You co-signed for your Grandma so she is making the payment not you. That does not count against your debt to income ratio.

 

Well to be honest, there's only one true way to find out and that's to ask at the dealership.

BTW, it's not actually 40% but that would worst case possible. I'm thinking more along the lines of 30-35.

Anyways, I guess we will see.

 

I would try to get prequalified before you spend too much time working a deal.

 

I think the point most of us are making is even if you don't need a cosigner, this does not look like a good move financially.

Obviously no one here is your dad and isn't going to stop you, but seems like the consensus is to wait. If you believe you are responsible, maybe you should save the car payment money into a separate savings account each month. If you can pull it off for a year (and keep that other money you had for a down payment), I think you will be in much better shape. Your payments will be lower and you'll know you really can live with that kind of payment long-term.

Good luck, whatever you decide to do.

 

but still a srt4 (15k) evo (20k) and the bike (12k) thats still over 40% thann what i make

 

Im 22 credit score is a 760. Put $10,000 down + my trade on my 08 GTS which was an extra 10k bc I almost had it paid off, so thats $20k total down on my MR and I am at 1% intrest from my bank

 

Is your bike on a the Honda Credit Card (did you do one of those $49/month for 24 months deals?) or is it on a installment loan?

 

that's a very good response, and being in the financial business, I know for a fact that this is not the right move for me financially. However, I have no expenses other than the car, I have a sizeable amount in my accounts and I've created a budget for my future savings.

I think that there's a time for everything, and even if the car is too expensive for my income, I'd like to enjoy myself and enjoy having a nice car before I move on to buying a house and starting a family.

When you think about it, 35% of your monthly income is not that much when you have no other expenses.

I wouldn't see the point in having a Civic and bragging about the 30k in the account I'd much rather have the inverse.

 

Na I have an acct with a credit union they give out much better finance rates and btw i like your name mines Scott too lol

 

Dude, theres nothing to worry about, i too dropped 15k on my X Evo X when they first came out, my credit score was sitting on the 700 mark and was able to get it.

i also had a 08 maxima and a 07 GSXR 600 before purchasing my evo. Dont worry about it, just worry when the mod bug bites.. cuz damn.. its bit me so im already saving for some KW variant 3 coilovers and a turbo back exhaust.

 

Wait...OP, you work at a BANK??? Check with the bank you work at and see if you can get pre-qualified. Talk to one of your bank's loan advisors. That's probably your best bet to find out what might happen. Other than that, you'll just have to go and try at the dealership. But, getting pre-qualified ahead of time would be advantageous.


My advice. Wait on the car. Spend your money on an apartment. Move out of your parent's house. What's more important? Getting in the pants of some hotties? Or having an Evo? When I was 22 yrs old, getting in the pants of a hotty was my primary goal. Having my own apartment was the best thing I did. I could party as much as I wanted. Could have friends over whenever I wanted. And could bring a girl home whenever I wanted. You can't do any of those things freely at your parent's house

It's all about priorities. Girls or cars. I chose girls first. Then got the car(s) I wanted a couple years later.

 

This is what a lot of people got themselves into. They make steady income, they don't have debts, they have some savings and they buy whatever they want. They want to pay those "whatever they want" with installments /monthly payments and think about paying them off in the next 5 years. It sounds very compromising but it is not, (especially you are going to be in the bank business)

I may sound sarcastic here but I am not... these are facts from people all around me or probably these facts apply to you as well.


In another word, they want to pay those debts off in the next 3-5 years because they think they will keep their job forever and hopefully get promoted in a nice trend. For the next 3-5 years they are not getting married and "hopefully" have some nice savings living home. For the next 3-5 years there are not going to be any kids and all, and on and on and on..

Man.. this is seriously what a lot of people got themselves into. . Unless you have nice parents paying for everything hopefully for the next few years.. otherwise be smart and make wise choices. Set the priorities like the other guy said, school/work/women/family/cars+hobbies etc.

Good luck on the purchase!
-spoken from a 27 year old married man who just purchased a home.

 

I agree with him, 40% is what house payments usually are. Please rethink. Our society has made it all to comfortable to be in credit debt. What good is a nice car if you can't go out anywhere because you can't afford too.

 

I'm going off topic here a little. But man.. that top post was really hard for me to read haha.

 

just wondering, wouldn't it be cheaper for you to buy somewhere in the states? maybe one of the socal dealers?