I think i'm going to attempt to purchase an R.

How does this plan sound?

Save up at least $5,000. Get a $13,000 loan from the bank. Buy a 98 CW R with < 30,000 miles, sell my GSR (blue booked for almost $8,000. Use the money from my GS-R to take a chunk out of the loan, and make payments on the rest.

Is it easy to get a $13,000 loan? I'm only 19! What if my parents get it for me?

Also, how much do you guys spend on insurance?

 

If what you're after is to get the loan in your own name, then you're better off putting the full $13,000 (GSR + Saved Funds) down on your loan. A bank is more likely/willing to loan funds to a young borrower with a significant down payment. Also by doing it this way, you'd probably obtain a better interest rate as well. Just my opinion, but I think this would be in your best interest

However, by getting your parents on the note, you could insure it on their policy if you allow them to. I can say with certainty that your insurance would be cheaper this way, assuming your parents and yourself have a somewhat clean policy.

My vote goes to get it yourself though. It's a great way to build good credit, get a great car, and have a lot of fun

 

I don't think you'll get a loan without Mommy and Daddy. Also, most lenders won't allow you have a term longer than 36 or 48 months on auch an "old" car; this will probably boost your payments.

May as well let Mommy and Daddy buy it for you and pay them back. If they have good credit, they'll get a much better rate than you could with no credit history and whatever income you have.

As far as insurance goes... shouldn't be too much more than you (or Mommy and Daddy) are paying for your GS-R, now.

 

There goes my chances of buying an R on my own. I was going to do the same thing, except i have NO MONEY to put down. My credit is good though. Yall think the bank will loan 19,000 to a 19 year old like me this way?

 

Well I pay $150/month for full coverage under my parents' policy.

I can't sell the GS-R until I get another car to drive so I wouldn't be able to pay $8,000 or so until after I get the loan.

I guess the best situation for me is just to have my folks buy the car for me and I'll just be making the payments on it.

If I'm going this way I might as well try to find a newer one at a dealer (yeah right!)...

Thanks for the input guys!

 

with what people are getting for used ITR's these days you really shouldnt have a problem getting a loan for 13 on an ITR. Most lending companies wont finance a car over 5-6 years old.

If you can get a loan for 13k for around 8% interest you will pay close to $300 a month. Thats if you can get 8%. With the economy being as shaky as it is, that might be difficult. Good luck either way

 

It really depends on insurance company, when I was about to buy a used R early this year, I checked with my insurance first. I pay 1800 a year for a 98 GSR and 2001 Pathfinder LE. (I get some discount because of home insurance). Remove the GSR and add the 2000 ITR on the policy, whew, nearly 2600 per year. Better check first.

 

What's your payoff on your GS-type-R?

 

What do you mean 'pay-off' ?

hehe, GS Type R

The car is completely paid off.

 

What ever you do, don't fudge yer credit......takes a long damn time for people to start trusting you.....had to put 2 g's down to get the 12,500 HX and got a stinkin' 20 interest rate. All from three late payments.....don't **** up yer credit.

 

That's what I meant...loan payoff. It doesn't apply to you if you have the car paid off!

I would...

1) Sell the GSR

2) That should be more than enough for a down payment towards an ITR

 

Yellow Dragon--my dillemma exactly, I can't sell the GSR cause I don't have another ride. I need to purchase the R first!

 

And onto my second problem:

I think it might be a little bit difficult to find a 98 for 18K with less than 30,000 miles on it in Southern California.. I don't want to drive to Texas to get one...

Damn I'm being whiney eh?

Thanks for all of your help!

 

hmm...

How about a trade in?

or

Sell the GSR and buy a junker to drive in the meantime.

 

You need to be willing to drive to get a better deal.I can't imagine how hard it would be to find a well maintained low mileage ITR in SoCal.

 

you have too many variables in the equation....if you plan on finding as something as rare as a CW, then throw in less that 30K on it, and only in So Cal...you might as well be looking for a needle in a haystack...

if you're not willing to travel to get it, don't bother looking...it may eventually fall on your lap down the road, but there's no telling when that's going to happen...

 

depending on how much money you make you should be able to get the loan in your own name. when i was 19 i got a loan for 20,000. i was alos making 40,000 that year. so it doesn't matter age unless you want to have someone cosign with you.

 

Call you agent before you go shopping. My orignal Ins Co (Farmers) wanted $2500/yr. 34 no tix, own home, no smoke, engineer. The only thing that would bring it down is married <- Not happening anytime soon.

I changed to Mercury, ~$1200/yr now for 2 cars. To put in perspective a GSR with Farmers would have been ~900/yr. Ok Farmers is screwed up but check it out before hand.

 

Yeah I guess I'm going to have to drive to find one! I bet it would be a fun road trip back. I use to make around $30,000 a year full time [but that company went down under] and now I'm making ****. It's enough for car/ins. payments, but not enough for a $20,000 loan.

Yeah, I'll have to call my insurance agent and ask him hypothetically how much more our insurance would be if I threw an R in the mix... thanks for all of your help boys!

 

keep it coming...i want to buy my own R too.

 

don't be afraid to buy outside your area. I live in Hawaii and just purchased an ITR in Alabama, last week. Will have it trucked to Cali and then shipped to Hawaii. It runs about $700-800 to truck the car from coast to coast. Lots of great buys out there but you've got to be open to purchase options. Keep an eye on Ebay... they sometimes have killer deals in places where the demand may not be as high as in Cali. Watch out for the shady deals, also.

As for financing your car, unless you can come up with all the cash, you will have to sell the GS-R before you purchase the R. Buy a beater to run around in while you look for the perfect R for you. Check out the clasiffieds in http://www.itrca.com there's a real nice one for sale for 18.5k that has been owned by an import mechanic who has done some nice touches to the car. Finance the difference. $6000 for 5 years would run about $100-150/month. You can borrow the money on a signature loan. ask your parents to co-sign the loan. Good luck! I can hardly wait for my R to show up in a couple of weeks.


[Modified by kkim, 6:13 AM 11/2/2001]

 

why would you want to put yourself in debt over a loan when you're just 19?

 

Roach2K--cause it wouldn't be in debt.

If I can front $13,000 and only have to borrow $5-6K that's nearly nothing! Hell, my parents might be able to lend it to me

My GSR is getting old... sure it's getting a new *** but with over 120,000 miles... can I trust it? And if I'm going to be buying a new car I might as well buy a car that I really, really want... the almighty:

1.8L, 8400 RPM, 195 HP, Integra Type R...

 

YA YOU CAN GET IT IF YOU HAVE YOUR PARENTS CO-SIGN FOR IT.

 

I agree. Get a car you REALLY want so that you can keep it for a long time. That way you'll actually be saving money by staying with the same car. Keeping my R for 10+ years works for me