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Discussion Starter · #1 ·
Ok so I was just approved for an $5600.00 loan for a used '99 Subaru Impreza. Only problem is the owner sold it because some nut case paid $1000.00 more then the car is worth.

I have changed my focus to the MazdaSpeed 3 though, and I was wondering if my mom cosigned how good are the chances I would qualify for a loan for a brand new 2009 MazdaSpeed 3 Sport that is going for $20,970.00. Is there a good chance I would get 100% financing? I have good credit with all 3 of my scores over 700. My mom also has excellent credit and in the past has received offers from our bank for loans to get $35k + car loans. I am 19, and I have held my current job for 2 years now, and I bring home roughly $1800.00-$1900.00 a month.

Unfortunately I do not have a down payment though. I recently had to put my pet down and the vet bills whipped out what money I did have for a down payment.
 

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I would think they would try to finance it for you. But also you gotta weigh your options, is this car really what you want? Are you comfortable with payment around $400 give or take? I personally came from a 07 Si, and I'm loving every second in it. Hope it all works out for ya, but if it doesn't no big deal your still young and have plenty of time. GL let us know how it turns out!
 

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well im 20... i got pre approved for $14,000 when i got my car... on 48 months... 6.9% APR... $326 a month, and it was a used car...
 

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Discussion Starter · #4 ·
[quote author=lucaspl88 link=topic=138836.msg2992568#msg2992568 date=1236966266]
well im 20... i got pre approved for $14,000 when i got my car... on 48 months... 6.9% APR... $326 a month, and it was a used car...
[/quote]

Did you have a co-signer? Also was your credit score over 700?

I do know I want this car. I was also looking at the Cobalt SS which is a better performer, but I want something with some cargo room and the WRX is just to expensive so I just though that the MazdaSpeed 3 fit perfectly. The one I am looking at is also $1000 below invoice so I think that could help me some as well right?
 

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i did have a co-signer.... since my credit history is short.... but many credit lines.. they approved me only for $10,000... on my own.. so i had to get my dad out to get $14,000
and yes my credit score is over 700... close to 750
 

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Discussion Starter · #6 ·
[quote author=lucaspl88 link=topic=138836.msg2992580#msg2992580 date=1236966707]
i did have a co-signer.... since my credit history is short.... but many credit lines.. they approved me only for $10,000... on my own.. so i had to get my dad out to get $14,000
and yes my credit score is over 700... close to 750
[/quote]

I see... lol Mines not above 725 if I'm not mistaken. I guess I'll just have to talk to my bank and see what they have to say.. I also found a used 2009 with 3,600 miles on it, and the owner seems like he's willing to negotiate a price considering he has to unload it because of a poor financial situation on his part.
 

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Just make sure you factor in the insurance costs and then think long and hard about whether or not you can do without all of that money each month and pay for premium gas.
 

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Discussion Starter · #8 ·
[quote author=TiocfaidhÁrLá link=topic=138836.msg2992601#msg2992601 date=1236967245]
Just make sure you factor in the insurance costs and then think long and hard about whether or not you can do without all of that money each month and pay for premium gas.
[/quote]

I am sure I can afford the insurance. My mom also agreed to pay it for the first year anyways because she lost a bet over the super bowl with me. lol

I did forget that they take premium gas though... hmmmm will that really increase the expenses that much? I am fine with the insurance and the car payments every month though.
 

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im paying $650 for 6 months full coverage
 

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[quote author=SeanEE89 link=topic=138836.msg2992610#msg2992610 date=1236967539]
I did forget that they take premium gas though... hmmmm will that really increase the expenses that much? I am fine with the insurance and the car payments every month though.
[/quote]

Its like an extra $3 per fill up, its a non-issue.
 

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yeap.. premium gas is not a problem
modding addiction that you will probably catch will be :)
 

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[quote author=SeanEE89 link=topic=138836.msg2992610#msg2992610 date=1236967539]
[quote author=TiocfaidhÁrLá link=topic=138836.msg2992601#msg2992601 date=1236967245]
Just make sure you factor in the insurance costs and then think long and hard about whether or not you can do without all of that money each month and pay for premium gas.
[/quote]

I am sure I can afford the insurance. My mom also agreed to pay it for the first year anyways because she lost a bet over the super bowl with me. lol

I did forget that they take premium gas though... hmmmm will that really increase the expenses that much? I am fine with the insurance and the car payments every month though.
[/quote]

Either way. Add the cost of the vehicle, tax, etc. then calculate what your payments will be at a couple of possbile interest rates then think about this before you go to the dealer. Be comfortable with your payment plan before your pressured into it.
 

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[quote author=FemGearHead link=topic=138836.msg2992770#msg2992770 date=1236973131]
Don't forget to factor in cost to maintain the car.
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+1...... you have to put it into consideration.... fluids/brakes/new wipers/tires etc... everything that comes along the way.. so dont get it if it will make you have only a couple of hundred left over every month, because you never know whats going to happen.
 

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just make sure when u finally get all the costs that you THINK you will incur and have to expense out, that you have EXTRA
as with everything else in life something unexpected ALWAYS comes up
dont calculate down to the penny!
 

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FFFFFFFFFFFFFFFFFUUUUUUUUU I am regretting not getting a speed3.
My insurance right now is 2.5k a year for me and my mom with full coverage.
Fking AAA, should search around and get cheaper
 

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[quote author=jimmerz link=topic=138836.msg2993660#msg2993660 date=1237004949]
just make sure when u finally get all the costs that you THINK you will incur and have to expense out, that you have EXTRA
as with everything else in life something unexpected ALWAYS comes up
dont calculate down to the penny!
[/quote]

That's right, you might be able to afford the payment, but there are a lot of extra's worth considering.

My MS3 costs me $530/month including taxes
Insurance is only $80/month, but then I'm 32 with a clean record. A 19 year old I'm guessing it will be closer to $200 for you.
Gas - I fill up about 2.5 times per month at about $45/fill
Oil changes - 4 times per year, $70 each - averages to $23/month for oil

So just with those costs, my MS3 costs me about $745/month to drive. As a general rule, your transportation shouldn't exceed 15% of your gross income and if your expenses are anything like mine, that monthly cost is around 30% of your income.

How badly do you want this car?
 

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Get yourself a used wrx wagon.
Pay cash and then use your extra money to get your mods.
You will be happier w/ the lower car payment and the potential of the car.
The payment will be way less and the HP potential will be way Higher than the MS3.
 

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Seriously, save your money, go to school, get a real job, and then buy a cool car. One that mommy doesn't have to co-sign for.
 
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