Chances of getting an auto loan?
#1
11-13-2008, 02:20 PM
Chances of getting an auto loan?
I am looking into purchasing an 05 E55 AMG, I have found a few for around $35k with mileage in the 30,xxx range. I am just wondering what my chances of getting a car loan are; age: 19, Gross Monthly Income:$2,000, Down Payment: $5,000, never had a car loan before, 735 credit score, have only had the job for a month. I don't have any rent or other payments because I am in college so my parents are covering everything else. I want the loan to be 60 months so I can keep the payments lower but I will just double pay until I return to school full time.
#2
11-13-2008, 04:16 PM
RE: Chances of getting an auto loan?
It's not hard but you will be hit with a higher interest rate as well as a high insurance rate because of type of vehicle and age. You will also have to factor out of that $2K how much is disposable versus other things you are obligated to (debt). Your monthly note on a $35k vehicle depending on loan term as well as interest and $5k downcan still be close to or above $750 not including insurance. [/align] Just make sure you haggle interest and loan term. Try to get at least60 months or more.
#3
11-13-2008, 05:18 PM
RE: Chances of getting an auto loan?
Anyone can just go out and buy the car. Its not buying the car. Its affording it. E55 ///AMG is a wonderfull car. Where do you live? If you live where it snows then forget about it as a year round car.
#4
11-13-2008, 07:45 PM
RE: Chances of getting an auto loan?
I live in Breckenridge, CO but spend a lot of time in Boulder and Denver. I have a BMW X5 4.8is that I would use in the winter but I would get a set of studded snow tires so I could make it down to the front range. All of the income is disposable except for gas and food; my parents cover my rent because I am in college. The whole cosigner thing is a no go with my parents, because of their estate planning and the fact that they are looking to purchase a weekend house. They bought my first car but after that it is up to me to if I want a new one.
#5
11-13-2008, 07:53 PM
RE: Chances of getting an auto loan?
The thing is with the current economic status of this country is that loans are very tight and hard to get right now. I would say pay it in cash if you can.
#6
11-13-2008, 07:56 PM
RE: Chances of getting an auto loan?
Also the E55 AMG is no toy either. I had a 600SL V12 years ago and these are serious cars for serious people. Im not sterotyping you or anyone else here but I dont know any teenagers that can control themselves with a car that can go 0-60 in 4.2 sec.
. But Im sure your responsable if you already have a BMW and have taken good care of it.
. But Im sure your responsable if you already have a BMW and have taken good care of it.
#7
11-14-2008, 02:38 AM
RE: Chances of getting an auto loan?
I couldn't get anything when I was 19; I couln't even get anyone to show me a car. I had to settle for a 20 yr old rolls-canhardley, that would roll down one hill and hardley make it up the next. But later after I demostrated some "credit experience" by paying off smaller loans I got an MB which got me through college with out any breakdowns, and that is what a college student really needs.
#8
11-14-2008, 04:26 AM
RE: Chances of getting an auto loan?
To be honest, I think that's too much car for where you are. Not saying you shouldn't get it, but right now would be a good time to look towards investing a good sum of money (as long as you are thinking long term). An '05 E55 AMG might be a great car, but they're a lot more expensive than just the initial price. Maintenance will be higher on it, insurance will be higher (especially at 19), and gas... 5.5 liters and a supercharger aren't fuel economy helpers by any means. I've personally been in the same place. I've had jobs where I've earned $4.5k a month, but I'm sticking with my C230 until much later. And yes, I'm 21 and in college on the parents' bill.
I'd go with something reliable and a bit cheaper to buy and to maintain. I'm a little crazy, so I bought a motorcycle for performance on the side, but I'd give it a ton of thought before doing that... (And no, insurance is not cheaper for a bike than for a car...)
I'd go with something reliable and a bit cheaper to buy and to maintain. I'm a little crazy, so I bought a motorcycle for performance on the side, but I'd give it a ton of thought before doing that... (And no, insurance is not cheaper for a bike than for a car...)
#9
11-14-2008, 09:55 AM
RE: Chances of getting an auto loan?
ORIGINAL: MBTeen
To be honest, I think that's too much car for where you are. Not saying you shouldn't get it, but right now would be a good time to look towards investing a good sum of money (as long as you are thinking long term). An '05 E55 AMG might be a great car, but they're a lot more expensive than just the initial price. Maintenance will be higher on it, insurance will be higher (especially at 19), and gas... 5.5 liters and a supercharger aren't fuel economy helpers by any means. I've personally been in the same place. I've had jobs where I've earned $4.5k a month, but I'm sticking with my C230 until much later. And yes, I'm 21 and in college on the parents' bill.
I'd go with something reliable and a bit cheaper to buy and to maintain. I'm a little crazy, so I bought a motorcycle for performance on the side, but I'd give it a ton of thought before doing that... (And no, insurance is not cheaper for a bike than for a car...)
To be honest, I think that's too much car for where you are. Not saying you shouldn't get it, but right now would be a good time to look towards investing a good sum of money (as long as you are thinking long term). An '05 E55 AMG might be a great car, but they're a lot more expensive than just the initial price. Maintenance will be higher on it, insurance will be higher (especially at 19), and gas... 5.5 liters and a supercharger aren't fuel economy helpers by any means. I've personally been in the same place. I've had jobs where I've earned $4.5k a month, but I'm sticking with my C230 until much later. And yes, I'm 21 and in college on the parents' bill.
I'd go with something reliable and a bit cheaper to buy and to maintain. I'm a little crazy, so I bought a motorcycle for performance on the side, but I'd give it a ton of thought before doing that... (And no, insurance is not cheaper for a bike than for a car...)
Here in the UK E55s have never sold well, because of two reasons, 1. BMW M5, and 2. if you can afford to run an E55, you will go into a dealership, and while you are waiting suddenly realise you can get a nice S-Class instead, and the wife will be farhappier, or an M5. And thats in part mypoint is, if you can afford to run an E55, there are other better options to buy out there.
If its image, will just remember the saying that ppl who have S/CLs etc have, "Why did he buy the E-class, because he coudln't afford a better car"
#10
11-14-2008, 03:31 PM
RE: Chances of getting an auto loan?
ORIGINAL: (And no, insurance is not cheaper for a bike than for a car...)