View Full Version : financing for an 18 year old
ok well I want to buy an infiniti g35 I make more then enouph to pay my payments as I live at home and I have a pretty good paying job..I have a car right now which is worth about 20,000 and I have 10,000 saved up in my bank..would a dealer ever give me financing on a $60,000 dollar car with $30,000 down?
shakalaka
10-05-2004, 12:14 AM
I think, the best thing would be go and find out. If not, get a car under your dads name or something.
JordanLotoski
10-05-2004, 12:16 AM
buy my mercedes..way nicer then a bland looking g35
43,995, youd need a loan of 14k..thats like 250 a month heres a pic
BebeAphrodite
10-05-2004, 12:35 AM
hmmmm i was under the impression that they typically give loans on new cars :dunno:
I wish I could go under my dads name but they dont want me to waste that much money on a car lol and I was looking at the c230 aswell one of my fav cars I was just using the g35 as an example as I havent decided what I want yet
JordanLotoski
10-05-2004, 12:39 AM
well this cars pretty much new only 9200km, still have the plastic on the mb door sills....would be cheaper on insurance than the g35 too..lemme know... its in the trader now if u want more info
If I sell my car I will let you know pm with pics and a number I can reach you at
max_boost
10-05-2004, 01:00 AM
G35 is faster though!!! haha
18 and you have a good paying job? Good for ya!:thumbsup: Even though you don't have much of a credit history, but since you have $30K for downpayment, I can't see how they can possibly deny you for credit.
yeah thats what I was thinking..the job thing isnt to much to be proud of I work for my father's company making 20 bucks an hour :S that was pretty much given to me haha
yes, but g35's don't cost 60g..haha
sexualbanana
10-05-2004, 01:52 AM
The 6-speed manual w/o the navigation is about $51000
Xtrema
10-05-2004, 09:03 AM
Why don't you look at leasing? You work for your daddy and he probably can get a lease under the company hence you don't have to pay for your car with after tax money.
As for the loan, I doubt they'll give it to you because your credit history is not that long. They may not want to take the risk even if you have $30K down. G35c is not exatly a slow seller, so unless the saleman is desperate, you're probably out of luck.
But I do share the view of your folks. $20/hr from your daddy is not that great of an income to justified a $60K car. Money is better spend on stuff that's doesn't depreciate.
After all, you are only 18. I remember when I was 18, I'll probably make the same mistake if I have the money. I suggest you move out, live on your own and keep the $20/hr job (best if elsewhere, not your daddy's place). Then you'll realize how inapproiate this purchase is.
And I'm pretty sure $60K will buy you a pretty good education so you don't have to stay @ your daddy's place or help your daddy to expand the business.
MerfBall
10-05-2004, 09:04 AM
Originally posted by t-im
yes, but g35's don't cost 60g..haha
Once you include freight, PDI, taxes and all the other various charges you're getting pretty close to 60gs for new 6mt. Also make sure to consider that if you plan to drive it in the winter you'll need winter tires/rims since the G35 comes factory with summer tires.
The only way to find out is to go Infiniti and try to get a loan. Most dealerships have special rates with various banks which are usually better then Infiniti. So they try alot of different options to get you approved.
Gonthro
10-05-2004, 09:17 AM
if you put 30K down i dont think they'd even check your credit.
think about it... you drop 30K down they give you a 60K car
you dont make payments, they repo 60K car
they auction off 60K car for 50K
they just made 20K
rockym20
10-05-2004, 09:50 AM
You would be much better off putting the $30K down on your own condo and buying a shitbox than going and buying a car like that. Even if you want to still live with your parents, you can rent it out and make some good coin off it. What does a nice 2-bedroom condo rent for? $1000? More? You can then lease a G35, pay for partially through the money you make on the property (as you will have mortgage payment to make, which will use up a significant chunk of your rent) and write it off as an expense for your property rental company. That way, you get the best of both worlds. While real estate isn't a sure thing (nor is any investment), if you want to be rich later on in life, it is the easiest way to build up your net worth.
When I was 18 and pulling down coin(well, I make more now - but I was stupid with my money then) and got a loan for a BMW 330Ci.
In order for the bank to give me the loan I had to get a visa card to build credit and contribute to an RRSP. You've gotta build some credit.
Don't do it though. Once you're into that kind of debt and are used to that lifestyle it's hard to save money for the important purchases - A house.
BUY A HOUSE -- cars are terrible investments.
QuasarCav
10-05-2004, 10:07 AM
You would be better off dropping that cash into a house, The car will lose money where as the house will gain you some credit and equity.
