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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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1154724 No.1154724 [Reply] [Original]

I am wanting to finance a car around $13,000 over 60 months. I currently serve in the air national guard and looking to switch to active duty in 1-2 years once my college education is complete. My current vehicle was a cheap car to get me to and from work and school and is not suffering problems with almost 300k miles.

As of now, I make about $1,450 a month, and $1,800 come August. I am paying $300 a month in rent with a coworker and that includes all utilities. I am also receiving a $7,500 reenlistment bonus near the end of April, giving me a total of about $8,500 in my savings (I have made some poor decisions when I first got in).

Worth noting too I only have about 6 months of a credit, with 2 credit cards. My CreditKarma score is 684 / 679 with no negative remarks.

Would it be feasible to put down a $5,000 or so down payment on a $13,000 vehicle? Could my lack of a long credit history give me an interest rate of like 6% or higher? Or should I just buy another cheap car? Thanks for any advice.

>> No.1156152
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1156152

>>1154724

8k debt on a car would be about 133 dollars a month with no interest. I have no idea how much the loan would cost per month after interest. I assume you could google it and find out how much it would be.

-Could you afford it?
-Would it make you feel better about yourself to own such a car? Keep in mind it's a sense of pride vs a depreciating asset.

In the military it's a very machismo culture. So you want to have a toy to show off to you friends. Use it to chase girls, etc. I assume you're young. You also have the rest of your life to save money and be responsible.

I'd say go for it.

>> No.1156352
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1156352

>>1156152

I can afford it, even while working minimum hours every week.

As for feeling better, I would just like to have a car that makes it look like I am not some kid living off his parent's. Then again, I have seen some 18 year olds driving 2016 vehicles.

I am only 23. Do you think my low credit history will stop me from financing a vehicle?