So I'm just a kid and want to finance my first car; I would like your opinion?

I%26#039;m 19 years old, have a decent-paying stable job, am about to go live on my own.. I can afford this all. I currently drive a 1998 v6 Mustang with 104000 on the odo, and it%26#039;s getting tired..

I am a pretty tall and pretty big guy, and I fit into my Mustang just fine... I am thinking of buying a slightly used Corolla S, a 07 or above model.. I want an opinion..

1- Since I am 19, I only have a few student loans, credit cards, car ins. and phone bills on my credit history. Will I get proverbially raped with the interest rate?

2- I%26#039;ve had four cars in three years.. Two were junkers, one was a GMC Sierra that got 8mpg, and then my Stang. I lose interest because they are impractical; I hate two doors... Do you think a Corolla would answer my problems?

3- Is it worth financing a car to build my credit up? I can afford it without a shadow of a doubt, but 12 to 15k is a big purchase for a kid like me.

I appreciate your input.

So I%26#039;m just a kid and want to finance my first car; I would like your opinion?

Hey there.

I am going to take a wild guess and assume you like your cars.

I am a mortgage broker and know for a fact you do not need a credit rating to get a car loan this is a myth, in Australia anyway, probably a rumour started by car finance co%26#039;s.

I would suggest that if you have a secure job in the govt and a secure relationship, buy yourself a property.

Because in 5 - 10 years you will be financially secure, probably have several investments properties and can buy all the cars you want?

I only wish someone told me to buy a house when I was 20, I would be retired now and I am only 36.

HOpe this helps

Wayne Costello

So I%26#039;m just a kid and want to finance my first car; I would like your opinion?

you should finance it as long as you get a good rate and the monthly payment is very affordable.. If its a big payment your going to hate having to come up with the money each month. If you cant get a good rate .. would you be able to get a cosigner or someone else to sign for the loan you might get a better rate that way ? and try not to spend more then you have to .. its nice to have a car thats paid for !!!

So I%26#039;m just a kid and want to finance my first car; I would like your opinion?

Im a auto finance officer%26#039;and it sounds like your going to have a very difficult time financing any type of car loan. I would suggest you save some money%26#039;say something around 5,000 as a down payment%26#039;then give it a try. Because%26#039; of your age your likely to have a much higher A.R.P. Good luck%26#039;and happy motoring.

So I%26#039;m just a kid and want to finance my first car; I would like your opinion?

If at all possible I would avoid going into debt, financial independence is better than any high credit score. Especially since you are just starting out in life, you never know what will come up and having the money there and not having an extra monthly payment every month can go a long way.

I would recommend getting a car at least a couple of years old for 2 reasons. 1) The major depreciation of the vehicle has passed(according to www.getrichslow.com a car depreciates 45% of its original value in two years) Now think how fast 2 years go by...is it really worth trowing away that much money besides a 2 year old car is practically new. 2) 2-year old cars can easily be just as reliable or maybe and more reliable than new cars since they will have worked out most of the bugs. Which leaves you more time driving the car rather than making frequent trips to the dealership for recalls.

If you really want to build up your credit, plan on paying half or more for the vehicle in cash and place the remaining amount on a used car loan.

I believe Toyota makes a very good quality vehicle but don%26#039;t believe its necessarily the only answer. I believe their are many vehicles that would make you happy. Look into other makes and models. Here are a couple websites that might help (http://autos.msn.com/default.aspx, www.auto.consumerguide.com) I am also a big fan of using Consumer Reports. Be sure to check any used car over well for problems before buying but really a 2 year old car shouldn%26#039;t have many.

Here is a great site that will help you compare cars True Cost to Own. They actually break it down to the cost per mile to drive a specific vehicle. http://www.edmunds.com/apps/cto/CTOintro...

Good Luck, Hope this helps!

So I%26#039;m just a kid and want to finance my first car; I would like your opinion?

Getting a new car loan is not easy though it can be the easiest way to attain your dream car. There are many players in the car finance industry and for the consumer choosing the best%26lt;!--type of loan is a difficult task. Many factors have to be considered before taking up a car loan. Whether you want to take up a loan or not, will depend upon the car you want to buy.

http://best-loans.awardspace.com/guarant...

Since the rates of interest on different cars vary so the type of loan that you need will depend on the car you want.The total cost of the new car loan does not include only the interest payable but also--%26gt;extra charges such as processing, transaction fees, documentation fees or any other fees. So one has to confirm with the financer as to the other charges that accompanies an auto loan.

So I%26#039;m just a kid and want to finance my first car; I would like your opinion?

My opinion - keep your Mustang and drive it as long as you can. Is worth to you more than what you get when you trade it in,

Is not worth financing just build your credit. rates for new cars are lower and easier to finance. Car dealers run special rates all the time, and even with student with little or no credit can qualify.

So I%26#039;m just a kid and want to finance my first car; I would like your opinion?

hello. you say you%26#039;re a %26#039;%26#039;pretty big guy%26#039;, would a corolla be large enough to fit your needs? your mustang has 104 on the odo, it is quite aged. you say your a student %26lt;?%26gt; paying off a coupla loans already. you%26#039;re an active young gentlemen. you don%26#039;t seem to be a target for the robber-baron kind of loan. you%26#039;d wisely walk away from it. you also have a %26#039;decent-paying job%26#039;. good luck for ya : }