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post #1 of 30 (permalink) Old 07-24-2014, 06:59 AM Thread Starter
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Loan likelihood.. opinions?

I'm asking this just to see what to expect. Well some may know I am probably looking at an ss today. It's an 09 ss/tc. Now I am 19 with "decent" credit. I have a 660 and read that in 600's your pretty good to get a car loan. I live with my parents and only pay $80 a month for my cell phone.and also I pay my dad my car payment per month$220. But it is in his name. So the other $900 per month is mine. Now if I trade my car in I will only have the $80 cell phone bill and the car I will be buying in my name. I will be putting $500-$1000 down AND my current balt. I do owe on my balt still about $4,000. So technically right now my debt to income ratio is spectacular. I am looking to spend around the same per month that I do now. So from 300-330 per month for both my phone and car. The car will probably be around $11000(asking 12000). So with a 5 year loan it is easily attainable. My current balt has 140000+ miles with no warranty. I want a car with a little less miles just for school and this price the dealer has is great.The ss has 69000. I know I can afford it cause I do now lol. The only worry I have is technically I am low income with ok credit so getting the loan might be hard. Ilive at home so I just pay my bills, and my parents told me not to worry about insurance and that they will cover it. I am making a whole new post cause I didn't get much attention in the random thread. What do you guys think? Can I get the loan?

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---------- Post added at 05:59 AM ---------- Previous post was at 05:58 AM ----------

Also this obviously isn't set in stone. I may decide not to get it if I don't like the easy it pans out. But I might as well see.

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post #2 of 30 (permalink) Old 07-24-2014, 07:07 AM
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Get the cell phone down 50$ And finish paying for the Balt.
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post #3 of 30 (permalink) Old 07-24-2014, 07:13 AM Thread Starter
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Yeah I was thinking about just keeping mine. Like I said I'm kinda just playing with the idea. But I still have about 2 years of payments on mine by then it will be worth about $1000 if that with the miles I put on it. So I wouldn't mind just 2 more years of payments for a nicer car I would really enjoy. Ya know? Also I get yearly raises where I work and If I really want I can become a manager and I will double my pay. So paying for it isn't an issue. Idk lol I might not even go check it out. Just an idea

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post #4 of 30 (permalink) Old 07-24-2014, 07:15 AM
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$80/m for your phone seems steep. I pay half that, and my plan is hardly a stripper. As long as the car doesn't put you in debt and you can handle the payments, I say do it. No harm in scoping it out anyways. Try to whittle the asking price down and get top dollar for your coupe. Good luck.

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post #5 of 30 (permalink) Old 07-24-2014, 07:22 AM Thread Starter
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Yeah I have Verizon.. enough said. Where I live they're the only ones with a decent network. I also split the payment with 2 other people. It's about 240 per month for all 3 of us.. so 80 a piece. When I was alone on the plan I paid $100 lol. It's nuts I know. I can afford it. Like I said I have no other debts and no credit cards or anything. My mom said "you deserve something really nice, go for it". so I have their support. Also I am not afraid to walk away if I don't like the deal.

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---------- Post added at 06:22 AM ---------- Previous post was at 06:20 AM ----------

Lol also once I graduate from school I'll be getting a better job and moving out into the "real world" so if I don't get something nicer now I may be waiting a long long time .. and since my parents are on board with the idea I may as well try

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post #6 of 30 (permalink) Old 07-24-2014, 07:22 AM
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Good man, don't act too interested. It's a buyer's market.

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post #7 of 30 (permalink) Old 07-24-2014, 07:30 AM
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Go for it,
Your folks are paying insurance? Wow! Take the money you would pay for insurance, and save it. Maybe a home next?
$1000 so what. I'd likely get 100 bucks for my DD.

---------- Post added at 10:30 AM ---------- Previous post was at 10:25 AM ----------

I was in Colorado couple years ago driving from Denver up to Breckenridge to go skiing. And drove from Toronto to Stowe VT last year. I noticed there were so many dumpy looking homes in the US, but outside there were always nice new Rides
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post #8 of 30 (permalink) Old 07-24-2014, 07:34 AM Thread Starter
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Yeah they are paying insurance.. I knew all that had work as a young"good" kid would pay off ;) lol no but yeah I help them out with all the house work and car stuff. I did roofing for a while and interior construction so whenever something needs done in the house I fix it up or whatever needs done.. so they help me out a bit. Yeah I am gonna save my extra cash. I want to buy a small trailer after graduation then stock pile for a nice house down payment. Or maybe I'll pay double on the car and get itr paid off at the time my current balt would be. Do you think I would get the loan?

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---------- Post added at 06:34 AM ---------- Previous post was at 06:31 AM ----------

Lol yeah priorities... What's that? Haha most of those people are probably young adults like myself. I personally would rather have a small "cute" home for myself and a nice car than a large home and crappy car. But it would be just me.. no family do a small home it's all I'd need

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post #9 of 30 (permalink) Old 07-24-2014, 07:38 AM
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Yeah i had all my toys once too.
After my kid, I sold my quad. But sold it to a buddy, still waiting for him to invite me for a ride.
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post #10 of 30 (permalink) Old 07-24-2014, 07:39 AM
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They'll lend money to anybody because they will keep the car as collateral anyways.

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