I am 19 years old and i am considering a s2k i found a 01 with 39k miles for $15,900 now my question is whether or not i should finance through a independent financial institution i.e bank etc. or right through the dealership? Would i even be able to finance without a co-signer, i am putting 1500 down, i have held a steady job for 1.5 years making roughly 1200 a month, just moved home so i have no bills to pay, and i have had a credit card for 1.5 years, never late payments and no balance due. I appreciate your help.

 

go for it... Go to a dealer they will be able to find the best loan or try what ever bank you bank at...


Modified by HondaKyle at 12:33 PM 6/9/2008

 

usually independent loaner will give you a better offer but i have a feeling they will take it up your **** for 1500 down for a 15k loan consider your age.

fun car yes but if you are picking this or saving money for school(you are 19), go get a degree before you buy a fun toy(esp when you can't afford to pay in full)

 

@$1200/month, you really don't have much left. Do you plan on living at home for the duration of the loan?

Have you priced insurance yet? For a 19 year old, it could be pretty bad.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by bky &raquo;</TD></TR><TR><TD CLASS="quote">
Have you priced insurance yet? For a 19 year old, it could be pretty bad. </TD></TR></TABLE>

I'm 18 with no tickets and its $29x a month

 

wait dude u never know when some bs will happen and ull end up with no money and no car

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Black S2K &raquo;</TD></TR><TR><TD CLASS="quote">wait dude u never know when some bs will happen and ull end up with no money and no car</TD></TR></TABLE> yeah ask my ex! She had that happen twice!

 

I am a junior at the university in my town and i get scholarships so i pay like 2000 a year so i got that covered, also concerning the insurance, i have never got a ticket, i own a 93 civic hatch which will be on my insurance as my primary vehicle and my parents will be co owners to the s2k so it should be pretty reasonable

 

^ if u see no cons in owning this car then do it. i gave u my advice earlier

 

assuming you finance for 5 years. it will be roughly 290 a month.

insurance. 150+ given your age. whatever jFunk said sounds like liability.

440 right there.

gas. lets guesstimate 3 tanks a month.$150. This is something you should always budget in so make sure you calculate how much you drive.

590 a month.

tires/maintenance/registration as time goes on will be costly as well.

the biggest factors will be insurance, and how much you drive. for your age the insurance can be pretty high, make SURE you get a quote before buying.

and last. do you really plan on living at home for the next 5 years while going to school and paying off a car with at least half your check?

 

I am 19 myself, got the car when i was 17. If i was you i would save up about 5 or 6k atleast, then financing the rest. financing 10k over lets say 4 years would be in the ball park of 250 a month i think assuming you dont get screwed on interest rates. I would go through your bank and get your parents to cosign, i cant see you getting lower rates from the dealer. Also keep atleast 1k around at all times, you never know what is going to break or when its going to break... any part that breaks on this car is not going to be cheap to fix.

honestly if i could do it over again i wouldnt buy the car, i have been through a lot of sweat and tears with this thing.

 

Remember....if you finance your vehicle, you are forced to get more than just liability insurance. I think the financial institution recommends at least 100/300 comprehensive/collision and at most a $500 deductable. correct me if i'm wrong. I just purchased my s2000 and i am in the market for insurance

 

well i got a loan for 25k and im 20....but it was prolly the 5k i put down...

anyways about insurance...i pay 130 a month..
gas...around 200 a month..50 a week....which is about a tank a week...

but then again i make 1900 a month so...i have leeway....but yea like other people said save up for the down payment or see if you can get a great deal..not just a good one...

 

sell drugs so you wont have to finance :D

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by ReddotsS2K &raquo;</TD></TR><TR><TD CLASS="quote">
honestly if i could do it over again i wouldnt buy the car, i have been through a lot of sweat and tears with this thing.</TD></TR></TABLE>

cuz its an AP1...

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by slim689 &raquo;</TD></TR><TR><TD CLASS="quote">sell drugs so you wont have to finance :D</TD></TR></TABLE>

i agree

 

Hmm, I don't know. With only $1200 a month, that really doesn't leave much for anything else. You have to realize that at your age, insurance will be quite a bit. You said in the above post it's $280something. Then look at today's gas prices. 91 octane is ~$4.25 where I am now, rediculous!

It's also a little more of a nicer car than most, so you can expect maintenance to be more than a "normal" Civic. The tires don't last the normal 40K miles, and will likely go out in the rear at about 12-18K miles, fronts about double that.

