I need a big auto loan. i have some questions. please help.?

i am soon to be 22 years old. i got my first credit card at 18yrs old and immediately maxed it out ($6500 limit). i made a late payment about 6 months into paying off the amount, but all other payments were above minimum and on time. late last year i paid off the rest of it (about $4000) all at once. i cut up my card and havent used it since.

i work part time (4-5hrs a day) at my moms law firm. i make around $500 every 2 weeks. i have no expenses (i dont pay rent, i dont pay auto insurance, i dont drink, etc..) my schedule is very flexible and i can work more hours anytime i wish.

i want to take out a $30,000 auto loan over 60 months. i calculated that with an average interest rate of 7.45% that monthly payments would be $600 a month. this is absolutely fine for me because im a car enthusiast and dont mind paying that at all for the car i want (03+ bmw m3, doesnt depreciate much at all)

is it possible to be approved? i can also have my mom or dad cosign. mom: lawyer, dad: cpa

I need a big auto loan. i have some questions. please help.?

You can't afford that car without working more hours. A lot more hours by the sound of it. At $10/hour, which is what it sounds like you make, you'll need to work full time without any other expenses to be able to afford the payment and insurance. With your short credit history, a history of maxing out your credit, and the late payment on your record, you are not going to get a loan at 3 - 5% like the previous poster wants you to believe. i wouldn't even bother to contact that person. I doubt you would get one at your %26quot;average%26quot; caluclation of 7.45% either. I'm guessing that with your income and credit, you can get qualified, but it'd be closer to 15% APR.

I need a big auto loan. i have some questions. please help.?

try some big bank

I need a big auto loan. i have some questions. please help.?

It may be possible with your parents as a cosigner, but from what you are telling me: you make $1000 / month and want to spend $600 on your auto... Insurance will most likely run you $400/ month ... the loan alone would put you at a 60% debt to income ration which is well above the acceptable range for most lending institutions.

If your credit is not very good either I wouldn't expect approval.

Definitely go in and have a parent cosign.

Then you may be able to do it.

Also realize that a brand new car like that will lose about $10k when you drive it off the lot and most likely continue to depreciate quite quickly for the rest of its life.

I personally look for the one year old leased vehicles. There is usually very little wear on them and the price is so much better. And you don't just throw away $10k to buy something shiney.

Best of luck!

I need a big auto loan. i have some questions. please help.?

personally, I'd purchase something a little less expessive and

build up to the %26quot;best on the lot%26quot;. Why go all out on something

that depreciates so quickly and puts you in the position of

using so much of your spendable cash ?

I need a big auto loan. i have some questions. please help.?

From my experiences, I say that it is very likey that you will be approved.

If you decide to try to get the car yourself, you might have a slight chance of getting approved for that vehicle.

Heres Why,

1) When trying to a car loan, banks look at your total income, debt to income ratio, and credit history.

2) Your debt to income ratio is very low because you have no major bills to pay, so all your income goes to your pocket.

3) You did once have a credit card that you have paid off.

One missed payment is ok but aslong as its payed to atleast 65% of its limit you are ok. If the credit account is still open, thats even better because its considered established credit and its in good standing.

But keep in mind, if you are approved without a co-signer, there could be a possibility of a higher interest rate, which means higher car payments. Also take into account, auto insurance, gas, and other expenses. like going out to the movies.

If you parents co-sign, you highly likey to be approved, because they make more income and if they have good credit your interest could be below 7% which means lower car payments.

Talk it over with your parents and see what they will consider a good idea. Although your parents may decide that you should get a cheaper car.

I need a big auto loan. i have some questions. please help.?

Why would you get such a big car loan? That is straight bad debt. You will most likely be upside down in it from day one, never to be able to sell it for what you owe.

Why not get your credit scores, shop around for car loans, see what you can and should reasonably afford, and then go look for a vehicle?

If you can have you cash or financing in place, you can get the best deals. I would recommend using something like cars.com and buy from a private seller. You can find motivated sellers, check out the car in advance, and in some states (like AZ you don;t pay tax on what you buy through the paper). You would be surprised at the great cars you can find- and that you could turn around and sell to get your money back out, or even make money on if you wanted.

My long winded point is that there is a smart way to by a vehicle and a dumb way- and you will suffer if you choose the dumb way.

I need a big auto loan. i have some questions. please help.?

If your parents are willing to co-signed, and they own their home, it might be better if they got a 2nd mortgage. That way the loan can be longer and the payment lower. They also may be able to deduct the interest on their tax return.

I need a big auto loan. i have some questions. please help.?

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I need a big auto loan. i have some questions. please help.?

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I need a big auto loan. i have some questions. please help.?

With your parents as co-signers, they can probably get a good rate with good credit. You don't qualify.

You keep saying you won't pay insurance. Then somebody else must be paying the insurance? Your parents, maybe? The lender will require you to have fully paid-up insurance.

I need a big auto loan. i have some questions. please help.?

probably with a co signer you could get this loan