I am 19, is taking a $4,000 to $5,000 loan a good idea for a car i want to buy?
Now, i have ALWAYS wanted a Subaru WRX, my friend told me he would sell me his Bug-Eyed WRX (STi transmission, coil-overs, turbo-back exhaust, fully dyno tuned, and other goodies) for $7,500 because he just wants to get an Accord (apparently he is tired of stick-shift because he is an idiot, lol, and i LOVE manual transmission, been driving stick since i got a car)
That sounds like an awesome price for the car, i mean, they usually go for about +10k in craigslist, +15k in auto trader, and even more in dealerships, it already has after-market which would save me TONS of money because i don't have to buy it anymore. I would just spend money on gas/maintenance, and help out with insurance some more (i am quite sure insurance on a WRX is more than a civic, ha ha)
I was looking to buy a Celica (i just wanted a newer car, my 97 Honda is going to fall apart/get stolen soon, ha ha) but i have never had a passion for Celicas, but WRXs that is another story...
Now, he said he would not sell car until early September, which is great, i am taking a month off work from July - early August (going to Mexico to visit family, parents paying... no i am not rich) otherwise i think i would do it.
I work at GameStop, get paid $8.50/hr, and get a MINUMUM 20 hrs/week, i am also a full-time college student, and live with parents.
I am going to be working a lot the summer, getting about 25 - 35 hrs per week (25hrs/week till June 24th cuz i got 1 summer class) and then taking my vacation, coming back, and MAY get a promotion, do not know.
I know i can sell my civic for AT LEAST 3k, maybe 4k doubt it, it has a few dents, but 3k is a def. everyone wants civics. ha ha.
So to sum it up.
-1 month vacation
-Pay: $8.50/hr at least 20 hrs a week
-I can sell my civic for 3k
-I live with parents... maybe they can help a bit?
-Where can i get a loan with LOWEST interests?
Thanks guys! :)