First car help vol: it's about that time

[brockbo]

To make a long story short I need advice on how to go about my first car. The plan before was for my parents to pay for it but I got in some trouble a while back and it cost them 10k to get me out of it. Ended up with nothing on my record but 2 very pissed of parents ( they've been divorced for 10 years now)wouldn't let me get my license till may (birthdays in September). So this summer I got a job and my dad and me agreeded on if I helped on the down payment then I'd have a car by the time I went back to school. Well the deadbeat went back on his word as always and I'm stuck SOL. But I need car I feel every kid my age does. So here's what I'm thinking. I'll have about 1500 to put down and just buy it myself. I have no credit though but I'm trying to do this with as little help as possible from my parents. Once I go back to school I'm gonna try and work 5 days a week from 3-8 at 7.50 an hour (Michigans minimum wage). My feeling on buying it my self is that if I'm paying for it every month I'm going to get something I like and want could careless about gas my parents will help me with that. If it's coming out of my pocket I'm gonna stunt. Mom already said shed cover my insurance. I figure I can do about $450 a month at the most


Cliffs
- got in trouble didn't get my license on time
- dad went back on his word
-1500 to put down
- I have no credit

 

[night marcher01]

Go to Carmax and tell them your budget and downpayment... they'll help you out!

Though have you been at your job for atleast 6 months? Most banks will consider financing you if you have a steady income.

With $1500 down, and being able to afford about $450 a month (let's say for 60 months)... that puts you at a $13,000-$16,000 at 14.9% for financing a vehicle.

Of course though as always, the better your credit score, the lower your APR will be, and the longer you finance for, the lower your monthly bill will be.

And don't forget, you can always re-finance later. Don't be shook if you do get hit with a 24% APR for 72 months... remember, you'll be building credit. So you can always re-finance later!

Goodluck!

 

[bearclawd]

I don't know if you can handle all the other costs that comes with owning/leasing a car... Maintenance, gas, insurance? I'd just save up my money and go used when I can afford it.