RyanDSM

Hi. I'm new here, and after driving and riding in my friends 2001 S2000, am determined to own one within the next 6 months. I will turn 18 in 40 days, I am making 2k/month right now with about $550-650 cost of living a month, leaving nearly $1400 extra each month... and I should be moving up to $26.50 an hour within the next 3 months. I have the money to pay for the monthly payments and insurance, I just have no clue how to get financing, if at all possible (seeing as it would be nearly an $18k loan that I would need and the only credit at all I have is 3 years of outstanding service at my bank). My parent's wont co-sign.

Is there any company or any idea on where/how I could get that financed? Is it impossible? I'm dying to have a new car, as right now I don't have one at all (my last car was stolen and I had no theft coverage, now I'm waiting to finance my own).

Thanks in advance

wantone

Tip #1 -- The price you see on the window, you don't pay that

Seriously, congrats on becoming a car owner. The fact that you're 18, you'll probably paying be up the wazooo on insurance. My suggestion is this, get your father or a trusted friend (older than you) to be your co-signer. It's just a lot easier that way.

EvoVII

Yep, definitely do not become the primary driver (well on paper anyways).. I've owned one car in the past as well, and I put it in my parent's name, but I still drive it the majority of the time.. If your parents do not want to sign, find someone else who is responsible... In terms of getting a deal, I'm a newbie as well, but are you buying new or used?? Either way, just bring someone along who has experience in buying cars, and do your homework as well to see which areas and dealerships or private owners have the best deals..

RyanDSM

Definately used. I have found some nice 99/00 s2000's for low 20's/high 19's, which I think I could definately work in terms of payment. So basically I need a co-signer?

EvoVII

ya, a co-sign would take thousands off insurance annually.. I don't know the qualifications to be a co-signer, but if they have a good credit history, go for it... and the older the better...

rworne

Have a wife or girlfriend? Have her come along and during negotiations have her act disinterested and wanting to leave. Especially have her complain when they try to drag out the negotiations.

Play the whipped part and act like you are listening to her and are ready to leave at any moment.

They may cut to the chase faster.

This is something else that might work (it did in my case):

If you are financing, and they offer you a sweet deal and a crappy-as-hell interest rate because they are assuming you will (like most people) finance through them. Toyota did this with me and gave me a really nice deal buying a Camry for the wife, expecting to make it back on an obscene interest rate (14 or 16%, I forgot which). This is even more insulting because we were putting 50% cash down on the car.

I went the next week to my credit union who happily refinanced me (I was preapproved) at 6.75%.

TMCC sent a flurry of letters offering to buy the car back for the next three months.

RyanDSM

LOL, nice job

I have a girlfriend that would definately do that, and probably wouldn't be acting... she wishes I still had my 97 Talon TSi (I've had 7 cars so far, lol). I am trying to find someone older that will co-sign for me, my parent's won't because they want me to do everything myself.

So, which one of you is going to co-sign for me?

MattH25

With little to no credit history it's going to be very difficult for you to get a loan without a co-sign or a very large (over 50%) downpayment. My advice is it sounds like you have had a good experience and a good relationship with your local bank. Go in and talk with a loan officer there..they are more likely to know you and understand your situation and thus offer you a better chance of getting a loan at a good interest rate. If at all you could get one of your parents to co-sign that would be ideal for two reasons. First it will get you a loan and a good rate..and 2nd they will be reflected on the title...meaning you can insure your car under their name and policy. It is illegal to insure a car under the name or policy of another person if they have no ownership or interest in the car. If not you'll have to get your own insurance policy and that's gonna cost ya (I went from $780 a year to $2590 a year).

Shop around...see what can be worked out...but be wary, there are more than a few shady lenders that will "sympathize" with your position and offer you their best rate of 22%

mondo3

If you're willing to do some research, you can do this (it worked for me). To determine the price of a used car, I went to autotrader.com and recorded the asking prices and mileage of s2000's for a specific year (I was looking for a year 2000). a simple excel graph of cost vs mileage will show you exactly what you should be paying for what kind of mileage. once you've done this you should check out the cars where the points are below the line (ie: good price for the mileage).

Junk_Turbo420A

I've bought four new cars since I was 18. And the first two I needed a co-signer. A lot easier, but anything is possible on your own. The thing is I think you can never really be 100% happy. Maybe 80% max, but as time goes by the used car market makes you wonder if you could have gotten a better deal. I got my plan for next time, I'm going to the salesman, " How long you been hear? " If he says years I will go elsewhere cause that means he makes money for the dealership and he ain't going anywhere. If he's young and been only there a short time, I ask him, " You plan on leaving soon? Cause I need a deal that will make them want to fire you. " You think I am joking but I am not. I will use that pitch. Second do the homework. Figure what is the MSRP, Dealer Invoice. And be prepared to lose blood. They always go by what benefits them more, meaning Kelly Blue Book Values, which to me is all a dealership hooker, cause they give high numbers for new cars and crap for trade ins, sometimes they want to pay you for your trade in at a wholesale price, which is pennies literately. They want to make money off anything. One reason my cars have no specific dealers logo sticker. No free advertising from me. But in general all the advice here can help you. Remember cash in hand makes alot possible. And don't hesitate to walk out if things aren't going your way mostly. The economy is bad. Believe me, someone out there wants your business or shall we say the bottom line...your money.