Johnny_Bravo

Hey everyone,

Been lurking on here for a while, and now its time to get an 8 now that I have a decent paying job! Anyway, I was wondering if they would let me finance this car or not since I don't even have a credit history and I'm only 19. I have $6k to put down and wanted to get a 2 yr. loan. Am i doomed?

Tayninh

You need to establish credit. You can do this is a parent or some one else signs a loan with you. That comes with great risk on all parties. Then if a dealership does finance you they will charge you a very high interest rate. I think your best bet is to establish yourself with a credit union. They are much better than a regular bank and will treat you a bit better and perhaps advise you what can be done. You are doing really great to have a down payment considering your age and all. I just think you may get ripped off from a dealership or perhaps not. You might consider leasing as they will deduct $2,500 from the price of the car. I would say you are not doomed. I would find a credit union in your area and go in and tell them what the situation is. It would also be good time for you to check with various car insurance companies to find out what the cost of insurance will be for you.

Grabitquick

Tayninh provides wise advice.

Johnny_Bravo

Thanks for the advice guys. I went ahead and bought a shiny new black 8 with my dad as a co-signer. Here's what I got after much negotiation:

'04 Black 6sp Rx-8
GT Package
Navigation
Appearance pkg
Spare Tire
For $30,000 +Tax,title

Let me know what u think, I will pick it up on Monday

Outlaws eXtreme

What's the APR they gave you? Monthly payments? Some dealerships are pretty sneaky, and by the time you are done with all your payments, you would have paid 40k+. Try to maintain those payments, otherwise you lose the car, and your dad gets screwed up credit.