Breezio69
10+ Year Contributor
- 1,109
- 19
- Mar 5, 2012
-
SLC,
Utah
Why not finance something a little more realistic for a first car? My first finance was $5k for a ford focus. Yippee right? But my payments were like $135 a month and my full coverage insurance was like $160 because I was 16.
That's another thing to think about, what is full coverage a month on that car? You have to have it with a loan.
I would personally do a loan on something to build credit, I just don't know if it would be a 15k car at 9% interest... that's about $325 mo + insurance.
Also, don't shy away from the interest rate being a first buyer, at first it sucks but if you make your payments on time for 6-8 months you can refinance it at a lower rate. I bought a vw passat at around 9.5%, after 6 months exactly I went in and got it lowered to 1.9% but kept my payments the same amount ($295 on 13k loan) they will give you the option to fully rewrite the deal with lower payments, or just change the rate.
That's another thing to think about, what is full coverage a month on that car? You have to have it with a loan.
I would personally do a loan on something to build credit, I just don't know if it would be a 15k car at 9% interest... that's about $325 mo + insurance.
Also, don't shy away from the interest rate being a first buyer, at first it sucks but if you make your payments on time for 6-8 months you can refinance it at a lower rate. I bought a vw passat at around 9.5%, after 6 months exactly I went in and got it lowered to 1.9% but kept my payments the same amount ($295 on 13k loan) they will give you the option to fully rewrite the deal with lower payments, or just change the rate.