You live at home, but if you finance for 4-6 years, will you still be living at home then? Maybe you'll have a higher paying job then too, so I don't know. I would think about the total cost + maintenance.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by HondaKyle &raquo;</TD></TR><TR><TD CLASS="quote">go for it... Go to a dealer they will be able to find the best loan or try what ever bank you bank at...


Modified by HondaKyle at 12:33 PM 6/9/2008</TD></TR></TABLE>

here's a tidbit of info. A dealer is going to find you the best loan for them to get a kickback off of.

Try ALL the area credit unions around you. Their rates are usually 3% lower than most banks.........

on a 2001, with your age and probable lack of credit, you may not be able to find anyone who'll finance that, and if they do it'll be for like 36 months.

15,900 seems a lil high to me for an 01, low miles or not, but maybe my market down here is a little different.

 

if you have to finance at your age, then you can't afford the car.

If I couldn't buy my car straight out, then I would have looked at other cars, or just stuck to my Integra until I had enough to for an s2k.

shamoo, you're lucky. 91 oct. is $5 here!

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by alexisthemovie &raquo;</TD></TR><TR><TD CLASS="quote">if you have to finance at your age, then you can't afford the car.

If I couldn't buy my car straight out, then I would have looked at other cars, or just stuck to my Integra until I had enough to for an s2k.

shamoo, you're lucky. 91 oct. is $5 here! </TD></TR></TABLE>

This is true. There is no way i can afford my s, the insurance, and the gas. Then you add on the bimmer and the jetta. not gonna happen. i love my parents

what the **** is 91 octane? we only have 93 here

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by ReddotsS2K &raquo;</TD></TR><TR><TD CLASS="quote">what the **** is 91 octane? we only have 93 here
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In NJ, we have 87, 89, and 91. I will usually get the 91 or "Super/Premium." Some of the Amocos and Sunocos have 93 and 94, but there's really no point for me to get that. It's quite a bit more too. Sometimes, if I say "Fill up super", they will put in the 93/94 if I don't say anything or notice....that is until I pay and discover that my bank account is now drained. I feel bad for you CA people where it's even more money.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by ReddotsS2K &raquo;</TD></TR><TR><TD CLASS="quote">

This is true. There is no way i can afford my s, the insurance, and the gas. Then you add on the bimmer and the jetta. not gonna happen. i love my parents

what the **** is 91 octane? we only have 93 here

</TD></TR></TABLE>

lucky

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by shamoo &raquo;</TD></TR><TR><TD CLASS="quote">

In NJ, we have 87, 89, and 91. I will usually get the 91 or "Super/Premium." Some of the Amocos and Sunocos have 93 and 94, but there's really no point for me to get that. It's quite a bit more too. Sometimes, if I say "Fill up super", they will put in the 93/94 if I don't say anything or notice....that is until I pay and discover that my bank account is now drained. I feel bad for you CA people where it's even more money.</TD></TR></TABLE>

we pump our own gas here.... I have never had anyone else pump my gas.

 

i siphon gas from luxury cars and toss in octane booster to make sure. i know, im terrible.. but when my parents are mad at me i can't pay for gas. (i know, im a bad person and a bitch for being dependant) and some times there's those astrovans is it? or something with the gas tank that doesn't have a gas cap.. just untwist..

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by ReddotsS2K &raquo;</TD></TR><TR><TD CLASS="quote">

we pump our own gas here.... I have never had anyone else pump my gas.</TD></TR></TABLE>

ignorance must be bliss....not knowing what 91 octane is.......rofl. It's called "mid-grade"

In NJ, it's illegal to pump your own gas. So....he has no choice but have an attendant do it for him. Makes his gas more expensive because they have to pay extra so the peons get paid.

Around here, it's all in $0.10 increments. 87 is say $3.99, 91 is $4.09, and 93 is $4.19.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by chimmike &raquo;</TD></TR><TR><TD CLASS="quote">

ignorance must be bliss....not knowing what 91 octane is.......rofl. It's called "mid-grade"

In NJ, it's illegal to pump your own gas. So....he has no choice but have an attendant do it for him. Makes his gas more expensive because they have to pay extra so the peons get paid.

Around here, it's all in $0.10 increments. 87 is say $3.99, 91 is $4.09, and 93 is $4.19.

</TD></TR></TABLE>

ignorance? We only have 87, 89, and 93. I have never heard of 91 in my life, or the fact that someone wont let you pump your own gas. Im from a state where we do things ourselves