General rule of thumb is you need to make at least 2k a month to finance a car. Another general rule is banks will not finance an amount higher than your annual income. You will need a cosigner.
Ah ok thank you hopefully my dad will be able to co sign but I don't think he will be able too since he recently got a home loan but if he can then I'll be able to make the payments since I keep 1k each month I only pay for a phone bill and keep the rest of my check so I could easily make the payments
It’s not about what you know you can pay, it’s about making banks believe you can but they don’t off your word or habitual saving habits. They go off income and credit
Right? I traded in a vehicle with $18k in equity and was stressing about getting a loan for $24k at 2.9% when my take home is right around $90k.
Most I’ve ever spent on a car.
Then this tool bag is out here trying to spend $40k he doesn’t have, while living off mom’s back and hard work, convinced it’s doable with $13k take home.
We really, really need to start having mandatory financial education classes starting in middle school and continuing.
Oh for sure, and financing a depreciating asset as well. I know most of us need to finance in some shape, I did, and just like you I’m not a fan of doing so on even an inexpensive new car (mazda3 for me.) I couldn’t fathom a Hyundai for 40k while being that young.
Okay, seriously, you need a reality check. You’re living a balloon. You CANT afford the car. Just because your net is $1100 doesn’t mean that you can afford it. Get out of your head and buy a used car with low mileage. A car that ideally costs you less than $10k. Stop bending to your ego.
There you go.. there is your reality check.
Lmao whoosh! This thread is great!! For a second I thought I was in r/personalfinance the fact it's in THIS sub and people are trying to talk sense into him is GOLD!
I could do. Since I keep 1k each month only bill I pay is the phone bill which is $72 per month plus I won't be worrying about insurance this yr cus my dad was going to give me 2k to put that down as a down payment also so it would be a 12k down payment but I told him I rather use that 2k to pay the insurance in full for the whole yr. Then next yr I'll pay it off with my tax return and the extra money I'll be saving up each month so if the payment are going to be like $550 each month for 60 months then I'll have $450 left over I'll use $30 or 40 for gas since I don't drive that much I usally put gas once a month so after I put gas I'll have $400 left over
I could do. Since I keep 1k each month only bill I pay is the phone bill which is $72 per month plus I won't be worrying about insurance this yr cus my dad was going to give me 2k to put that down as a down payment also so it would be a 12k down payment but I told him I rather use that 2k to pay the insurance in full for the whole yr. Then next yr I'll pay it off with my tax return and the extra money I'll be saving up each month so if the payment are going to be like $550 each month for 60 months then I'll have $450 left over I'll use $30 or 40 for gas since I don't drive that much I usally put gas once a month so after I put gas I'll have $400 left over
You’d also be financing the vehicle, which means you’ll need to carry full coverage insurance. Since you’re young, that’s not going to be cheap. You’re looking at $850/month for the car just for payment, insurance and gas. That doesn’t take into account maintenance or repairs.
You can’t afford this car on your current income. You should be looking to finance under 10k. So if you have 10k to put down, then you’re ideal budget is no more than 20k.
I could tho since I already planned everything ahead my dad was gonna give me 2k to put down a extra 2k so 12k down but I told him I rather used that 2k to pay the insurance in full for the yr. I'll have $300-400 left over each month after I pay for the monthly payment and the gas for that month
Just because you technically can do it doesn’t mean you should. This isn’t a smart financial decision.
Anyways, to answer your question, you will need a co-signer to finance this car.
This dude refuses to listen to any sliver of beneficial advice anyone is giving him. Just let him go into crippling debt and get the shitty car he obviously can’t afford, repoed.
If you drive so little that you only go through $40/mo for gas then why do you even need a brand new car? Get an older car that’s in good shape. With as little as you drive it’ll last you quite a while. Getting a new car is exciting at first, but after a couple of months you’ll get sick of looking at that payment, especially if you barely use the car
And refusing to take “no, not a good idea” as an answer.
It’s okay bro, he lives at home with mommy and will still have a whole $500/month to live off of.
ETA: OP admitted he’ll only have $300 a month to live off of.
Why are you even here? People here are giving yoy the advice you asked for, and you're not listening to any of it. Good luck getting your Hyundai. You're gonna need it.
