Car Title Loan questions... (dealer, work, year, conventional)
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I'm well aware of always being told something I don't want to hear. However the comment about the "OP not falling far from the tree" made me upset. This thread was a simple inquiry question because I could not find the answers I wanted through my own research.
That bothered me too. It was out of line.
That said, you'd be much better off without the Vette right now. Have you priced insurance for it? For an 18-year-old with a Vette, it's going to be out of this world expensive. Couple that with interest rates and higher than average maintenance costs, and you'll be spending all your money on the car.
I like Corvettes. My son has one. I wanted one when I was your age too. But instead I got something I could more easily afford (without my parents co-signing) and saved my money for a new Corvette. When I finally had the money, instead of buying the Vette I invested in a business. Ten years later I could have paid cash for a hundred new Corvettes. (I did buy a Porsche, a boat, a plane, a couple homes, etc.)
I wish only the best for you and want you to be happy, but my experience tells me you'll be much happier without the Vette at this point in your life.
Funny thing. I'd wanted one so bad when I was your age that I offered to buy my son a Porsche (his favorite sports car) when he graduated from high school. I credit him for his young wisdom. He said he was too young to have one. Instead he asked for a Chevy Sprint. He now has a big home on a golf course, two 2012 Cadillacs, a 2011 Corvette and a boatload of money. The Sprint was the last thing I ever gave him. He's done it all on his own.
OP - take it from someone who has been there: don't get yourself deep in debt before or when you're in college. It's easy to say you'll just pay it off when you have a "real job", but you never know what's going to happen and your first job after school likely isn't going to pay a whole lot. I love cars just like you and I know you want what you want. But trust me... the best thing you can do at your age is to get through school ideally debt free, but otherwise with as little debt as possible. It'll require living lean for a few years, but you'll be able to do whatever you want and go wherever you want when you graduate if you do. Being debt free will be an impossibility if you end up going to med school, but you don't want to dig a hole before you even get there. I made bad financial decisions when I was in college and it took me almost 10 years to dig out of the hole I created. Things don't always work out the way you think they will, plus it's a different world now than it was when I was in school. I had to pay my dues in my field to get where I am today and while I was doing that, because of the debt I racked up in school, I was merely getting by and never getting ahead. It sucked. If you really want an old Corvette, save up for it and buy it with cash. Put away $100-200 every paycheck and you'll be there in a few years. Cars are always more expensive than you think they will be. I'm not trying to preach at you, just giving you some advice from someone who has been in your shoes. Take it for what it's worth. No matter what you decide, I wish you the best of luck!
twalk2013, I'm sorry you stumbled upon this forum, the people are not the friendliest here but often time they do have the right idea in mind.
The Corvette is an all around bad idea. Though you love the Corvette so much, since you mentioned you lived in an apartment complex - do you really want such a car sitting out there in the parking lot? You cant even work on the car, not even perform scheduled preventive maintenance.
I really hope you step back and think this over. "Up to $25,000 car loan" is also a bad move. Looking back, when I was 18 years old, I drove a 11-year old 1992 Cavalier; despite a couple of my peers saying "why not just get a car loan" I didn't. I ordered some auto-repair/maintenance books from amazon.com, read auto-repair/maintenance online, and purchased a decent set of tools (fortunately I lived in a house with a garage). Cavaliers are fairly easy to work on, inexpensive parts, low insurance. Sure the car wasn't nice, but I stayed out of debt and learned a decent amount about how to work and maintain cars. Drove that Cavalier 170,### and then gave it away as I flew off to boot camp.
Looking back, that was a darn good car.
I'm not saying get an old beater, but a sports car can wait.
Quote:
Originally Posted by twalk2013
...since I can only get a car loan for a car 2005 and newer up to $25k.
...
How do you figure?
I'm assuming you have no credit history. Being in high school, your job history will not qualify you either.
Do you have 10%/20% cash saved for a down payment? If not, slim chance on getting a car loan. Even if you did, the interest rate will be too high.
You may get qualified at a Buy-Here-Pay-Here car lot. You will pay way too much in interest, and many of those types of dealerships do not submit good payments to the credit bureaus; which means you will not be building any credit.
Remember this: a car loan is a major financial commitment
Some may think its only a 5 year loan, but 5 years can really hold people back from other accomplishments.
