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Discussion Starter · #1 ·
Upon finding the car that I want, 03 Saab 9-3, I would like to take out a car loan for it.

My question is, can I do it?

I'm 17 and a Jr. in High School with a good GPA and I'm making about $750 a month, in the summer it will be about $1500.

I was wondering if at all possible I could get a car loan from a bank? Is there a special way you have to do it? My dad talked to some banks and said he would co-sign (so he says) for a loan with me and they all rejected.

He doesn't want to take the loan and have me pay him (not sure why!!!) and I don't think I'm comfortable asking other family members.

Do any of you know of any banks or any special ways of doing this? The loan amount would be about $8500 and I would want my monthly payments around $200.
 

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Discussion Starter · #3 ·
just lease a new one. then get a co signer
I really wouldn't like to lease, IMO it's a waste of money, I'd be paying more and would come out of the deal with nothing.

Any other ideas?
 

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Unfortunately I have a feeling that you will not have any luck finding a bank to loan you the money, especially without a co-signer....

You don't yet have credit established, and, I think that when they look at your current income, they will be even more hesitant....

I think you will need to look to an adult (relative of course) to take out the loan and then you make the payments to them.

-Chase
 

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Discussion Starter · #5 ·
Unfortunately I have a feeling that you will not have any luck finding a bank to loan you the money, especially without a co-signer....

You don't yet have credit established, and, I think that when they look at your current income, they will be even more hesitant....

I think you will need to look to an adult (relative of course) to take out the loan and then you make the payments to them.

-Chase
Well I'd have a co-signer, but that doesn't seem to matter. I guess even with 2 jobs and a good history(no wrecks,no tickets, never been arrested, ect) I still can't get one.

Hopefully I can get a family member to help me out.

Also what do you guys think about this BMW (I'm still deciding between this or that Saab)

They guy emailed me and said the price is very flexible.

http://www.autotrader.com/fyc/vdp.j...s=&transmission=Manual&max_price=&cardist=178
 

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It doesn't look to be in that bad of a condition at all. I would worry about it being absolutely beaten to death though. I would suggest if you are seriously considering the vehicle, take it to the nearest BMW dealership to you BEFORE PURCHASE and have them inspect it. They will find every single thing wrong with the vehicle (remember, that is where the dealership is making their money)

I wouldn't worry too much about the mileage as long as when you see it, hear it, etc. the engine doesn't sound odd to you. When I bought mine, it had 121,000 miles on it, and was running just fine.

The leather looks to be in OK condition, not the greatest, but better than a lot that I have seen that age. It appears as if it has the top-of-the-line onboard computer, no ASC, no seat Heaters, and it looks like it didn't originally come with the Harmann / Kardon sound system, but this has been upgraded by the looks of it any way.

I don't know how you feel about lighting, however, it doesn't appear as if the front corner signals are original, but it looks like he is including the originals. Headlights appear to be OEM, and the tails may be the OEM option for clearing out the amber, again, he is including the originals that he himself blacked out, and then an LED pair. sorry, I'm really particular when it comes to lighting on my vehicles....

There is an odd reflection on the portion where you lift the trunk, looks like a possible dent.

Any way, I highly suggest that you go and have a look at it, definately drive it. If you were going to get a non-M E36, this is definately the model to get. :D

-Chase
 

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I agree with EldoFan ...

I remember my teenage years ... I was convinced that I could afford the brand new Grand Prix that was out that year (this was some time ago ... back then this refreshened model was looked on very much like the G8 is today). Eventually reality struck and I bought a car for MUCH less money.

I know this isn't a popular opinion, but for a first car during teenage years, I wouldn't recommend taking a large car loan (or a loan at all if you can swing it). That means your probably limiting your selection to just a few thousand dollars. If you take a small loan it will teach you responsibility with the monthly payment, and will help to build your credit, but keep it managable and then you can pay it off in a year or two and then trade up to something better. It's surprising how everything else adds up too (car insurance, maintenance, gas, etc.) ... you can be told about these things, but I don't think you really appreciate all there is until your dealing with them. (Plus, at 17 you should really be thinking about college which should just be right around the corner ... suddenly having that shiny new vehicle might not be as important.)

I know it's hard ... have patience ... get your degree and then you can get the car that you've been dreaming about.
 

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Good Lord...I 'thought' this thread was about take a loan out for 17 years....

Boy, am I looking like a fool! :D

As for the topic. You can get a loan by yourself IF you have the collateral.
CASH is always a good one.
Then again you would not need the loan.
I have known a few people that have done that though starting on a smaller scale.
Building up their credit by using cash as their collateral.

You will need a co-signer for the most part.
 

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At 17 I wanted more than anything to get out of the Ford P.O.S. I was (and still am) driving, Of course my parents had their opinions, but my oldest brother on the other hand opened my eyes to the wisdom of buying a 'beater'.