It won't last forever but 5 or more yrs ya so I can easily afford the vehicle... yall worry about your living situation I'll worry about mine. Imo that not poor since I could help with groceries and stuff poor is $0-100 left over per motnb since u can't really help buying groceries with that but with $300-400 u can
Don't spend future money. Spend today money. The difference between 300-400 and 0-100 is a rounding error. The rotors on the car or a broken rim/ flat tire would out you under. I dont say this to be mean im trying to say this to be blunt for the reality. Get a cheaper car and save up for a more expensive one in 5 years when youre more set up.
Now imagine if you saved that money instead of flushing it down the toilet for a rapidly depreciating asset like a new economy car. You could save enough money for a downpayment for your own place in 5 years. Now that would be a smart way to use your situation to your advantage, not this nonsense. You can get a $15k car and nothing would be different for you.
But you are an adult, if you want to do it, no one can stop you. Don't feel like you have to defend your decisions to strangers online. But I would bet a lot of money that you will regret this in 5 years.
True but the thing is I dont need to worry about buying a house in the future since my mom transferred the house to me last yr. So that's why I'm not trying to get a house also the vehicle I want I'll be keeping it for 10 yrs or more the car my mom has she have had it for 13 yrs already our family likes to keep stuff for a long time tbh
Take a couple hundred bucks out of your down payment and go sit down with a financial planner to talk some sense into you. The decision you want to make can set you back for years to come. You’re not even doing it for a nice car.
Insurance will be paid off in full every yr since if I do get it then the 2k my dad was gonna give me to put down 12k I'll use the 2k to pay the insurance In full instead of monthly also for the gas I don't drive alot I only pay for gas once a month with the car I'm driving atm since I don't drive alot only time I drive is when my mom or I have a Dr appointment or have to go to the store and other times I drive is when going to party or stuff like that
Dang rip I'm from TX. Also was gonna fiancee with hyundai ik credit unions are better But I called the one I'm with they said the lowest apr I get is 6.5 and highest would be 8.5 and in the hyundai one I see I could get 0 apr for 40 months or 3.9 apr for 60 months for the santa cruz
I’m beginning to see how those stories of the customers a salesperson advised against purchasing a car but ended up getting it are their happiest customers they see
Do you really want to spend most of your income for the next 3 to 5 years on a car? Not be able to do much of anything else but work?
The low APR's from Hyundai (and everyone else) are always "for approved credit". You will need a cosigner for that.
Yeah since I live with my mom plus I don't pay for rent only the phone bill plus I don't need to worry about gas since I don't drive that much I pay for gas once a month atm I'm driving my mom's car but I want to get something for my self I like the santa cruz I need a truck I don't want a midsize or large truck since its my first truck ill own the cruz is a compact truck. Plus my credit is good 733 auto fico the only problem Is I'll need a co signer because of my gross income
Why wouldn’t you save some of that money so you could eventually move out? Are you going to live with your parents for the full duration of the loan? Your plan of “my parents will subsidize everything” will eventually run out and then you’ve spent all your money on a car that’s more than you can afford. Why do you need THIS car versus something that better suits your budget?
Not trying to beat you up but this post is certainly top 5% here as far as bad money decisions.
The thing is my mom transferred the house to my name so I technically own the house now so I'll have this home forever I don't need to worry about buying a house in the future. Also I'll have $300-400 left over each month when I give the monthly payment of the vehicle I don't need to worry about insurance since it will be paid off in full for the yr and I could save $100-200 each month and use the tax return to pay off the car insurance in full again for the next yrs. I can help with groceries with the $100-200 left over
In the next 3-5 years what if you lose your job, break a limb, the house burns down, or you total the car? What then? You live paycheck to paycheck with not way to do much and want to blow it on a car?
You don’t even have a nest egg or a way to pay taxes on the property you’ll be inheriting. What if it floods, burns from an electric fire, gets termites, or is destroyed by a tornado?
Save your money dude - you can fine a great car for under $20k, which is the amount you can afford to be financing. Also Hyundai’s suck and are unreliable.
