My first car (1989 240SX) used a secured loan, for which my parent's put up cash for collateral.

 

I should get an FD. What is the going price for an FD with a blown engine these days?

 

about 3k shy of getting one with a rebuilt engine around here

 

Wow I was ready to bitch you out if you hadn't said that you didn't recommend this. DO NOT by a car with a credit card, I'd rather walk, crawl, run, take the bus or whatever else it takes to get to school/work/girlfriends house than use a CC to buy a car.



Again I repeat, DO NOT use a C to buy a car, no matter how attractive the benefits (benefits, yeah right) seem.

 

look into DTI..

debt to income ratio..

its what banks uses to determine your eligibility for a loan..

if you cant get one even with co-signer.. which can be subjected to the same scrutiny..

this should be a good indicator that this may not be the right time for ya..

consider it possibly a blessin in disguise..

 

my bank made me waste 10 days before i could get approve for the loan. once i got approved i took the cars paperwork, year, mileage, blah, blah, to the bank and tell me teh check will be ready in like 30 mins, by teh time i get to where i work, bank is on site, theyve called to tell me they cant give me the loan cause the car is over 5 years old. they said i could get a personal loan. but that would have taken another 5 or so days. so i just payed cash. they dont want to make money off a loan from me, then they wont make money off me having my money there.



i guess this doesnt help u out a lot, other than you should look for a low interest personal loan.

 

some options:



you need a personal loan, hard to get with no collatoral, like

your parents putting up the house



give them the 15%, on lets say a $15,000 FD thats only $2250, if

your scraping the bottom of the barrel and cant come up with

$2250 then a FD isnt the car for you.



go to a make it happen type of guy and pay higher interest, look in

the phone book for independant leasing companies, I know of one

here that writes paper on pretty much anything and everything, not

sure if he will help you out in Jersey, but you would STILL need

a decent downpayment.



I would also check into insurance before you go any further, your

looking at least $500-$600 a month before you put any gas in it

 

yeah insurance is gonna be a btich in NJ with a accident on your record. i jsut bought a new car and I'm 19. its a ford focus and i'm paying 270 a month for insuarnce and 210 a month for the car...make sure you can aafford the car before you buy it...getting something repoed ***** up your credit plus all the money you spent on the car is wasted...you should jsut buy a beater and save up for the fd...or until you have a decent dp

 

Maybe a FD is not the car for you?



If you can't even get the loan, imagine what your insurance would be. You would be paying probably 350+. With an accident on record,being young driver and new driver. I don't know if you are married or single,divorced, blah blah. But your insurance payments are gonna be a raping of the *** with the giant insurance *****.

Insurance companies look at it like this: "young kid, twin turbo sports car that is 11 years old?" ALRIGHT, gonna make a killing on him!



But I wish ya the best of luck though. Why not go with a TII? You buy one running, and do some modifications you can hang with a FD.Stock that is, and only through the twisties.



Check out Jims5543 TII that he just acquired. That thing is sweet. AND WHITE, the best color.



Good luck.

 

I got mine @ 19 by letting the bank take out a loan on my car...they hold the title...I get a new car. of course that wont work if you dont have a car right now. did you get money from the accident...you should have...or did you ahve to pay off the mustang?



Sean