Looking at possibly buying an 07 si, built and turbo'd. The car has a fully upgraded stereo with flipout DVD and subs.. Only problem with the car is that the wastegate has a leak.

There are a couple of factors that will decide if I'm going to buy it or not..
Insurance - I will be talking to my local representative to get a quote. Anyone have any insight on what it should run for a 20 yr old w a clean recod? And how to keep it down?
Loan - I have really good credit and have never had any issues with my credit cards, so what are the odds of me getting a loan for 20 G's without getting torn up by interest?

Any insight would be greatly appreciated

 

Well if you don't want to get torn up with interest have a down payment it will help.

When will this country learn that loans are bad? Things you own end up owning you.

I don't know how much into the 20's you are talking. I don't know the mileage of the car but the banks don't care about the turbo and all the extras but if it books for 16,000 dollars they will not give you a loan for 20 something. So you will need a down payment to make up the difference.

If you are worried about the cost of the insurance you sound over extended to me. My insurance agent told me now one of the big factors in determining auto insurance rates is your credit, so your good financial standings are helping you there.

 

Like ajp said, insurance uses credit as a was to see your responsibility. The bank won't care about the mods but the insurance might. Plus 20k for a used car that needs work, I would be iffy on the idea. What if it's more than a leaky wastegate? I mean how hard is a leaky wastegate to fix, couple hundred bucks if the whole things needs replaced? Why wouldn't the current owner go ahead with the fix?

 

Yeah, there's always more to the story

 

Definitely, because no one would sell it like that if it just cost a couple hundred bucks to fix.. It's probably more work than that..

 

1.)20 year old w clean record in california rates at least a minimum of 220 a month on a policy by yourself including all the discounts you can get for being in school and having multiple policies. but i dont know what florida rates are like. so it might be more or less, but expect in the neighborhood of that.

2.) most banks will usually only go 120% over a loan. depending on your credit score and history. now you being 20 years old and asking for $20k, is going to be very difficult if you dont have an auto loan already paid off on your credit history. and plus your only 20, so your credit history is really going to hurt you. i got my si for 20k out the door and i was 19 at the time and i barely got approved through ahfc, but i already had an auto loan paid off.

 

I am a little worried about the whole leaky wastegate thing that's why I figured I would try to get some opinions as I've neve owned a FI car before and don't know much about turbos. The insuance side of my thoughts is that I want to know approximately what the car will end up costing me every month. Unfortunately I have never had an auto loan before but I do have a flawless credit history so... Who knows..
Odds are I will end up getting a Honda fit, and yes I know it is slow but since they've came out I've thought they were pretty sweet..
thanks for all the insight guys

 

Then you shouldn't get one.

Turbo charged cars that did not originally come with them can be qwerky. And if it will be your daily driver your gas mileage will be ****.

Maybe the car is tuned really well and will last awhile or maybe the motor will last you 20,000 miles and will break and if it does you will cry because you will be hard pressed to make the payment and insurance and still need a motor.

Plan on using synthetic oil and changing it every 2000 miles and premium fuel. Well, 93 octane is the best for FI but you already needed 91 octane so it's not that much more for fuel I guess

 

Quote:

Originally Posted by i-VTEC_DOHC

2.) most banks will usually only go 120% over a loan. depending on your credit score and history.

yeah if you have a 720 and your established accounts have aged 3 to 5 years.

The days of 120% max advance are over

 

for me its better to name the car to your father or 25 yrs and up....coz your insurance will be so freaking high..your looking at $300 a month..im 23...and i named my car to my dad so the insurance is under my dad to....i have a sedan and paying like $100 a month but if that is a coupe probably $80 more....

 

and one thing..you shouldn't get a modify car...you dont know whats that gonna end up to you....i know its fast but you dont have any idea what history this car has.....