Sell the house down the road or refinance and take advantage of the cheaper rates.
roopi
10-05-2004, 10:10 AM
So all you guys own houses/condos and drive shitboxes around?
Originally posted by roopi
So all you guys own houses/condos and drive shitboxes around?
Hahaha ...
QuasarCav
10-05-2004, 10:21 AM
Originally posted by roopi
So all you guys own houses/condos and drive shitboxes around?
Yup
Originally posted by roopi
So all you guys own houses/condos and drive shitboxes around?
Nope
Originally posted by roopi
So all you guys own houses/condos and drive shitboxes around?
No, but that would be the smart way to do it.
Cars decrease in value, Real Estate increases in value.
Its not rocket science.
roopi
10-05-2004, 10:59 AM
Originally posted by awd
No, but that would be the smart way to do it.
Cars decrease in value, Real Estate increases in value.
Its not rocket science.
Cigarettes cause cancer.
Originally posted by roopi
Cigarettes cause cancer.
That reminds me, time to go have a dart.
cavb0i
10-05-2004, 11:09 AM
get a cav. all i gotta say. dey be cheap nd reliable nd fast all at da same time. cavs r lighter den a g35 so it can probly b faster a bit. get a cav, save d rest of ur cash nd all good. u can soup dem up 2 full kit nd stuff will give good downforse nd look good 4 da ladiez aweeee shiet keep it real bro
roopi
10-05-2004, 11:10 AM
Originally posted by awd
That reminds me, time to go have a dart.
:rofl:
OK back on topic now. I think most likely you will get approved for this. Your down payment would be large and if you have a steady income and no other expenses I don't see a problem. The 1 and only problem would be bad/no credit. Have you had any sort of bill that you have been paying to build some sort of credit.
Like it has been said before you could get a co-signer.
Originally posted by cavb0i
get a cav. all i gotta say. dey be cheap nd reliable nd fast all at da same time. cav r lighter den a g35 so it can probly b faster a bit. get a cav, save d rest of ur cash nd all good
http://www.masswheels.com/IMG/04/01/29/040129AMAN0011.jpg
VS.
http://homepage.mac.com/kazuosky/Nissan/G35_sportcoupe/G35_spcoupe-01.jpg
Originally posted by roopi
:rofl:
OK back on topic now. I think most likely you will get approved for this. Your down payment would be large and if you have a steady income and no other expenses I don't see a problem. The 1 and only problem would be bad/no credit. Have you had any sort of bill that you have been paying to build some sort of credit.
Like it has been said before you could get a co-signer.
Agreed, with a large downpayment and a trade-in you should be fine.
Originally posted by cavb0i
get a cav. all i gotta say. dey be cheap nd reliable nd fast all at da same time. cavs r lighter den a g35 so it can probly b faster a bit. get a cav, save d rest of ur cash nd all good. u can soup dem up 2 full kit nd stuff will give good downforse nd look good 4 da ladiez aweeee shiet keep it real bro
Get a tricycle it is lighter than a cav so it will probably be faster all I gotta say dey be cheap too.
Z_Fan
10-05-2004, 11:23 AM
Why bother with the dealer at all?
Just pay cash. (After you get it from your bank)
If you've got $10k in the bank, and go to the bank for the extra money, they'll give it to you. As long as you've got a couple T4's to show them steady (and good) income, you'll be fine. Especially when you tell them you'll also be trading your car with an estimated value of $20k. So you're putting in $30k and borrowing less than $20k. The bank won't mind that deal because they'll have the lien on your car anyhow...
However...
I agree with the not wasting your money on cars. Save it for a house. Something that doesn't depreciate 10% when you drive it off the lot. :)
MerfBall
10-05-2004, 11:24 AM
Originally posted by G
Get a tricycle it is lighter than a cav so it will probably be faster all I gotta say dey be cheap too.
:rofl: :rofl: :rofl:
Toms-SC
10-05-2004, 11:26 AM
I have also been wondering this, I would love to get a SAAB 9-2 or 9-3X :D
Gonthro
10-05-2004, 11:26 AM
Originally posted by Z_Fan
I agree with the not wasting your money on cars. Save it for a house. Something that doesn't depreciate 10% when you turn drive it off the lot. :)
10% is a low estimate.
