I don't know if I'm stereotyped as a rude 30+ or not, but my "advice" was intended to "help". Oh, no, it won't be the immediate help that one gets by "beating the system" and somehow using your relatives to get luxuries that you can't get on your own. But, in the long run it could be immense help. It sure beats the "buy all you can today because you might be in seriously huge debt tomorrow" philosophy.

Scott is right. Invest while you are young. Live in financial peace the rest of your life. You do the math. It's not really that difficult.

WayneTN

 

If you need a co-signer for a $30k+ car, in all reality you should probably be looking at a different car. I wish I could tell you something positive.

Sorry,
Richard

 

this post started " please i need help, ANY answers welcome". i'm sorry if the majority of advice is not what zdawg wants to hear. all of it was given with the best of intentions.
i believe most people are trying to give zdawg long term good advice. Remember," give a man a fish he eats for a day. teach him to fish he will eat for a lifetime".
labshark, the advice zdawg is receiving to avoid this co-sign purchase is, i believe, the best help he can get.

 

First of all, you need to take your 3.7 GPA into some English classes comma-boy. I can't believe you would pass English 102 with sentence structures like those. Good luck on the upper division writing proficiency exam.

Second, when did it become immature to suggest that a 19 year old builds his credit slowly and responsibly without being a financial drain on his family? I'm sure that suggesting that he have a co-signer on an auto loan that is greater than his annual income is way more mature.

Jesus, run on sentence and horrible grammar strike again. Look, I don't speak on subjects that I don't know. As for my 401K, IRA, and ESPP, I max them out every year. That means that in the less than 2 1/2 years since I've been out of school, I've managed to put away nearly $50K towards retirement. That's on top of building my house, paying for my wedding, and buying my Z all within the last year. Believe me, I'm no rookie to financial calculations.

I think it's you who needs to grow up and realize that your "opinions" on this board can have destructive effects in other people's lives. I realize that Zdawg was looking for advice on how to "beat the system," but what I gave him instead was advice on how to succeed in the system. That advice was not off topic and will serve him well in the long run.

It basically comes down to this: Do you want to own the things you have or do you want them to own you? Don't work for money the rest of your life. Make your money work for you.

- Scott

 

I am a sales manager at a dealership, the problem you are running into, I see everyday. Your credit union is looking at it from this point:

How much you make.

Time on the Job.

Time at residence.

High credit limit.

Have you proven that you can make a $600 payment every month?

You are a college student, who probably likes to drink and party.


Needless to say, without any prior credit history and no commitment from you, why give him a loan. Most 1st time buyers with $1000 down can get approved for an entry-level car through the dealership, providing they have no collections or derogatory credit.

Your key if you don't have a family co-signer is $$$$$$.

You need to show them that you are responsible enough to save the money you need to get the car loan. No, I'm not talking about $1500 down, your going to need to come up with $5 or 6000 down. You will probably need to go through Nissan Motor Credit to get your loan approved. With that much money down, you might have a slim chance.

Good luck.

 

I think the Ducati enthusiast in the previous post has the right idea. Put more $$$ down so you don't have to finance $30 grand. Then you may not need a cosigner.

Once you pay your first car off with no problems, it shouldn't be a problem for your next vehicle since you will have a credit history.

PS - When I was in college I had a '93 MR2 Turbo (3 years old at the time). It was a blast. I miss that car.

Good luck,
Richard