sorry I kind of made a hasty comment worrying about the OP. This is not school, and I don't think I can tell what other people want to do to their lives; however, this vicious cycle just repeats and repeats itself. I know it is off-topic, but if you have friends or families who were in that boat, you'll know what I am talking about.

 

You'll be financed at like a 15% interest rate.

 

ummmm with over a 750 credit score and 15k down - not a chance in todays world

 

dude 25% OR LESS not 40% trust me your asking for trouble.

 

It's really hard to say what banks are willing to approve now a days.. High credit scores and low (debt to income) looks very good to a bank. It all depends on what the leeway underwriters have.. Since it's a collateral loan they may approve you. Go to Mitsubishi dealer and have them pre-approve you. They will be able to tell you how much you can get or afford and since they run your information with a bunch of different banks you can get a better deal. Good Luck

 

I was in this exact situation back in september. I'm 23 and it was going to be my first official car loan. I had a credit score of 739 and like you live at home and didnt owe a dime to any of my credit cards and basically had NO DEBT. Because of the economy banks have modified their lending criteria. Long story short, the most that the bank would offer me was 20k for my first time car loan. Granted that was only with 1k down payment. They told me I would be able to get the 30k loan if I were to put down at least 6k. If you are really putting down 15k and you have no debt then you should be golden. A word of advise though, try to avoid bouncing around from dealer to dealer having them hit your credit. Too many inquiries WILL lower your score.

I sincerely hope you are able to get your evo bro because I know exactly how you feel right now and for what it is worth you're in a much better position than I was.

 

i would probably put 5k down thats it. and leave 10k in your pocket. Just in case.

 

+1

Too many kids in my neighborhood living in basement apartments or with their parents and parking their nice luxury cars on the street.

The girls I know say the guys they go out with never wanna go back to their place cause it's either a dump or their parents place.

Seen too many lexus', bmw's, and merc's on the street. A few of the worst are the lexus ISF, m5, and c63amg. Maybe they just have a house without a driveway, don't know, but I doubt it cause most houses on the block have driveways and the apartments don't.

The girls who want you for your car, you don't want, trust me. If you drive a ****ty car and the girl still wants to go back to your place, that's the girl you want.

 

Lol the idea that girls dig guys with nice cars is such an absurd notion.

The majority of young adult girls don't give a **** what a guy drives.

 

and besides, even if they did, we drive Mitsubishis, not Porsches or Ferraris.

I don't think I've met a single girl who knows WTF an Evo is.(besides some at car meets)

 

all good responses, but I think some of you are forgetting a few things I mentionned.

On top of the 15k down, I still have a good 10k in my accounts. As far as women, let's just say the car isn't meant to get the the chicitas.

And furthermore, my concern is not if I'll get approved for a loan, that I already know for sure that I am, but my concern is if I will need a co-signer.

I don't know what happens if someone doesn't have a co-signer. Do they try to strech it? or do they simply decline you the car simply for not having someone to sign with you.

 

If they can't find a bank to finance you, you'll be pushed towards a Ralliart. It's almost like an Evo, except for poor people. But before that, you'll run the gamut of every half-*** bank in the state, the 8% loans and crap. Chances are they'll find A bank to finance you, but not one you'd like.



I don't think people think you're buying a car to get women; if you are, you're buying the wrong car. The problem will be, you're looking at ~40% of your income going into a car, living with your parents, and you want *****. You want ***** bad, but you can't take them home since mommy and daddy are sitting there watching Glee on Fox. You can't afford your own place since you're cruising around in your balla mobile. After one quick hand job in the Evo, the girl decides to dump you since you don't have your own place. It's a vicious cycle.

Now, if you're a eunuch, it's not a big issue. But if you're a red blooded American male who wants vag... well...

 

I did use my step mom for my first car loan, but I didn't even have a credit card or much of any kind of credit history.

 

40% of you income is spent on the car payment and then how much are you going to spend on insurance? I would really step outside the box and look in and your other bills and such. that is a lot of money going to just a vehicle. What about food and gas???? But if that is the way you want to go good luck with the new wheels!

 

This is gonna sound harsh, but you need to think more clearly.

Both our car notes together are 11% of our income, and I think that's ridiculous high.
But 40%?! Shoot me dead. Worst idea ever. Drive what you got until you can put down enough cash and have your car note be 15% of your income, maximum. There are more important things in life than cars. If this is a multiple year loan, you need to get serious and think about your future instead of pissing it away on an Evo.