QuasarCav
10-05-2004, 11:27 AM
Originally posted by cavb0i
get a cav. all i gotta say. dey be cheap nd reliable nd fast all at da same time. cavs r lighter den a g35 so it can probly b faster a bit. get a cav, save d rest of ur cash nd all good. u can soup dem up 2 full kit nd stuff will give good downforse nd look good 4 da ladiez aweeee shiet keep it real bro
WTF??????
How do you communicate with other people?
Aleks
10-05-2004, 12:04 PM
Originally posted by QuasarCav
WTF??????
How do you communicate with other people?
:rofl: :rofl: :rofl:
Kona9
10-05-2004, 12:06 PM
For the exception of CAVBOI these posts are all well worth concidering.
Seeing as you are 18 maybe this will help you understand the importance of real estate over a sweet car.......You will be able to pick up hot chicks with your car and all, it's taking them to your parents house that would be the killer when it's bangy bangy time. Especially when you start gettin with Cougars!!
You buy a house / condo and drive a mediocre car or a nice new leased one, you can take all those girls home and the shaggin' is so much better when they feel more comfortable about screaming and not terrifying your parents. Especially the cougars!!!!:thumbsup:
:XTREMA: I think your Daddy comments are a little rediculous. This guy seems to be doing one hell of alot better than the majority of 18 year olds. A family business doesn't necessarily mean a bad thing. I have plenty of friends that are still involved in Family operations and are very successfull. It just seemed you were talking down to him for being involved in a family business.
Weapon_R
10-05-2004, 12:18 PM
Live and learn man.
Do whatever you want. Eventually, you will realize that a small and consistent effort to save now will eventually translate into a lot of future income.
Think of it like this: If you have 30k now, in 5 years you should be able to save another 30k.
That's 60,000. That's 1/3 of a decent sized home today. That will eventually translate into a small mortgage, which will give you economic freedom in the future. If I have a $850 mortgage, i'd have a lot more income to finance a nice car @ 650/month, rather than buy it now, and have a $1500 mortgage for 20 years and only memories of once having a nice car (at 18, which is by NO MEANS the prime of your life).
It's up to you.
Xtrema
10-05-2004, 01:06 PM
Originally posted by Kona9
:XTREMA: I think your Daddy comments are a little rediculous. This guy seems to be doing one hell of alot better than the majority of 18 year olds. A family business doesn't necessarily mean a bad thing. I have plenty of friends that are still involved in Family operations and are very successfull. It just seemed you were talking down to him for being involved in a family business.
I'm not dissing his family business. All I'm saying is, this kid seems to be sheltered quite well from the way he express himself.
Get out of the shelter then come back. I bet he'll give a $60K car a second thought once he discover how much "living" costs.
Just refer to my other post in Campus chat. I have nothing again kids staying at home or working for/with parents. But I just can't stand bad finanical practices/choices.
If you havn't got your name on a real estate property, I don't think you should spend on depercating assets.
max_boost
10-05-2004, 03:07 PM
Originally posted by roopi
So all you guys own houses/condos and drive shitboxes around? :rofl: :rofl:
Anyway, all you guys dishing out financial advice, I say let the kid do whatever he wants with the money!
Originally posted by max_boost
:rofl: :rofl:
Anyway, all you guys dishing out financial advice, I say let the kid do whatever he wants with the money!
True, but I wish someone gave my head a shake when I was 18 and spent 30K on a car.
Gonthro
10-05-2004, 03:14 PM
Originally posted by awd
True, but I wish someone gave my head a shake when I was 18 and spent 30K on a car. :werd: :werd: :werd: :werd: :werd: :werd: :werd:
cavb0i
10-05-2004, 03:15 PM
if u were 2 get a cav tho u woud save tons of money nd still have a good car u know- sure it dont compair but if u spend it all on yo g35 wut abbout ur future leik university? use it 4 more imprtant things ya knaw. dont b a drop out leik i did a big mistake now i gotta pay more nd go 2 school nd pay 4 it.
Gonthro
10-05-2004, 03:17 PM
Originally posted by cavb0i
if u were 2 get a cav tho u woud save tons of money nd still have a good car u know- sure it dont compair but if u spend it all on yo g35 wut abbout ur future leik university? use it 4 more imprtant things ya knaw. dont b a drop out leik i did a big mistake now i gotta pay more nd go 2 school nd pay 4 it.
you dropped out????
you gotta be kidding!!! whod'a thought.
max_boost
10-05-2004, 03:18 PM
Originally posted by awd
True, but I wish someone gave my head a shake when I was 18 and spent 30K on a car. :banghead: Tell me about it! Oh well, what's done is done! And it's hard to convince him otherwise though, when you are 18, you are invincibly cool! haha
Fivewayradio
10-05-2004, 03:35 PM
Last time I checked you couldn't buy "cool". It's like love except it won't get you laid as much.
