Got my G yay

 

The only think that matters is your FICO score, you may not get a great finance rate, but dealers should be able to finance you if you put 50% down.

 

I think my initial problem is getting approved for the loan though!

 

So you wanna borrow ~20k but you only make 13k a year? Not a good idea. The score is good, but you may have problems with your income. When I applied for a loan, even w/ no rent, they put approx $500/month on the credit application for rent. It's not reasonable to assume you'll have no living expenses over the life of the loan. Mommy's gonna kick you out for having a nicer car than she does

But I bet you could find someone to make the loan if you put all that down. When you default, they can repo the car and probably make money anyways. Just cuz they'll loan it to you doesn't mean you should take it . . . as this decade should have taught us with home loans. Be smart and wait till you're in a reasonable employment position before you spend 40k on a car.

 

I know you want a loaded 2010 but, IMO, you should get a used base 2007 coupe. You should be able to get one w/ your saving plus a couple more grands that you can borrow from others.

Personally, I wouldn't spend more than 15K on a car if I were you.

 

also why not consider a used 2008 coupe? example

new cost $40 total
50% down is $20g
you will finance 20g at 7% for 6 years come to about $350 month and if you make 13k a year the car would cost you 1/3 of your earnings.... not good especially for 6 years!!

now lets say you get a used one...30k as example

30k=used g37
20k down
10k financed at lets say at 10% for 4 years than your payments should be about $250 a month. thats 1/4 of your earnings. and having 1/4 of your checks for 4 years going to a car feel not as painful as 1/3 for 6 years


used usually is a way better deal than new!

 

I know we have a lot of first time buyer programs to work around. Search around and see what you can get!