Last year's average used car interest rate was 9% - that's $2,700 in interest on a 5-year loan for $11,000 - please think about this.
That said, you'd be much better off without the Vette right now. Have you priced insurance for it? For an 18-year-old with a Vette, it's going to be out of this world expensive. Couple that with interest rates and higher than average maintenance costs, and you'll be spending all your money on the car.
I like Corvettes. My son has one. I wanted one when I was your age too. But instead I got something I could more easily afford (without my parents co-signing) and saved my money for a new Corvette. When I finally had the money, instead of buying the Vette I invested in a business. Ten years later I could have paid cash for a hundred new Corvettes. (I did buy a Porsche, a boat, a plane, a couple homes, etc.)
I wish only the best for you and want you to be happy, but my experience tells me you'll be much happier without the Vette at this point in your life.
Funny thing. I'd wanted one so bad when I was your age that I offered to buy my son a Porsche (his favorite sports car) when he graduated from high school. I credit him for his young wisdom. He said he was too young to have one. Instead he asked for a Chevy Sprint. He now has a big home on a golf course, two 2012 Cadillacs, a 2011 Corvette and a boatload of money. The Sprint was the last thing I ever gave him. He's done it all on his own.
Wow thank you, this gives me hope that one day I'll be able to comfortably own one
Wow thank you, this gives me hope that one day I'll be able to comfortably own one
You will but you have to be patient.
At 18, you have so many other things that need to be focused on other than a car. Since you're going to college, you need something as reliable as the sun coming up. I'm biased towards Toyota's myself.
Don't let that short term goal get in the way of your long term goal.
Think about it like this: you save up for a couple of years, at least until you're 21 or maybe even 25 (your insurance goes down significantly when you're 25) and you have enough to pay cash or put down a huge down payment on a C6 instead of driving a C4 now.
I have a '03 Z06 and also had a '88. Trust me, the jump from C4 to C5 was significant and the C4 to C6 is just no comparison.
I live in a 2 bedroom apartment with my parents. We had to foreclose our house and downgrade to a apartment after the bankruptcy. If I was able to get the car, my father would be listed as the primary driver, and I would be listed as driver on the insurance... most likely listed under driving his car.
Dude, WTF?! You dad is an idiot if he cosigns on this car for you.
Also, if you're 18 and buying a Corvette you're going to be dead or in jail long before the loan term ends.
But, you're not alone in the "I've always wanted a Corvette my entire life" crowd. That is why the typical owner is over 50. Its a car young men always want, but don't buy it until they can.
Also, planning on picking up chicks? No college-aged girl is going to know what the hell a C4 even is. And if they do get into your C4, they are quickly going to get out and get in with that preppy bro who just smoked you with his WRX.
And what's wrong with the Camaro? You only drove it for 7,000 miles. Bored already?
And what's wrong with the Camaro? You only drove it for 7,000 miles. Bored already?
Yes
But looking into getting this 1996 firebird trans am convetible, same 5.7L V8 engine as the Vette, for only $5,000. Trying to see if the dealership would be willing to take my camaro and $2k down payment so I don't need any loans (because quite frankly I can't get any type of loan)
twalk2013, here are a couple links for you. They are for your future, just keep theme stored away somewhere, on an external hard drive or write them down somewhere.
Car title loans are not for buying a car. They allow you to pull cash out if you have equity. Typically, when you purchase a car you do not have equity, unless you are buying it far below the market value. Because used car prices are very volatile and continue to decline, lenders have to recover their profits relatively quickly in case people stop making payments and they have to reposes and resell the vehicle.
Last edited by MarkStevens; 09-22-2013 at 12:46 PM..
Heck I remember when I was 18 and graduated high school my folks gave me $1K to buy whatever car I could get. I bought a 71 VW Bug for 800 bucks. Sure it wasn't my dream car by any means but it got me to work for a couple of years and when I was 20 I saved enough to put down $2K on a brand new Honda Civic. It was certainly an upgrade from the VW and it made me appreciate the hard work and sacrificing I had to do to get that new car and it's a valuable lesson I kept even to this day nearly 20 years later.
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He now has a big home on a golf course, two 2012 Cadillacs, a 2011 Corvette and a boatload of money. The Sprint was the last thing I ever gave him. He's done it all on his own.
