If you have to work full time just to barely pay for it, then I would wait until you have some $ saved as a downpayment. If your mom cosigns and is there to help out if any trouble arise, then buy it. Remember 11% is high but that is for 72 months assuming you pay the minimum owed balance. You could pay more principle each month to minimize the interest you actually are paying over a full 6 years.

 

sounds to me like they are just playing games with where the 30k they want will come from. I highly doubt they will offer you the same price without making back the money through overpriced financing. Either way Good luck Bro.

My 2 cents

 

ok, being that a member of my family is in car business...(finance manager) i know a little bit about the business. Also...i work in an industry that is also very similar and that deals with interest rates (mortgages) .....my evo was the first car i bought under my name...and i have my mom as a cosigner aswell....my interest rate is at 4%.... there is what is called a "yield spread" that the dealers have. what that is..is basically...a list of rates...say listing from....2% all the way up to say like..12% ...
here is what it might look like.

2% - 2
3% - 1.5
4% - 1
5% -.5
6% - 0
7% + .5
8% + 1
9% +2
10% +3
11% +4
12% +5


basically..if this is the same as mortgage rates....lemme explain how it works.... where you see "0" means that the dealership doesnt make any money on the rate...anythign with a + before it means that the dealership would make that % of the loan amount, and anything with a - in front of it means that the dealer has to "buy down" the rate to get there.....now..i think this guy is just trying to make a **** load of money...my credit scores werent good....high 500's which is a little below average...average being about 620...****ty credit being about 550 .....so yeah...also...the financing through mitsubishi goes through several different banks...they have more than 1 bank that they can sell the financing too....Chase seems to give the best rates and be the most leniant through mitsubishi. anyways...just shock the sales man or finance manager and be like...i know there is a YIELD SPREAD and that your KILLING me on the rate.....I also KNOW that YOU need to make MONEY as noone works for free...so, if you would please give me a fair rate around 5% then we have a deal, otherwise i'll take this sale elsewhere.

try it out...i did...=)...dealer first tried getting me at 6.5%..and then i broke it down and was like..listen..im a loan officer..i deal with credit and interest rates all the time..i know the game....give me 3.5% and its a deal...but eventually we negotiated at around 4%....so yeah...try haggling the salesman...

 

DO NOT DO IT! As tempting as it sounds, that 11% interest rate is totally unfair. Basically they're making money off your interest rate and giving you a great deal on the car itself. You should ask your mom to buy the car, and then just pay her the monthly payments. That way you get the car and have a low interest rate.

 

1.
What is the Credit score of the co-signer..?

2. Why on earth are you maxing out your finances and committing to a 72 month loan at $500.00 per month??!! This appears to be WAAY to much car for you.(please take it as freindly advice not as a challenge) You also need to factor in maintenance, snow tires if you wil need them, etc., etc.

3.How in the hell do you refinance a car loan??
You have to buy another car to do that..

You can't walk into a bank and refinance a car...it doesn't work that way unless you are getting a home equity loan to pay the car OFF..(different loan altogether and I don't think you are a homeowner, are you)


Please be careful!! The luster of owning and driving the EVO will wear out sooner or later and your finances are...... well...

Your finances!!

 

well.....in response to refinancing your car loan....you are able to do it....its not taking a home equity loan out or anything like that...alot of investors/banks actually do have programs where you can refinance your car.

 

Okay..

Any links or information??

 

I wouldn't buy that. I'm about to get mine next week, and it's going to be 28k, but my interest rate is only 6.3, and that's with no cosigner and i'm only 21. Shop around, u can do better

 

Wow.

Your mom is gonna buy you a brand new Evo.

Cool mom.

 

Yes, there are lenders out there that will let you refinance your car loan.

As for that 11%, Hellllllls no I wouldn't do it!


"How in the hell do you refinance a car loan??
You have to buy another car to do that..

You can't walk into a bank and refinance a car...it doesn't work that way unless you are getting a home equity loan to pay the car OFF..(different loan altogether and I don't think you are a homeowner, are you)"

 

Refinancing through a bank, probably not but a credit union yes. I just did it with my wifes car (which was a year old) when I bought my EVO. I say shop around, it takes discipline but it might pay off.

 

You don't say if this is your first car or just the first one you are buying from a dealer. Assuming it will be your first car, my advice is don't get the Evo. You'll be getting into a huge financial hole and you have a very good chance of wrecking the car.

All of us have smacked up our first car or two. Usually it's nothing major...a parking lot tap or something. In the Evo, that's a big problem! Have you seen how fragile the bumpers are? One small tap into the car in front of you at a stoplight and you're looking at a major repair bill. You could ruin yourself financially in no time.

Even more importantly, the Evo demands a pretty high level of driving skill. You can get into big trouble very quickly with that car. I have several years of advanced driving schools under my belt with various RWD BMW's. Without that kind of experience, I don't think the Evo is safe to drive. It doesn't understeer like an Audi or STi. The back snaps out and requires quick reflexes to correct...that only comes from good judgement and LOTS of experience.

Anyway, I just don't think the Evo makes sense as a first car. Your first car should be something reliable and stable that you can afford to write off. Besides, what's the point of owning a car like the Evo if you don't have the skill to really make use of it? You will get much more out of the Evo if you start with a car like the 240sx, which is just about the perfect car to learn high performance driving in. Use the money you save to enroll in every advanced driving school you can. Build up your credit in the meantime and get the Evo in a year or two at a more reasonable financing rate.

Emre

 

Looks lik im getting the car. I just got approved for 6.9% from a bank and 4.9% from some credit union with my mom as the co-signer. And also, this is my fourth car. I had a crx (which I still drive as a beater), a 99 civic hatchback, and a 2002 civic si. This is going to be my first car under my name, so thats why the interest is so high. Also, I have a pretty decent down, I just dont want to put all of it down (just in case i lose my job, I can live without working for 6-8 months.

 

auto refinancing - www.capitaloneautofinance.com

 

what he says. I got the car for 28,500 w/cf wing but no sunroof. Financing was 2.9% through my moms credit. My credit is not good enough yet, but once it builds up I am going to refinance it.