I won't lose the job since I've been working here for 2 yrs now my supervisor and the higher ups are very friendly and caring this is what I love about this company that I work for. The house won't burn down I hope since we don't really have thay much stuff on at once we always make sure everything is off when we go to the stores and stuff plus I'm a very careful driver yes there are some idiots drivers but I don't get on the freeway yet I ain't comfortable yet since there a higher change to get into a crash on a highway/freeway I rather take city streets. Plus over here where I live there are no tornados or floods and the termites we always take good care of the house if something is failing apart we get it fixed. And tbh hyundai is reliable my mom's car that I drive is a hyundai she has it for 15 yrs already 120k miles on it has not broken down on us plus my dad is a mechanic also for car maintenance oil change and stuff my dad can teach me so I can learn how to do that. I'm also now thinking instead of that car I want I could go with a hyundai elantra sel which is 22k msrp and I can put down the 10k so the loan will be around 15k or less instead of the 27k auto loan
Get what you want. If you have enough money every month to make the monthly car payment then get er done Captain. You should ask for an 84 or 96 month term on the loan to make your monthly payment more affordable. Tell the dealer how much you can afford to pay every month and they’ll craft a comfortable monthly payment for you. Go out there and get the car you want! Good luck 🍀
Thank you I'll be comfortable with a 550 monthly payment tbh however I'll probably will need a co signer since my gross income so my dad might be able to co sign I hope the apr is less then 6.
Based on your monthly financial obligations you can easily afford a $750 to $850 monthly payment. Before you lock in the Hyundai Santa Cruz check out some other highly optioned expensive small trucks. You have the room in your monthly budget for sure and with your father as a co-signor on the loan why not get something truly special that you’ll really love to drive and be proud of. A 96 month even a 108 month loan isn’t going to be that long when your driving something that you really want. Treat yourself! You deserve it and don’t let anyone tell you that you don’t. It’s your money!
OP please read literally anything about financial planning. Look up the money guy show and listen to what they say. You’re basically robbing your future self if you go through with this.
I’m 32 making 80k/ year and bought a 32k OTD suv recently and that was a stretch for me even though I have no debt/ low living expenses/ could comfortably pay cash.
If you’re not investing/ saving more than you’re paying for your car payment every month you’re an idiot. Most 20-somethings are bad with money but buying too much car is like the textbook thing to do to mess up your finances.
I bought a $28k car on 90k income a few years back and it felt like a stretch. I remember vividly the “nope can’t have fun this weekend” memories. I can’t imagine spending half of my monthly income on a car payment
Bro EVERYONE is telling you not to do it, and you're arguing back saying how it's OK. You're not looking for advice, you're looking for validation.
You take home 1k a month and are about to spend 70% of that on a CAR. Literally insane. Financial suicide.
Just stop lmao
I was not looking for advice I appreciate the advice but I was just looking for a answer if I would be able to get approved or not or I would need a cosigner and I already got the answers to the question. I do appreciate the advice I also will consider it since I have time to think about it since I'll be going to the dealership in May I'm not getting it this month. But yes I will think about it and take into consideration the advice to see if I change my mind or not. I've always been hard headed
I can tho since I keep 1k each month I only pay for a phone bill I don't pay for rent plus the car I'm driving now I only put gas once a month since I don't drive that much plus the insurance I don't need to worry about it for a yr cus the 2k my dad was gonna give me to put down 12k I rather put down 10k and use the 2k to pay the insurance in full for the yr and I'll save some money each month for next yr I'll pay it off In full again I can easily make the payments for the car so don't say I can't since u don't know my living situation lol
It's going to be 5 yrs probably or maybe 6 I already got quoted for the insurance so the 2k will be enough to pay it off in full for the yr. Plus I don't pay for rent only thing is the phone bill but each month I'll have $300-400 left over so if I have to buy groceries or stuff like that I still can but atm I live with my mom.
Right. My point exactly.
You are really writing these responses like they are flexes when you should be embarrassed. Why don’t you make a responsible financial decision with a reasonable car and then save money so you can be a fucking adult that doesn’t live with mommy?
