Is 5 grand a good down payment for a 15 grand car?
You have had this answered numerous times, but I'll try again. With $5,000 down, you can get a loan. However, I don't think you're looking at the big picture. You have an income of $18,000 a year. You're looking to give away a portion of that for the next 5 years. Buying this car, this is what you're looking at: A $15,000 car, with $5,00 down, will sell for $10,000, plus tax ($800, estimates at 8%), title and license (estimated at $450). You're going to finance $11,250. Because you have so-so credit (going by what you said on your past questions), I'm going to estimate a rate of 10.95%. At 60 months, your payments will be $253.01 a month ($3,036.12 per year). Now you have to think about insurance. Due to being so young, and having to get full coverage, estimate around $200 monthly ($2,400 a year). You also need to put gas in your car, so let's estimate a very conservative $200 per month, or $2,400 yearly. Figure no less than $50 per month for incidentals (oil changes, tires, upkeep, maintenance costs), or $600 a year. You've already spent $8,436.12, just on your car. This leaves you with $9,563.88, or $796.99 a month, for the next 5 years of your life. With that money, you can't move out, as you can't afford rent on even a cheap apartment. And even if you could, you wouldn't be able to eat. You're going to live at home until you're 28 years old. Keep this in mind: There is a big difference in being able to pay for a car, and being able to afford a car. You have $5,000 to put down on a car, so why not just buy a beater for $5,000 out the door? Keep liability insurance on it (roughly $50 a month), and drive it until the wheels fall off. Save every penny you'd spend on a car loan and related expenses. After 5 years, you will have saved $42,180.60 (this is JUST what you would have spent on the car, as outlined above). When you're in better shape financially (making more than $11.25 an hour - $18,000+30% taxes = $23,400. $23,400/52 weeks= =$450. $450/40 hours=$11.25), then you can consider a newer car. We're not telling you not to buy a car, we're just trying to educate you a little bit, so you can make an educated decision. Hope this helps. Edit: cdt - Brent was right, as he usually is. I told you that you can't get that car based on the information you gave, and I was right as well... http://answers.yahoo.com/question/index;...
How long would it take me to make 10-15 grand?
im a student so i could only work summers and vacations and weekends or night shifts. I could get a job at the hospital for 10 bucks an hour, thats the best ill probably get. how long would it take me to raise the money?
Can I get a 15000 car loan with these stats?
I only make 900 a month, but I don't currently pay for rent (I am a senior in college, live on campus and my scholarships completely cover it along with food.) I also receive $24000 a year in Financial aid $7000 of which is not used for classwork. I currently have a 800 credit score with a credit history dating 4 years ago. I have 2 credit cards that I have been maxed out (7000) in the past and I estimate my total expenditure with them combined is around $12000. However, they are currently down to $0.00 I have worked for the same company on campus for 3 years. With these type of stats, do you think I could get a loan between 15000-18000 for a payment estimate between 230-250? I have a $2000 (est.) trade in and an additional $4500 to put down on the vehicle with cash left over for taxes/insurance/registration. Do you think there is any bank that will give me a loan with only $900 current income?
Is there any way a 16-year-old can get a loan?
According to How to Get a Loan If You Are Under 18 and many other reputable sources:Also…*Exceptions to the rule…Some limited Subsidized Federal student loans may not require a co-signer which may be offered to minors.Hope this helps!
Should I pay off my car loan or continue to make payments?
Pay it off. 1) It will boost your credit when it shows you've paid your car off far ahead of time. 2) It will save you money, 6% on a loan isn't high, but it isn't exactly low either. I know a guy who recently got a car loan at .08%... That's ridiculously low, and if your percentage was like that then I would say by all means to pay it off.You'll be paying nearly $2,300 in interest over the four years, if you can pay it off sooner then you save that much money. That's ~12.8% of the total cost of the car if the car itself is worth $18k!
I have a car loan and I am 15,000 upside down, I cant afford the payment should I turn it in?
If you allow the vehicle to be repossessed, which is what you are doing if you "turn it in", the car will be sold at auction. The proceeds of the auction, less all towing, storage, title, and sales cost, will be applied to your loan balance. The finance company will then demand full payment of the balance within 30 days. In this case, because you are at least $15,000 upside down, you could expect the balance due to be in the $17,000-$20,000 range. Vehicles do not bring the highest prices at repossession auctions, usually they bring under rough wholesale value. If you do not pay within the 30 days, the finance company can file suit, and get a judgment against you. They can seize a portion of your wages, they can seize your bank accounts, and this will stay on your credit for 7 years after the judgment is paid off. The repossession will also stay on your credit as a separate item, for 7 years. As others have said, do what ever it takes to get the payments current. and keep them that way, You end up worse with the car going back.
Does the down payment go towards your car loan?
I fell in love with an 07 Scion. The dealer said he could give it to me 15500 (which is even better than deals iI found online for this car) out the door, but he said that I may have to increase my offer of a down payment form 1000 to 1500. Does that monet go toward the loan? Or is the dealership making another $1500 off of me????
I have 30K credit card debt and 15K car loan. And some hospital bills. What financial action would make my life easier?
Glad to hear your health is better.I’m going to assume that you don’t have assets that would come close to covering these debts. My understanding of bankruptcy is such that your debts must be greater than your assets. Please correct me if I’m wrong in the comments. There is some great advice in the other answers including educating yourself as well as speaking to the companies you owe money to. Credit card companies will often lower the total amount owing if they think they will still ultimately make money off you. If you declare bankruptcy they potentially get nothing and may even lose money. I would hope a hospital would be open to a negotiation as their services are generally well over priced to make up for the discounts that insurance providers generally get. Again, they would rather get something than nothing.The biggest recommendation I can give you is to talk to a financial advisor or planner. In many cases you can find someone who will help you for free because they ultimately want to get you investing with them and you likely need to be investing anyway. It can be a win-win situation, but you always have to be careful that no one is trying to scam you by giving you free advice in exchange for purchasing a poor product. You can also generally pay someone to help you who won’t try to sell you any product, but this sort of gets you back into spending money that you don’t really have.At the end of the day it’s really all about education and asking for help when you need it. Don’t be afraid to make some phone calls. Asking on Quora is a good first step.