hey guys, i am approaching my purchase date but I'm feeling very nervous about needing a co-signer for the financing.

My credit is very good (approx 750 -Canada-) and I'm putting roughly 15k as a down payment which leaves about 25k to finance. I don't make a great deal of money but monthly payments would come down to 40% of my monthly income. Also I'm 23 and although my credit score is good, this is still my first large purchase.

I would be in deep !%$& if I need a co-signer as there's not really anyone willing to put their name down.

Any personal experiences are welcome

Thanks

 

im twenty two years old and I had a credit score of 725 and didnt make too much money!!! well i also cosigned with my grandma on her scion and then i bought my evo and I also got a loan for a 08 cbr 1000rr and my debt ratio was right at the end. It depends on how much u make. If u wanna pm me and let me know what u make I can tell u if u will be good or not. As long as u are close to me what i make on a year u would be find

 

If you have a high credit score, why would you need a co-signer? Are they just nervous selling to someone so young? I mean, if you put that much down, your debt to income ratio wouldn't be bad. Seems like they just don't trust you. Don't let them give you some rediculous apr.

 

Ohh no it's nothing like that. But I'm just afraid that they will ask me for one given my age and this being my first car purchase, and also that it's a 40k car.

I think I should be fine, but I was simply wondering if others had encountered any problems when they financed their Evo.

 

whew.. 40% of your money's gone by paying just a car payment?... wow, I recommend you calculate how much you will spend on other things before you make the purchase.

 

Car payments should be 10-15% of your monthly income. Idk what your living situation is but it sounds like your able to do it. Jeez, if I could spend 40% of my monthly income on a car and not have to worry about bills for my house, a wedding, and a baby on the way I'd drop a ton of doe into my GSR LOL. Good luck, man!

Oh, and I bought my 1st new car in '02(RSX type S) when I was 20. As long as you have good credit and a substantial down payment(approx. ~50%) with cash and/or trade-in, you should be good to go.

 

lol I realize that 40% is alot but my current living situation is rather simple. I'm still at home and basically have no living expenses. I just started working full time in a bank after graduating recently from University.

My salary will only go up but I'm just tired of waiting for my car. I have a large downpayment simply because I didn't feel like dropping my money on some half-a$$ car.

I made out a budget so that even a 40% monthly payment won't screw me over in the long-run. Even with a 15k downpayment, I still have about 10k in savings.

However compared to you guys that might have a mortgage, family, etc, the situation would be much different.

cheers!

 

You should prob think about adding in a percentage for the mod bug too! LOL

seriously, though, factor in maintenance and a set of decent all-seasons with that as well. You don't want to be stuck with the Advans in a snow storm, TRUST ME!

 

With the sizable down payment and your credit score; you should be fine. Just shop around for the right deal and finance rates.

 

As long as your college is payed off and this bank job is a career for you I say go for it. If no to either of those, depending on how much is owed to college or how long you plan on sticking with this job even though you don't consider it a career, I'd be a little hesitant.

 

lol well the Mitsu dealer has already offered a set of winter tires (Nitto) for free. As far as mods, I don't consider doing anything that will cost me more than 2-3k. That being an exhaust system, intake, BOV and tune.

Trust me when I say that I have been going through this for already 6 months. I think it's pretty well thought out through.

 

You should be fine. No worries at all. You have a good credit score and at a young age. But DAAAAMNNNNN, 40% of your monthly income goes straight to the car....

 

Length of employment negatively impacts younger people too. Doing the quick idiot math in my mind, if payments on a 25k loan is actually 40% of your income, you're not making much at all. Like, at all at all. I would not be shocked if you needed a cosigner.

 

40% of your income for your car payment wont fly with a bank.

 

it will with a credit union. I make just bout how much he does and on my credit I cosigned with my grandma on a scion, I have a srt 4 thats like 2 months from being paid off, my evo and a I have a 2008 cbr 1000rr. Thats probably a little over 40 percent my income living with parents is great!!! No bills but insurance and cell phone well the car payments !!!