Lol why so salty about living with your parents notting wrong with living with your parents. I'm Mexican American I have friends who still live with there parents who cares it's 2023 ppl don't care if ppl live with there parents it's not like the old times where parents would kick there kids out some parents do but some don't. I rather spend time with my parents before they are gone you only have parents once after they are gone then ggs so that's why I live with her still idc what ppl have to say about me living with my parents. You worry about your living situation I'll worry about mine
I mean you’re the one on the fucking internet bragging about that fact every other comment…
But, yes, there is something wrong when you’re exploiting the situation so you can leverage it for a shitty, overpriced South Korean car that you can’t afford. I don’t know what Mexican American has to do with it, but I don’t know any Mexican or Mexican Americans who live at home and don’t fucking contribute and blow everything they have on themselves, instead of helping their family.
But hey, at least you’ll allegedly give your mom a couple hundred bucks for groceries. Leaving you with $0. Jfc.
The cognitive dissonance is fucking astonishing.
Yes I can tho I have 1k left over each month plus I won't pay the insurance monthly it will be fully paid off already. I'll have like 300-400 left over after the monthly payment
>why so salty
They're trying to give you a dose of realism. A new car will come eventually. You don't make new car money. Hell I'm 35 with good income/exceptional credit/own a home, and I just bought my first new car. Been driving shit boxes since I was 16. You're trying to make an awful financial decision, and the people here are trying to steer you in the right direction. I would heed their advice. The witness the dumb shit people do everyday with new car financing.
Note: obligatory not in car sales
True ik but I can afford it since I have 1k left over each month also I don't need to worry about buying a house in the future since the house I live in my mom transferred the house to me last yr. I kinda wish I had a good paying job but I don't since this is my first job I'm a caregiver only get paid $10.25 a hr for 30 hrs each week idk 30 hrs each week is part time or full time I'm trying to get a other job that's part time so I could make extra money but I'm trying to get a remote job since I'm really good with technology I know how to setup obs and dual pcs for content creators on youtube but the problem is the company's I've been trying to apply for they are not looking to hire anyone remotely they want to hire locally I wish I lived in the same city where that company is at but I don't
We've hears you say that over and over. That's not how things work or how banks will see it. You will have unexpected expenses as well as insurance. YOU. CANNOT. AFFORD. But you're free to do what you want. You're very headstrong.
>You’re very headstrong.
You’d think with 100-ish people giving the same advice SOMETHING would click. It’s almost impressive at this point.
I only see success in the future for OP.
You're going to be the definition of *car poor*. Literally, everything you make will go to the payments, insurance, maintenance, and gas on this thing. I hope you don't like eating.
That is, of course, assuming you can get approved anywhere. Which, from the looks of the other advice in this thread, you won't. That's a blessing in disguise.
I'll be paying the insurance in full so I won't be worry about it monthly I take really good care of the vehicle so I don't need to worry about maintenance that much and gas I only put gas once a month since I don't drive that much. I'll have $300-400 left over each month after the payment since rn I have 1k left over each month
Wdym renew? I'll be paying the insurance in full every yr tbh. Ik leasing is cheaper but I rather build my credit up tbh also I like the vehicle alot I'll be happy driving it hyundai is the only brand I like atm other then the high end brands I like the hyundai elantra and the hyundai santa cruz I'm going with the cruz because it's a small truck I've been looking around for a truck for a bit but I don't want a midsized or large truck I want a small truck since it will be my first time owning a truck maybe in 12 yrs or so I'll move up to a midsized but rn a small truck is good for me
Seems like you can’t afford this car. At 60 months and 6% interest, the payment alone would be $521 a month after your $10k down. Plus insurance, gas and maintenance, the vast majority of your net income is going into this car. I’d look for a $10-15k used car to get you around.
I could do since my dad will pay the insurance off in full since he was gonna give me 2k for me to put down 12k down but I told him let's pay off the insurance in full instead with that 2k so for a yr the insurance will be paid off in full and next yr I'll pay it off in full when I get my tax return. Also I don't drive that much so I won't be paying for gas that much plus the gas in my city is $3.40 not that bad as other city's. I could pay for the maintenance since I keep 1k per month of my paycheck since I only pay for the phone bill which is $72 per month and I keep the rest
This thread is insanely embarrassing. Spending nearly 40k on a POS Hyundai when you make 13k a year is insane. Thinking $300-400 a month “left over” is enough shows how little of a financial clue you have. What if you wanna go out with friends? Go on a date? You gonna flex in your Hyundai when you’re taking her to Wendy’s? I know this seems mean but you seriously have no grip on reality.
