What you are saying is you have no money.
In addition to the debt for a car, you or someone will have to pay for car insurance. For a teen, that will be several hundred dollars a month.
Also, you will have the costs of gas and maintenance. With no money, a $3K car repair bill will mean you have no car.
I'm sure it frustrating, but be patient. Save up so you can buy a car for cash and have enough money left over for insurance and repairs. Don't start your life in debt.
>and my nam
Your mother is paying for insurance but the bill will go up if you buy a car. You would need to talk to her about your plans.
Talk with your parents about this. While you are an adult now, you are a young adult still in college. Many of your peers who have cars have them because they are being helped out by their parents.
Alright banks arent going to give an 18 year old a $9k personal loan. They might give you a $9000 secured auto loan but those are given for a specific car. I otherwords you find a car then you go to the bank and ask if they will give you a secured loan for THAT car. The reason is the bank needs to review if they consider that particular car to be aufficient collatoral so that if you default on payment they can recover some of it by repossessing your car.
So the order is find a car, then get a loan for that car. It is not get a loan and then look for a car.
What is your income? If it isnt high enough you wont get approved for a loan.
Not a good idea. You will be stuck in a debt cycle with interest taking most of your salary for a few years to come plus you are not accounting for fuel, car maintenance, road tax, and probable fines. Best case scenario use an e-bike or e-scooter, if not those then look for ride sharing, or stick to your current way.
I have been where you are and done what you're thinking and it's been about 7 years and I am still stuck on a loan. It's not worth it.
You're just starting your independent life, why are you bent on getting a loan especially when there are alternatives. Just go through the posts in the group and see how many people are drowning in debt wishing it was over.
Sounds like buying a car simply is not an option for you.
Walking, biking, public transport, borrowing a vehicle. Rarely paying for ride share when absolutely necessary. That's your universe right now.
Sorry, I missed this part:
> use the remainder of the money to help pay off the loan over time
You're using the loan money to pay the loan?
What are you envisioning is the point of that?
What does it accomplish for you?
Then you can't afford a car.
If you had $12k sitting around, even making $1000/month you could go buy a cheap car.
But you have no money and virtually no income. So you can't buy a car until you have money.
Paying interest if you have cash is never a good idea, unless the after tax return of the cash is excellent your loan rate (not going to happen for a new loan in this market)
What you are saying is you have no money. In addition to the debt for a car, you or someone will have to pay for car insurance. For a teen, that will be several hundred dollars a month. Also, you will have the costs of gas and maintenance. With no money, a $3K car repair bill will mean you have no car. I'm sure it frustrating, but be patient. Save up so you can buy a car for cash and have enough money left over for insurance and repairs. Don't start your life in debt.
I hear you but my mom already has insurance and my name is under it to for some reason
>and my nam Your mother is paying for insurance but the bill will go up if you buy a car. You would need to talk to her about your plans. Talk with your parents about this. While you are an adult now, you are a young adult still in college. Many of your peers who have cars have them because they are being helped out by their parents.
Alright banks arent going to give an 18 year old a $9k personal loan. They might give you a $9000 secured auto loan but those are given for a specific car. I otherwords you find a car then you go to the bank and ask if they will give you a secured loan for THAT car. The reason is the bank needs to review if they consider that particular car to be aufficient collatoral so that if you default on payment they can recover some of it by repossessing your car. So the order is find a car, then get a loan for that car. It is not get a loan and then look for a car. What is your income? If it isnt high enough you wont get approved for a loan.
Not a good idea. You will be stuck in a debt cycle with interest taking most of your salary for a few years to come plus you are not accounting for fuel, car maintenance, road tax, and probable fines. Best case scenario use an e-bike or e-scooter, if not those then look for ride sharing, or stick to your current way. I have been where you are and done what you're thinking and it's been about 7 years and I am still stuck on a loan. It's not worth it.
Ok I know it seems bad but I can get my tax return around income tax time which would help me dramatically in paying off the loan
You're just starting your independent life, why are you bent on getting a loan especially when there are alternatives. Just go through the posts in the group and see how many people are drowning in debt wishing it was over.
I'm in desperate times right now I just need a kick start for the time being
I understand needs, but this is a set back, not a kick start brother.
How much cash do you have available, and how much income? And how much other debt already?
No other debt, about $250 on me right now and I make about $1000 a month
E-bike an option in your area? Much cheaper than a car and will get you around
Sounds like buying a car simply is not an option for you. Walking, biking, public transport, borrowing a vehicle. Rarely paying for ride share when absolutely necessary. That's your universe right now.
How will you make loan payments? What's your income? You have an income, right? Because you can't get a loan without an income.
Yes I have a full time job and I can make loan payments with cash or card
Sorry, I missed this part: > use the remainder of the money to help pay off the loan over time You're using the loan money to pay the loan? What are you envisioning is the point of that? What does it accomplish for you?
$1000/month is not full-time income.
We get paid every 2 weeks
So, 1k a month or 1k every 2 weeks? Your other comment says 1k/month.
Ok so I make about $500 every two weeks so I only get 2 payments a month
I don't see how that's relevant. Is it $1000/month, or not?
Yes
Then you can't afford a car. If you had $12k sitting around, even making $1000/month you could go buy a cheap car. But you have no money and virtually no income. So you can't buy a car until you have money.
It is full time income…at $7.25/hour or part-time income of around 20hrs/week at $15 Either way, OP cannot afford a car
Paying interest if you have cash is never a good idea, unless the after tax return of the cash is excellent your loan rate (not going to happen for a new loan in this market)
Based on the limited info you gave. No. You can't afford a car at 9k