AgentSpeed

Who is going to loan you that much cash for 6 years for a car that's 10 years old? My credit union only offered 5 years at a steep rate. I ended up going 3 yrs on my loan. My car cost me about $500 a month. $425 for the payment and $75 for insurance. Hopefully the insurance will drop in Dec when I turn 25... That's not counting all the cash I'm putting away for the mods. If you get one, be prepared to live at home for a while. I don't see how people make it these days with all the expensive cars they drive. I make well over 50grand and I have to keep on a budget and I only have one car paytment. Oh well I stop rambling, I just wish I could move back in with my parents... Anyway, good luck with the car.

I try to put back about $100 a month just for routine maint. and unexpected problems - it has worked for me so far...

WishIhadaRX7

I know the President of my credit union $75 for insurance? That's dirt cheap! I am going to live with my parents until I graduate (unless they drive me insaaaane. ) Once I graduate I should get a pretty phat engineering job with Dana since I already work for them.

Fd3BOOST

You were reading my mind.

I know that most banks or credit unions will only loan about 11k for a ten year old car. Not to mention that they are certainly not going to let you stretch it out over six years. If your lucky they would do five.

Now if you have a hook up with a credit union thats one thing but under your own steam. You would never get the loan set up for anything under $350 a month.

I have about six payments left on my second Fd. It was a three year loan. My payment were $360ish a month. I always rounded it up and payed $400 a month to beat them out of their interest.

WishIhadaRX7

I would be putting at least 6k down, so I wouldn't need a loan for more than about 12k, hopefully less.



I'm not entirely sure I could get a 6 year, I mentioned it to my father (who is friends with the pres at my credit union) and he didn't think it would be a problem, but then again he is not the bank.



Really what I wanted to know from you guys, is given if someone owned a low mileage 7, what kind of cushion do you think should be left in the bank account for "emergencies?"



Based on the amount that would be necessary to keep in reserve would have an affect on either 1.the size of my down payment (it would have to be smaller), or 2.the time in which I would be capable of actually purchasing the car (later rather than sooner).

AgentSpeed

That's tough to say, most problems happen when you're broke. I haven't had any problems yet besides a vacuum leak. Hopefully I will not, but I want at least a grand put back just for the car maint. I would also suggest having another car too. I would not want to drive mine every day. I'd love to but I don't like sports car in the rain... I have a heavy foot! Oh the $75 a month for insurance is with a multi-car discount. It helps when your single and have three cars insured plus a life insurance policy. I did everything I could to get discounts but I still pay a total of $250 a month just in insurance.

Joe Flo

People First is awesome. That is how I bought my car. You can do 6 years if you want too. Interest rate is low also. But you are going to need a cosigner or put it in your parents name.



As for the car. Maybe you should get a practice FD first. Not sure what you are driving now but if it is your first car then good luck. I'm am sure half the owners here will agree when I say these cars are not for the faint at heart and can be very difficult to control at times.

WishIhadaRX7

Actually I was thinking of buying either a 1st or 2nd gen to "practice on" so to speak and use as my most of the time driver (bad weather and snow).



The third gen would be my first powerful car, but I've driven quite a few, the most notable was my dad's '69 stingray with a 420 big block and the 4 speed. That thing could haul *****. Too bad he sold it last year to pay off the mortgage on the house



So atleast a grand in the bank huh? I can do that, maybe by next summer I can have one. If not, I can wait and will definetly be ready the summer after.



Thanks for your help!

WishIhadaRX7

Is this for sure?



I was hoping to avoid having to do this. Currently I have perfect credit (I think, I should prolly go check) and I have a VISA and Discover. I pay for school on the credit cards, so there is a decent amount of money that I am being loaned currently. Plus, since I'm pretty sure this is what I want to do I would try and put all my purchases on a credit card instead of using cash in an attempt to further establish my credit.

JOLTnPEST

damn the bank said if i get a loan from them it would be like 18% but we found a credit card company that was going to give us like 8% but only for 1 year so we went with them and when we got there they told use we would get like 5% i belive and i can take 4 years but im paying 500 a month for the car to pay it off in 2 years



I WANT 75 DOLLAR INSURANCE!!!!!!!!!!!!!!!!!!!!!!! i got like 250 a month

AgentSpeed

Go with a multi car discount and put the 7 as your weekend car. I pay just as much insurance for just liability on a 90 Honda CRX. I think that's just retarded.