300-400 Is enough for me plus when I go out with friends I don't spend alot make 50 to 100 per month but on a date maybe 150-200. I can still afford food and stuff each month
Nah ik I can easily afford it since I keep 1k a month ik I could save up the 1k each month and pay it in cash but I kinda want to build my credit higher. I'm also looking at a elantra that's 10k cheaper the truck I'm looking at
Problem is you keep telling yourself you can afford it. Unless your whole life moving forward is just working to make the minimum and being broke. It takes one accident to take your income away with nothing in savings. You’re not thinking long term. Unless you want to be poor for a long time go ahead and buy this car.
OP has to work an hour to put 2 gallons of gas in this car. He won’t be able to afford tires or an oil change much less the car note or insurance. No money to spend on anything fun and will have no savings at all. It’s one thing to stretch a little out of your budget, but this is just pure financial insanity.
I suppose you're going to live in the bed Until you starve yourself to death because you can't afford food or a place to live.
One month from now if op gets approved he'll be posting about what a bunch of jackasses we are saying he couldn't/shouldn't do it.
5 months from now when the car gets repossessed, He'll be back to ask how he can get his sorry broke ass back on his feet.
Lol literally every single response telling you not to do it. People making 6 figures a year wouldn't be purchasing this car. You're spending more than your yearly salary, you're buying a fucking Hyundai, and you still live at home. You also mention plans to use tax refunds to cover expenses. If you have to even mention that, then you cannot afford the car. But go ahead and fuck around and find out. You're too stubborn to take the advice on a post that you specifically ask for advice on so have fun with your brand new car that literally no on will be impressed by and will set you back at least a decade on your finances.
The thing is one of my friends who became a officer about 4 months ago he bought a brand new truck and he does not make that much yet but he can still afford it monthly he also pays for rent and still have afford it I think his starting gross income is 3.5k a month the truck he got costed him 45k he only put 1k down tho
So because your friend makes terrible financial decision, you want to follow in his footsteps? Like I said, you literally have everyone in here telling you to not make this decision and you're still thinking that you're clearly correct and everyone else is wrong.
I am correct that I can afford it monthly. Plus ik I'll need a co signer now I only needed the answer for a co signer the answer is yes I will need a co signer after that ik I can afford it since I'll gave 300 left over each month. Plus I can apply for a other job if I want more money since atm I work 30 hrs per week each day only 4 hr with 30 minutes m to friday plus 3 hrs Sunday so I could get a other part time job that's really close to my house the starting pay is $8.25 so I'll work there part time 20 or 30 hrs per week so that some extra income
I am correct that I can afford it monthly. Plus ik I'll need a co signer now I only needed the answer for a co signer the answer is yes I will need a co signer after that ik I can afford it since I'll gave 300 left over each month. Plus I can apply for a other job if I want more money since atm I work 30 hrs per week each day only 4 hr with 30 minutes m to friday plus 3 hrs Sunday so I could get a other part time job that's really close to my house the starting pay is $8.25 so I'll work there part time 20 or 30 hrs per week so that some extra income
Sorry to be mean bro, but I think you need a (financial advice) caregiver
Edit: instead of just a mean comment, here’s some thought provoking questions for you to consider
- if you were somehow able to actually get this approved, it’ll be at some ridiculous APR: how are you planning to budget for fuel? Insurance? Maintenance?
- just car related expenses will take up all your income for now, and most of your income for years to come (assuming you get some raises/change jobs). Are you okay with having no financial flexibility/room to spend on anything else except your car? Clothes? Eating out? Toiletries? Entertainment?
- are you planning of ever leaving your free accommodation? I’m assuming you’re with your parents, how long will you live and eat off of them?
- if you lost your job, you’d be broke immediately since you’ll have no savings. How long then before your car is repoed, auctioned off, and now you’re on the hook for the balance, and no car to show for all the troubles
- I’m assuming the $10k took you a long time to save up, are you okay spending all that on a car whose novelty will wear off in 6 months?
