bad past due cell phone bills,im 17 and i was quoted along the lines of 19-24% interest as a first time buyer with no credit on a 5995 95 civic,i had no idea you paid the interest rate X number of months you took the loan out for i thought you paid just one interest rate fee

 

Mow some lawns, do some odd jobs, save up for a couple months and buy a $1000-$2000 car and enjoy not having a payment. Then we you turn 18 and establish a tad bit of credit, trade that in as your down payment on a newer car if you have too.

You can get GREAT used cars for that price.

 

Nope. Be careful what you sign. I'm glad you at least asked before you just went and signed your name on something.

Don't jump into anything you're unsure about.

 

well i have a decent paying job no considering im in high school,and i have a car to drive i just want to get something newer,and yes i know i dont sign anything i have my sister look over everything before i do,shes got 3 car loans out one for a expedition that they paid 20,000 for,altima for 11000 and the grand prix was originaly hers and they only put down about 1-2000 at sign off

 

No offense, but maybe you shouldn't look to your sister for help. It doesn't sound like she's made very good decisions financially.

 

seriously, I know you want a newer car, but dont do it. between gas, insurance, and raping youll get in interest you better not do it man, its just not smart. Im paying $289/mo @ 8% on a corvette. i started out on a 93 nissan 240sx. seriously man, FOR THE LOVE OF GOD dont buy that car. bite your lip, save for just a bit and get a 1000-2000 car. they can be had. and rock that till you have a job that can support more and a better credit score. I can AFFORD a car ~ 400/mo but i am saving for other investments. dont stress your budget, buy a CHEAP car. get around till u can afford better. dont touch ANYTHING that has over a 10% interest rate. ever. period.credit cards or loans. NOTHING.


EDIT: WHAT!? you HAVE a car? seriously, if you are making that much money are your highschool level job, heres what you do my man. every month put money to the side as if you had a newer car that you were paying on. I.E. 250 + insurance + gas... after a you get to over 1000 (which should be no problem since you have such a bonzai job, THEN look for something A LITTLE newer.

 

Dude... just save up your money and buy something used outright.

I bought a '94 Jeep Cherokee for $2000 with 112k miles on the odo. It's been pretty dependable so far. Not great on gas, but can haul a bunch of stuff when I need it.

Also bought a '92 VW Cabriolet for $1600 with 116k miles on the odo. Same thing, very dependable and gets great gas mileage. It's basically my daily driver.

Just find an old mid '90s Honda or something for a few grand and buy it outright. That 250/month can go toward gas and minor repairs if needed.

 

old no my job isnt great i only make 7-8 an hour,and my blood sister is financially stable,my sister in law just got a good job and is looking to redeem her credit

 

I did fine on $8/hr. Financed a $4k 240SX from ze Greaser (with a lien too). I paid it off and turboed it in the same year. If I was still in VA I'd go back to him and finance another one . Just saying $8 is possible, I also had other bills. There might be someone here who'd be willing to do the same.

 

Man I bought a running driving car for $600, and it even had AC. And you want to spend $250/mo for a $6000 car?

Dude, I have a sweet ass mustang GT i'll sell you for 7k. 5 lug cobra brakes, BBS RK wheels, Falken Azenis Tires, Mac Catback. Just find a loan from a bank.