09:40 AM
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Originally Posted by Chuck S View Post
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
no necessarily true, well maybe things have changed. But when i was in college, before i transferred, I received approx. 65% of my tuition bc of academics.
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Old 05-16-2015, 04:09 PM
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It's changed. Certainly at top tier colleges. We couldn't get a nickle in scholarship money for our daughter who was certainly bright enough to graduate "Summa" and Phi Beta Kappa. Dumb as boards "minority" students in the same class were on full rides. They admittedly came from economically disadvantaged families but we ain't rich.

Academic scholarships are rare.

-- Chuck
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Old 05-16-2015, 06:15 PM
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They give out car loans pretty easily in Florida it seems. I have family members in Florida who had a bankruptcy and has a brand new SUV. A brother who had a credit score in the 400s who got a car loan with NO co-signer , but sky high interest.

U might be able to get one without one once u hit 18.

Those "buy here, pay here" dealers in Florida, will work with u with 50% down, no credit check.
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Old 05-16-2015, 06:37 PM
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Originally Posted by Da New Yawka
They give out car loans pretty easily in Florida it seems. I have family members in Florida who had a bankruptcy and has a brand new SUV. A brother who had a credit score in the 400s who got a car loan with NO co-signer , but sky high interest.

U might be able to get one without one once u hit 18.

Those "buy here, pay here" dealers in Florida, will work with u with 50% down, no credit check.
Did not know... Thanks for the info lol
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Old 05-16-2015, 07:34 PM
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Some of the best advice I could give is to not take out a loan for it. Save the money and buy it cash. I know the Americanized "I want it now!!!" is hard to overcome, but you will save on so many aspects. Namely, no interest will be paid, and your insurance coverage can be whatever you want it to be. If it is financed, your loan holder will require full coverage. full coverage and under 25 years old in an S2000; it's going to be high.

I agree credit is needed in our society, but it is HIGHLY overrated. Build a good credit score by getting a gas card or something else you can pay off easily monthly. Once your credit is up to snuff, save save save. Pay cash for everything. You would be amazed at how much better of deals you can get with cash. This applies to everything that can be purchased with some margin of wiggle room.

What it all boils down to is to not get sucked into the debt storm. It is a path to living paycheck to paycheck, and that is unneeded stress.
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Old 05-17-2015, 08:26 AM
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The monthly car payment would be the last of my worries. I would be more concerned about insurance being that you are 19-20 years old. Like everyone else said I would try to see what your options are with credit unions, don't waste your time with your personal bank since the S is already an older car they are either going to give you an exorbitant monthly payment or not give you a loan at all. I personally would try my best to pay it off cash (which i know it could be quite hard) or have at least 80% and finance 20% so that you would have low car payments. Also on another note, ask your parents if they can put you on their policy, it'll save you some money. just my .2
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Old 05-17-2015, 02:27 PM
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Another thing is if you're in the Miami area, it is strongly suggested the S2k be garaged. Honda theft is probably second in South Florida, to SoCal.

I wouldn't get one if u can't afford full coverage. It would suck if u pay $10k cash for one and it gets stolen. Without the proper insurance coverage, you could be out $10k if it's not recovered.

You can price around without owning a S2k. Just get a quote, u usually can get away without a VIN in a quote. Ballpark figure.
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Old 05-17-2015, 08:45 PM
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Originally Posted by rmerchant3 View Post
Some of the best advice I could give is to not take out a loan for it. Save the money and buy it cash. I know the Americanized "I want it now!!!" is hard to overcome, but you will save on so many aspects. Namely, no interest will be paid, and your insurance coverage can be whatever you want it to be. If it is financed, your loan holder will require full coverage. full coverage and under 25 years old in an S2000; it's going to be high.

I agree credit is needed in our society, but it is HIGHLY overrated. Build a good credit score by getting a gas card or something else you can pay off easily monthly. Once your credit is up to snuff, save save save. Pay cash for everything. You would be amazed at how much better of deals you can get with cash. This applies to everything that can be purchased with some margin of wiggle room.

What it all boils down to is to not get sucked into the debt storm. It is a path to living paycheck to paycheck, and that is unneeded stress.
100% Agree with this. It is the cold hard truth.
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Old 05-18-2015, 07:29 AM
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Originally Posted by DARK_S2000
The monthly car payment would be the last of my worries. I would be more concerned about insurance being that you are 19-20 years old. Like everyone else said I would try to see what your options are with credit unions, don't waste your time with your personal bank since the S is already an older car they are either going to give you an exorbitant monthly payment or not give you a loan at all. I personally would try my best to pay it off cash (which i know it could be quite hard) or have at least 80% and finance 20% so that you would have low car payments. Also on another note, ask your parents if they can put you on their policy, it'll save you some money. just my .2



Originally Posted by Da New Yawka
Another thing is if you're in the Miami area, it is strongly suggested the S2k be garaged. Honda theft is probably second in South Florida, to SoCal.

I wouldn't get one if u can't afford full coverage. It would suck if u pay $10k cash for one and it gets stolen. Without the proper insurance coverage, you could be out $10k if it's not recovered.

You can price around without owning a S2k. Just get a quote, u usually can get away without a VIN in a quote. Ballpark figure.

On the insurance aspect, I'm on my dads policy right now. Being that he hates Honda. Might be difficult to get him to put the car under his name. Maybe moms policy though.
But it's probably safe to say if I were to be in my it'd be $300+ a month for insurance starting off. Wonder if snapshot would help...?

In terms of garaging an S... I've got a car cover. And a Durango that parks behind my car lol.
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Old 05-18-2015, 12:27 PM
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Originally Posted by rmerchant3 View Post
Some of the best advice I could give is to not take out a loan for it. Save the money and buy it cash. I know the Americanized "I want it now!!!" is hard to overcome, but you will save on so many aspects. Namely, no interest will be paid, and your insurance coverage can be whatever you want it to be. If it is financed, your loan holder will require full coverage. full coverage and under 25 years old in an S2000; it's going to be high. I agree credit is needed in our society, but it is HIGHLY overrated. Build a good credit score by getting a gas card or something else you can pay off easily monthly. Once your credit is up to snuff, save save save. Pay cash for everything. You would be amazed at how much better of deals you can get with cash. This applies to everything that can be purchased with some margin of wiggle room. What it all boils down to is to not get sucked into the debt storm. It is a path to living paycheck to paycheck, and that is unneeded stress.
I'd highly recommend getting a loan. As a young person person with no co-signers (yes including parents), I was unable to even get a basic credit or gas card (until I was 23). Even had an apartment to my name, yet still not enough credit history for a credit card/loan. If you can kickstart that early, then I cant imagine it hurting you in the long run (unless you cant properly manage/trust yourself with a open line of credit). You may want to look into personal loans, as it will allow you to get older models, that wouldnt be accepted as a car loan (depends on the bank, but usually is about 8-10year old max).

If you will have your college loans in your name, then disregard above and proceed to follow with what rmerchant3 said.
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