QuasarCav
10-05-2004, 03:40 PM
Originally posted by cavb0i
if u were 2 get a cav tho u woud save tons of money nd still have a good car u know- sure it dont compair but if u spend it all on yo g35 wut abbout ur future leik university? use it 4 more imprtant things ya knaw. dont b a drop out leik i did a big mistake now i gotta pay more nd go 2 school nd pay 4 it.
How are you managing to read what we are typing yet verbal diarrhea comes out of your keyboard?
But it looks like Cavboi has a heart, he's trying to help.
Originally posted by cavb0i
if u were 2 get a cav tho u woud save tons of money nd still have a good car u know- sure it dont compair but if u spend it all on yo g35 wut abbout ur future leik university? use it 4 more imprtant things ya knaw. dont b a drop out leik i did a big mistake now i gotta pay more nd go 2 school nd pay 4 it.
seriously I have no idea what the hell your trying to say..and for one I already have a pretty nice car so im not going to sell it to buy a cav. My parents are going to pay for univ so I dont need to worry about that.also im not buying a nice car to get "laid" ive been into cars my entire life and I just love driving well it also never hurts to be driving around in a 50g benz lol.I have also been thinking about buying a house or a condo but im not to sure what im going to do yet you guys gave me alot of good info here lol
Originally posted by Troy
seriously I have no idea what the hell your trying to say..and for one I already have a pretty nice car so im not going to sell it to buy a cav. My parents are going to pay for univ so I dont need to worry about that.also im not buying a nice car to get "laid" ive been into cars my untire life and I just love driving well it also never hurts to be driving around in a 50g benz lol.I have also been thinking about buying a house or a condo but im not to sure what im going to do yet you guys gave me alot of good info here lol
Unlike cavb0i, it also looks like you showed up to English class on a regular basis.
Do whatever you want dude, you only live once -- and I guarantee I wouldn't have bagged as many chicks when I was your age if I had a sh*tty car.
QuasarCav
10-05-2004, 03:59 PM
Originally posted by awd
Unlike cavb0i, it also looks like you showed up to English class on a regular basis.
Do whatever you want dude, you only live once -- and I guarantee I wouldn't have bagged as many chicks when I was your age if I had a sh*tty car.
And that is the key, At 18 I was thinking about banging chicks over sound financial decisions.
A G35 will get you some nice eleventeen year olds.
rockym20
10-05-2004, 04:18 PM
I guess the best way to look at it is to decide what your priorities are. I don't mean right now, but in 10 years? 20 years? etc. I know it can be pretty hard to do at 18 (it wasn't that long ago for me), but think of it this way: When do you want to retire? Do you want to have enough money to start your own business or buy your dad's when he decides to retire? Are you happy working for "the man" or do you want financial independence? How important is travelling & vacations to you? No one can answer these kind of questions for you. However, when you have an answer to this, then base how you manage your money around it. You will be much happier in your life that way. Don't confuse consumerism with long-term happiness. Far too many people have spending habits that are in conflict with what is really important in their lives and they become very unhappy as a result. Maybe buying an expensive car is the right thing for you, and maybe not. Just try and consider it in the bigger picture of where you want your life to go.
kaput
10-05-2004, 05:09 PM
.
FiveFreshFish
10-05-2004, 07:53 PM
Originally posted by kaput
Get something used, a few years old.
:werd: $30k will buy a nice E36 M3.
googe
10-05-2004, 08:44 PM
ok, did this guy ask for a bunch of financial planners, or did he ask about getting a loan? its like as soon as someone younger spends more on a car, everyone has to jump in and say hes wasting money...
personally if it came down to it id rather live in a 130k apartment and drive a 60k car, than live in a 180k apartment and drive a 10k car. you guys gotta realize that a lot of people arent, and never will be concerned with accumulating the most money they possibly can. they buy what they need, and blow the rest on having a good time. anything you have saved at 18 is pretty expendable income anyway, especially when parents got your back for school.
to everyone that said "i wish someone woulda told me when i was 18", you gotta be kidding yourself...would you have listened? :)
Xtrema
10-06-2004, 10:31 AM
Originally posted by googe
to everyone that said "i wish someone woulda told me when i was 18", you gotta be kidding yourself...would you have listened? :)
True. Nice car + youth is the ultimate weapon in getting pussy.
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