Can I buy this car?

Samara Siewers: 30 grand for a 3 year old Hoopdaru is waaay too much...besides "you'll put your eye out"

Azalee Ahrendes: You haven't given enough information for me to know for sure if you could get this car today. From what you have said, my guess is probably not. The really long part after this is why, and what you can do about it.Most 18 year olds have little to no credit, employment history, or cash. Most lenders will require a first-time borrower to prove that s/he has had the same job and address for at least a year, be earning at least $1,500/mo (pretax ok), and have at least 10% cash down to get a loan of no more than $9,000. Employment and residence history show stability, and the cash will give the lender some security against default.I don't know exactly how much the '05 WRX sti you're looking at is worth, but one with standard equipment and 25k miles on it would retail for less than $29,000 & private party for less than $26,000. Even if you can buy wit! hout any cash up front, the estimated retail value (plus a bit for government fees & maybe a warranty) is generally the most anyone can borrow. Lenders won’t normally lend more money for go-fast parts (turbo/super chargers, exhausts, etc) that didn't come from the factory. You have to pay cash for those.I have decent credit & income. My $30,000 car loan came with 72, $500 monthly payments, plus insurance, maintenance, and gas. With an income of $1,500/mo, you’d probably need to put @ $20-22,000 down to get a loan with an affordable payment. With no cash, you’d likely need to earn at least $5,000/mo. This is assuming clean, but unsubstantial, credit, and a verifiable employment history.Here’s what you should do. Save at least $1,500. After you've had your paying job for a year (earning at least $1,500/mo), find a dependable car with a total cost (purchase price, tax, title, etc) of no more than $10,000. Be sure you get the loan from someone who will report your pay! ments to the credit bureaus. Make no fewer than 12 monthly pay! ments. This will give you car buying credit. Each month, pay early and pay over the minimum. If your payment of $200 is due on the 10th of the month, pay $240 by the 3rd of the month. This will give you equity and save you money. While you're making these payments, save another $3,000. After this, you'll be in a great position to purchase the car you want. Loans like credit cards won't really help you get a car, but they can hurt you.I'm sure a two year plan was not what you had in mind. I've made hundreds of car deals over the last couple of years, and helped countless people get their credit up to speed through my credit seminars. Based on the information you've given, and what I know, this is the best option....Show more

Janeen Perona: 30 Grand is way too expensive for 18yo's to pay. Besides that being your first car, it is subject to being in a wreck. :)

Brenton Cornwall: NO BECAUSE...................1. YOU ARE JUST STARTING OUT AND YOU DON'T WANT TO COUNT ! YOUR CHICKENS BEFORE THEY HATCH.2. THE PAYMENTS WILL BE VERY HIGH FOR YOU.3. THE INSURANCE "FULL COVERAGE" WILL BE VERY HIGH.4. YOU WILL NEED GAS AND FOOD AS WELL....Show more