Is it a good idea for an 18 year old to buy a $20,000 Chevrolet Camaro, Ford Mustang or a challenger?
I just graduated HS getting into college and I'm thinking of buying a used or brand new car ( listed above) I have about 5000 for down payment. But I'm just not sure if it's a good financial decision, but at the same time I really want the car. Please leave your opinion below! My credit score is like 650!
No, because over the next 5 years the insurance is going to cost almost as much as the car does, and that's without getting any tickets. That would be financially irresponsible, especially for someone without a full-time job.
Obviously no you can't afford that at all.
you can usually make four five-thousand dollar cars outlast one 20,000 dollar car anyway.
plus if you crash it you're basically ****** for the next 10 years and your insurance rates will go way up.
So you have $5000 to put down on a car. How do you plan to pay for it, especially if you're in college? No lender is going to approve you for a loan without a history of full-time employment, at least $2000/month income, and a solid credit history. At 18, how much credit history do you think you have? Go pay cash for a good used car in the $4000-$5000 range.
Unless mom and dad are carrying the loan for you, there's no chance of this happening.
No lender on the planet is going to lend you more than you make in a year's time. You've managed to save up $5000. Go find a decent used vehicle for that money.
Besides, insurance on one of those will cost you nearly as much as the monthly loan payment. And, you won't be able to shortcut it by getting "liability-only" coverage.
So you have no job, going to college, a little money in the bank, and a low credit score. No lender in his right mind is going to approve you for a car loan -- because you have no way of paying them back and your low credit score is not helpful.
Call an insurance company and get a quote. Shop for a Hyundai Accent after calling. My daughter has one. Takes her to school without a fuss.
No. Getting a car loan at any age is not a good idea. Cars do not appreciate in value. You will never see a return on your investment. It's best to buy a car outright.
Stupid question. 99% of 18 year olds would not qualify. And even if they could, HECK NO it would not be a good idea.
To get a loan, even with $5000 down, you need good credit and a full time job with income over $1800 a month.
If you have $5000 that should be the price of the car you are looking at. OK you probably won't get a Mustang, but I bet you could find a Dodge Stealth for that money
Go for it if you can afford it. Thats my candid advise
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