By 'beater', I'm not saying a rusted out hunk 'o junk that deserves to be turned into sewer pipe, that was just his generic term for any car priced under two grand. And for anyone about to get out of High School (or college, in my case), it makes sense to buy cheap.....even if your tastes differ or run a little more 'exotic'.

You said come summer time you'll be pulling in $1500 a month? I don't know how the used car market is looking in your area.....but down here there are plenty of nice Buicks, Oldsmobiles, Chevrolets and even some Cadillacs priced up to $2,000.

But hey, that's not to say you should or you have to go that low.....it all depends on a) whether you're going to be stashing some of that money away for college/other stuff and b) how good you are at saving.

I'm in your exact same shoes, except I'm about to be done w/college. Two things I want to do when I go back home are A) lay my hands on a car and B) get out of my parents house in the worst way. I'll have a little credit (paying off my student loans), but that won't be enough to guarantee me a nice interest rate on a loan........so, buy buying cheap, that'll give me more money per month that I can put towards a nicer place.

If you can get a cosigner and all that ends up working out.....that's great there. Am just sayin it's always good to take a look at the 'big picture' and think down the road just a tad bit. :cool:
 

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Well I'd have a co-signer, but that doesn't seem to matter. I guess even with 2 jobs and a good history(no wrecks,no tickets, never been arrested, ect) I still can't get one.

Hopefully I can get a family member to help me out.

Also what do you guys think about this BMW (I'm still deciding between this or that Saab)

They guy emailed me and said the price is very flexible.

http://www.autotrader.com/fyc/vdp.j...s=&transmission=Manual&max_price=&cardist=178
Join a credit union, and get pops to join too. IMO CUs are a little smarter than banks. For one thing, you don't see headlines regarding massive CU failures due to foolish overcommitting on speculative ventures that a 10-year-old would not jump into.

I would not buy anything off autotrader or similar listing services. If it ain't local, don't buy it. The exception to this rule is ebay, where you have some legal guarantees if you get junk. Autotrader etc. list and that's all they do. There is no recourse if you get something falsely advertised there.

I would look for something that a lender would consider safer. A 1998 bimmer with 5-speed, CAI and aftermarket wheels etc. would be a car I would suspect of having been rodded and driven hard, and likely to see more of the same.
At 103K you will be IMO looking at numerous repair bills to keep it on the road.

Don't despair, but I would look at something like an Impala, GP, Taurus, etc. as a first car.
1. The bank etc. will see it as a more responsible car. Put an inexperienced driver in a hot BMW and I wouldn't finance it unless I got the credit life payout because I would expect it to be wrecked within six months, max.
2. A conventional sedan is something they can re-sell if the buyer fizzles out. There's a bigger market, there are more buyers.
3. An Impala etc. will be easier to insure. Again, if I were an insurance co. I would either drool at the prospect of a 17-year-old male insuring this BMW, or I would fall on the floor laughing when you asked for insurance. See #1.
4. As a new driver, IMO you will be far better off in a car that is not an ultra high performance machine. You may be the most responsible 17-year-old male in the world, but you are not an experienced driver and I would spend money on a real driving school building street situation skills rather than the inevitable repair bills that will be coming in on this bimmer.

Nothing turns a love affair sour more than discovering the object of your affection will leave you stranded on the side of the road at 11pm some rainy Friday night.

Good luck, it's not easy getting your first car, but sooner or later you will.
 

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Join a credit union, and get pops to join too. IMO CUs are a little smarter than banks. For one thing, you don't see headlines regarding massive CU failures due to foolish overcommitting on speculative ventures that a 10-year-old would not jump into.
Well except http://en.wikipedia.org/wiki/Savings_and_Loan_crisis

But I am happy with my credit union they are kickass :D



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At 17 I was happy with ANYTHING.
Even the VW Bug I had without any real heater in it.
You had to go 80mph to get any heat out of the damn thing...
 

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I might be wrong here, but I don't think you can get credit in your own name until you turn 18, because you can't enter into a contract as a minor. So you might be better off waiting until you turn 18.
 

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I might be wrong here, but I don't think you can get credit in your own name until you turn 18, because you can't enter into a contract as a minor. So you might be better off waiting until you turn 18.
He likely lives where the age of majority is 18. Until a person turns 18, if they enter into a contract, the contract is voidable at the minor's instance. So, the minor could disaffirm the contract before turning 18 or within a while (probably reasonable time) after turning 18.
 

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And 80 mi/h in a Bug was quite interesting to say the least! :D
I had a 71 Superbug with Hurst shifter and some sort of HP extractor. Pretty cool car, and its heater actually worked and the Hurst was great.

I remember making a top end run out on I-94. We hit either 93 or 103 (fergit, while back yaknow) and some yoyo came cruising by in a Datsun doing several MPH more.
I was pretty happy with the Bug's top end, and pretty surprised to see the Datsun go cruising past.
The Superbeetle was pretty stable at that speed.

And so go...the days of our lives.
 
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