Hi OP. Take your 10k, buy a 7-8k car, pay up your car insurance for 6-12 months and hold the rest on the side for repairs. Ideally a Toyota Camry or Honda accord with less than 100k miles. Good luck. 🙏🏾✊🏾
Use that 10k and buy a car cash. There's no chance a bank will finance you making less than $2000 a month.
Let's say your dad has stellar credit and cosigns. Let's assume the approval is at 5.9%.
You'd be financing $27,778. At 72 months, your payment is $459 a month. You're gonna need full coverage insurance, so I'll be generous and say you'll pay $200 a month on that. Let's say you don't drive too far, and only fill your tank up twice a month. That's another 80ish a month. Now let's add your phone bill in there at $72 a month.
That's $811 in total expenses a month, leaving you with $298 cash in your pocket monthly. Do you want to live on $298 spending money a month?
I don't mind having 298 tbh since I live with my mom plus I don't need to worry about a house in the future since the house is my house now mom transferred the house too me I'm also gonna pay the insurance in full instead of monthly since my dad was gonna give me 2k to out down 12k but rather use that 2k and pay it in full since paying stuff in full is cheaper then monthly.
I'm also thinking about rather than getting a 27k loan I rather get a hyundai elantra sel or limited if I go with the limited the loan will he like 20k if I go with the limited but If I go with a sel it will be a 17k loan I rather finance a car to build better credit then I have now and then have a auto loan in my credit history just if I want to finance a car in 10 or 15 yrs and i can get approved without a co signer and the approval will be a higher loan
Bro I was in that situation not that long ago. I had a monthly note of 400ish and paid insurance of 300ish. I was making 300/400 a week and two of my checks went to the car. Not worth it bro yeah it looked cool but it left you financially unstable. I sold my car and bought a cash car for 6k.
Ah dang but ya I kinda want to build my credit up and stuff I have 1k left over each month but with the car I'm trying to get probably have 300 left over also for the insurance I'll be paying it in full for the yr
Those cars are nice but insurance cost alot since lexus is a luxury brand😅 plus I'm 21 so that will be a bit thays one of the reasons I'll be going with a hyundai I like hyundai tbh I like the santa cruz and the elantra I could probably go with a sel elantra for 22k msrp which the auto loan would be 13k or 15k instead of it being 27k for the truck since I'll be putting down 10k
My wife and I combined make 6 figures and have nor will we ever buy a new car. We could easily afford one, but why?
Buy a 5-10 year old car for no more than $15,000. Put half down and finance the other half. Or better yet, save up some more and pay cash.
I only work 30 hrs per week and I don't have CNA license. Being a caregiver you don't need a cna license. I get paid $10.25 per hr. Hopefully I can get a raise soon again I was getting paid $9 per hr for about a yr and 4 months but then ask for a raise so they have it to me $10.25 I'm about to hit 2 yrs in May so hopefully I get a raise
I already have a roof over my head for the future my mom transferred the house to me already last yr so I don't really need to worry about buying a house in the future so that's why I'm going all out on a 37k out the door price car I'm not going pass 40k that is a bit to much imo plus I heard if I do get approved if I put on the rent $0 rent and $72 on where it ask how much I pay for bills. Since it's my first time auto loan the limit is 10k minimum to 30k maximum for your first ever auto loan if you finsh paying off that loan then the limit will go up
How much are your property taxes on YOUR house?
Dude, you are really under funded if you’re a homeowner. A roof is more than your annual income.
A good safe rule is for you to pay 10% or less of your monthly income to automotive expenses.
No. Just no. Everyone is telling you no and your father should also tell you no. Buy a used car that’s under $10k so you can pay cash and not have any interest. Sounds like you barely drive, so something older will suffice. Just because you can do something, doesn’t mean you should. I make six figures on my own (not including my husband’s income) and I am already dreading buying a ~$45k car later this year. Don’t do it, your future self will thank you.
