This is probably the best advice yet! It's tough to be patient (especially when you're 18) but you'll be far better off in the long run if you take some time to build your credit and save up some cash to either put down on the Evo or buy it outright.

BTW- Welcome to EvoM! I'm also in Rockford so I'm always glad to hear about another (potential) local Evo owner. Have you tried Member's Alliance Credit Union? They've got the best deals on auto loans in the area as far as I can tell. Also, feel free to PM me if you want to talk to someone who's local about getting an Evo. Is the Evo you're looking at located in Rockford??

 

get a rich girlfriend who lives with her parents who also has good credit & some who will cosign with her for you dude!~! Women, can't live with em, but they make excellent friends!!!

 

I'm not sure how Canada compares to the states when it comes to credit. I can say that dealers here want to sell cars just as bad as they want to in Canada. If the banks could they would probably give anyone a loan. They had done this in the past when it came to home loans and we all see what happened there. After that they became more strict about credit approval.

Here in the states they factor in more then just a number (FICO) score. They look at your credit score, bank accounts, employement history, resident history, payment history, amounts owed, length of credit history, revolving credit length and debt, and installment credit length and debt. For the average it is difficult to establish the needed credit rating in a year's time frame (US residence).

I also think that the market at a certain time can make a difference. I can't say for sure but I think depending on the market at that time banks may be more lenient on the credit rating.

Never thought about this approach. Just go get a suga momma

 

from what your saying it seems like your going to go through with it anyway..but you really should take the smart advice given before. Im not saying its not possible to get. It is..but its a very bad financial decision in your current situation. The smart move would be to keep saving cash for one year and pay off most if not all of the evo, and on top of that you can say its 100% yours which is a great feeling but to each his own. good luck..

 

Do not buy anything with a loan at 30%.

You may say to yourself, I don't care how much money I have to waste on interest, I just want an evo. You will regret this. Maybe in a year. Maybe in five years. Maybe in ten years. I don't know when, but I can guarantee you will regret it.

Build your credit, and try to get an evo in a few years.

 

+1!

 

+2

And if you default on a payment you'll loose all that and some more credit history. Don't rush into it man it's not worth it regardless of how about you think you want it. There's nothing worse than loosing sleep over something that could have been prevented. Take the advice before you end up kicking your self in the ***

 

Ok let's be smart about this your weighing your future and a car, what if you cant make these payments cant pay bills etc because you have to pay for this car and it gets taken down the road anyways.

You will have no car but still have paid all that money for the car. Then you will really be f*d

Even if you make just enough to get by and pay the bills you will be doing more working than driving defeating the purpose of the car.

 

29% is just ridiculous. I dont care how bad I wanted the car I wouldnt pay those rates. Have you at least tried shopping around, looked at Credit Unions, etc? If so, I would follow much of the advice already given by the members before me.

 

Yea theres no way im gonna go for that 29% loan guys dont worry but i was told by a diffrent place i can get 20% interest but to be honest even thats to much im shooting for 10-15% ill find out friday from members alliance credit union what they will give me hopefully it will be a good day

 

I saw a commercial the other day one of those personal money loans. I forgot the name of this company. They loan anywhere from $100 to $10,000. I read the small print and it stated the $10,000 loan has a 89% interest rate. Something like $760 a month for 84 months. It's crazy what kind of interest rates some people will accept.

 

What insurance company is that? My son has a 2011 Evo X GSR as do I. He is on my insurance, yet he pays $2,000 a year with State Farm. He has no tickets, no moving violations and a clean record. No offense, but I almost want to call shenanigans on that insurance premium.

 

its a local insurance company called elephant and my mom is 50 and has a clean driving record for the most part

 

You can never compare your insurance premium to someone else. Just way to many variables. And sometimes when someone has cheap insurance, they may have cheap coverage. You never really find out until you need it.

Get your son to call around though. I was quoted with my Evo and Eclipse almost $500 a month with USAA. I ended up getting the same coverage with Allstate for a little over $200 a month. I wish it was cheaper but we have a high accident and theft rate in my city. And my 6 months with Allstate I already had someone hit my Evo and my wife recently crashed our Eclipse (at fault too)

($3200 in damages)

 

i honestly dont know why but this company only says 88 a month? wtf and that FULL coverage i didnt know my mom really had that good of history with driving