18 for a Loan, Right?

[Skilla_Staz]

I was thinking about saving up some money, and on my 18th birthday taking out a loan for a 1969 Camaro. This way I'll have plenty of money to pay back the loan, and get the car. I'm guessing I'll have about five to eight grand saved up by November, and plan on taking out about a ten thousand dollar loan. Any thoughts on this?

 

[WhAcKeD!]

Just make sure you have a steady job. I took out a 15k loan for my 2005 WRX STi, if I lost my job I would have to sell it and buy a beater.

Oh yeah. You have to get approved first. You may not be able to get approved with no credit buildup and just turning 18, so you will have to have a cosigner. If they do approve you your interest rate is going to be through the roof.

 

[Skilla_Staz]

I can deal with it. If i take out a 10grand loan, and make like a couple grand down payment and I figure with an 8-9% interest rate, itll be a couple hundred bucks a month. With the money still left over in my bank account, if I hit a tough spot, I'll have that money to tide me over for a couple months while I get back on my feet.

 

[Bible_Belt]

There is a difference between can and should when it comes to money. Just because you can afford a sweet car does not make it a smart thing to do. Monthly payments are a trap. The insurance on that car will be insane, too.

Save your money. Stay debt-free. And when you do take on debt, make sure that it is for an asset that goes up in value, not a car or other fun shiny thing. You are getting to the point where you could actually buy a house with that money instead of a car. Yes, you, own a house. It can be done if you save your money, keep a steady job, and don't fvck it all up by buying a car. I am giving you advice that is way over your head. When I was your age, I would not have listened. But ask Str8up or S1nn3r or anyone else here with a little financial sense, and they will tell you that an expensive car is a poor financial decision.