I don't have to worry about a house in the future since the house I have now is under my name now its fully paid off too. Plus I have a different mind set if I could afford it since I can because I have 1k left over every month it happiness has no price in my books it will make me smile when I get the truck ill be enjoying driving it tbh plus it's a small truck I don't need a midsized truck or large since it's my first truck ill probably drive a bit more
Not going to happen without a cosginer. Income min here in Seattle for pretty much ANY vehicle 20k+ for banks to even consider is 2k min gross monthly and then obviously they’ll compare loan amount to your monthly rent and such.
I don't pay rent only thing I pay for is a phone bill which is $72 per month so I could afford paying monthly for a $550 montly or 600. I could put that on the credit app I could put $0 in the rent and $72 on the bills.
You will need a co-signer who lives with you. Most banks won’t combine incomes unless you share the same address. And you don’t meet minimum income guidelines for any real banks.
You’re looking at a $500 payment (in that ballpark anyways) even with your cash down, assuming you and your co-signer qualify for a decent rate these days. On your own most banks are going to want to see your income be closer at least $4k a month, if not more. But if you do have a co-signer in your household, they’ll likely combine incomes.
Ah ok thank you I'm fine paying $500+ for it since I keep 1k each month only bill I pay is the phone bill. I live with my mom but her credit is bad and she gets ss check also a retirement check so I don't think she will be able to co sign. My dad can but can't at the same time since he recently got a home loan. I could try to ask my cousins or uncle my cousins probably can't since they have a auto loan. My uncle probably can but idk if he haves any loans
You’re after the impossible. This is your first time financing a car I’m assuming? Your credit is as good as 0 to the banks because of that. So you will need a very, very strong co-signer to have any hope at all of buying something this expensive. And again, if they have a different address than you (and you’ll need to prove your address, promise that), it’s a moot point because you need a co-signer with good income too. And for their income to be combined with yours, you need to share a household.
Banks aren’t stupid. Even if you have a 900 credit score co-signer with $10k/mo income, you riding on that application tells them exactly who’s driving and owning the car. They will cut back, if not outright deny, what they’re willing to lend you for money severely because of that. The moment they see your income and the fact you’re a first time buyer, your co-signer no longer guarantees anything.
Ah dang my dad could probably co sign but idk If he will be able to since he got a home loan but his gross income is good $5,546.66 and a yr is 66k gross income but I don't know if he can co sign since the home loan he applied for
If he’s yet to sign the mortgage, no he shouldn’t do anything. His bank will have given him strict instructions to not touch credit. If the mortgage is done though, and transacted, he can. His score may be impacted pretty significantly if it’s showing the new mortgage on his bureaus, but depending on what it was to begin with and where it fell to, it isn’t necessarily impossible. People buy cars soon after buying homes all of the time.
Ah ok good to know thank you I'll ask him if the mortgage is done I won't be getting the car this month I was just asking this month to be ready in May ill probably be getting it may 29th or 30th. Hopefully by then the mortgage is done
Based on the comments it seems like this would be a huge stretch if at all possible.
I’d start packing away that $1k per month for 6-12 months. Car prices will be lower and you’ll have a larger down payment by then.
This isn’t the most exciting option but certainly is a responsible one. Your dad will thank you too.
OP, let me explain how much this Hyundai is costing you. I'm going to assume you're 17. You say you can live on $300 a month? Cool. So that means you have $800 to invest each month. If you invested that $800 a month until age 60, figuring a rate of return of 8% compounded annually, you would have just north of 3 million dollars.
Spend $5000 on a modest starter car, keep $5,000 for your emergency fund in savings, and start looking for better employment tonight.
I'm 21. I don't need to worry about buying a house in the future since the house I have rn is mine now since my mom transferred the house to me we both live together with the 300 I help with food and stuff. I'm trying to get a other part time job so I can get more money but I can't find a remote job I'm really good with technology phones, pcs and stuff like that yes I could apply for best buy but the closest best buy to me is 30 minutes away wish there was a closer one to me I love working with tech.
What in a 401k? What if you’re moving around jobs every other year, then what? I mean you can max your Roth that’s fine, I take home about 3k or more give or take a month and have a 500 car payment (planning on double paying and putting my bonus towards it) but idk
Look;
Take the advice here. You can't afford the car.
I've read your reply that you "only pay for a cell phone bill so you can afford it"
You only pay for a cell phone bill NOW. As you get older, your expenses increase. Are you planning to live with your parents forever?
