PLEASE LOCK OR DELETE

[TaylorD]

I am 18. I want to get a car that would be fun to drive for the next couple months of school and for the summer.

My thought was that I could try to get a loan, then buy a used car. Then when the summer's over, sell the car, and pay the difference (however much it depreciates) and the interest to completely repay the loan.

The only problem is I have no credit. Anybody have any possible soultions to this? Think any banks would go for this? It has to help that I plan to pay the loan off at the end of august in full.

(BTW, I am looking to get like $15-20k... I know its a lot, but anything less and I might as well just spend what I have on a car.)

 

[yobarman]

First off you should get a credit card and build up your credit.

Fun to drive cars for around 15K-20K. Used VW GTI 1.8t or a subaru impreza.

 

[urbantechie]

Used Lexus SC400..

 

[MajesticMoose]

The other problem is that the car will depreciate alot as soon as you dry it of the lot. Why not just lease, if that's reasonably possible with your credit.

m00se

 

[TaylorD]

I should get a credit card, yes. I have tried. My credit report is empty besides the notations for the numerous cards I have applied for and been denied.

Unfortunately since I am not in college (yet, will be next year), no one will offer me a card that is not secured, and I don't exactly have enough cash to have a large sum locked up for a secured card.

I do have several checking accounts and check cards, but none have affected my credit rating as of yet.

 

[TaylorD]

I have never heard of a six month lease. Is there such a thing? Even if its expensive I'd be happy to pay. I really would just love to have a car that is FUN to drive.

Also, the car doesn't lose that much value when you drive it off the lot if its used. (It does loose a few thousand when driven off the lot if its new, but far less if its used)

 

[yobarman]

As far as I can tell i think your idea is pretty retarded. You're either going to buy the car or not. Do you think you're going to end up with a fun to drive car if you dont have money or credit? fat chance cheif.

 

[Viper GTS]

At 18 with no credit history you're going to be paying out the ass for the privilege of driving a $15K car. When I was 18 I tried to do the same thing, except I was looking at $10K and under. I found a few places that were willing to give me credit - At 25% interest rates. I was in pretty much the same situation, I had no credit history. I had a $25K income & had been constantly full-time employed for 15 months, but without a cosigner I would've been screwed on interest.

If you can afford $600 - $700 a month just for car payments & comprehensive insurance, go for it. Do you really want that burden, though?

If I were you I'd pick up an early 90's Accore Lxi coupe. Only 130 hp, but even the DX coupes with only 100 hp are still surprisingly fun to drive. They're light weight, have a tiny turning radius, & love the 5K - 6K RPM range. They're quite capable of 100+ mph travel, & are good for an 80 mph romp through the countryside if you live in that type of area. And they're around $5K.

Oh, & BTW... Your idea of paying the difference in value + interest to end the contract? That's called early termination, & you'll pay dearly for it.

Just my 2/100th's of $1.

Viper GTS

 

[TaylorD]

Well it wouldn't be "early termination" if the contract was drawn up to say "to be paid back in full after six months"

Whatever... Bag the idea. I'll keep buying those lotto tickets.

 

[yakko]

Buy me a lotto ticket too.