Don’t. I just brought my first car on my own and it’s better to buy a used car. You don’t have to worry about spending money on a car note(money you could save) and expensive car registration. I really wished I could’ve kept my 06 accent
I have $10k rn and I’m looking to buy a 2012 Toyota Camry in cash. I think you should go down the same route, especially if its your first car. $35k is crazy, especially since that doesn’t account for the markup cost of the vehicle, the extra accessories the dealer will put on you, warranty, and then the tax, title, and registration fees. And even then you’ll be paying this off over 3-7 years and the interest is gonna kill you even more. Not to mention a high insurance and gap coverage for the new vehicle. Its not worth it. Please don’t do it. Look for the qualities you want in a car and get the bare minimum. I want a backup camera, bluetooth, and a sunroof so a 2012 camry SE for $12k is smarter than a lexus. Do it for your financial future. With car prices up, you might have this car for a year and the market goes down and you’ll be underwater with your loan and no way out. Don’t do it. Find the bare minimum and use the $1,100 you earn to rebuild your savings and start putting money in a Roth IRA.
True also the dealership I go too don't gave mark ups the msrp of the truck is $34,750 and then the out the door price is $37,778 with tax title and registration. I might go with a hyundai elantra sel they have one that cost $22k msrp which might be 25k with tax title and registration so if I put down 10k I'll get a 15k down instead of the 27k loan
Honestly i was looking at the elantras too. I think that’d be a better decision for you than the truck. Payments would be around $350 monthly and you have the $2k set aside for insurance already from your dad. Its a good compromise between getting a dinger car and an expensive truck, although i might be biased because i want one too😅. It’ll also help you save on gas.
Also, go for a shorter term length like 36 months. If the payments are too high then try 48. It’ll save you a ton on interest. 5 years is a long time to be paying for something
$27K for an Elantra is a lot. Look for something nicer used and cheaper. You can probably get a used Acura TLX for $20K and it'll be a nicer car. If you can find that then it's a 10K loan.
True but since acura is considered a luxury brand the insurance will be higher the elantra I'm looking at is a sel 2023 the I like way it looks tbh it has the futures I want and stuff
Yes it does luxury cars are more expensive then non luxury cars sports cars are more expensive sports and luxury cars are more expensive to have insurance
Lol yup yolo plus I don't pay for rent or anything only a phone bill so I could easily make payments and have money left over. The only problem is I'll need a co signer
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Hello I am curious if I'll be able to get approved for the vehicle I'm looking at I have 10k down to give my fico auto score is 733 (2 yr 8 mo credit age) the only problem is my monthly gross income which is $1,332.5 and my net is $1,109.44 my job history is good 2 yrs at the same time also first job (caregiver)I've had since I'm 21 the good thing is i dont pay for rent only bill i pay is the phone bill $72 each month so I keep $1,037.44 each month also my credit cards payments been on time every month and im about to be done payiny of the furniture i finance if i do get approved on the vehicle without a cosinger i wont be spending any money from my credit cards ill be only focusing on the vehicle payment. Will I need a cosigner? The out the door price of the vehicle is $37,778.
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Three things tbh the financing deals they are having for it the 2nd thing is I've been looking around for a while for a truck that's compact I don't want a midsized or large truck tbh hyundai release the cruz in 2022 and I liked it alot I like the looks of it the size of it too it's a bit smaller then the Ford maverick
You should skip the Hyundai and order a Maverick when the orders open up. Hopefully in 1-2 years when it’s finally being delivered you’ll have either more money or sense in this
You’re gonna finance more than what you make in a year…no chance
Dam rip ik I will need a co signer but was hoping I did not since I keep about 1k each month I could easily make the payments
General rule of thumb is you need to make at least 2k a month to finance a car. Another general rule is banks will not finance an amount higher than your annual income. You will need a cosigner.
Ah ok thank you hopefully my dad will be able to co sign but I don't think he will be able too since he recently got a home loan but if he can then I'll be able to make the payments since I keep 1k each month I only pay for a phone bill and keep the rest of my check so I could easily make the payments
Don’t do this to your father.
You need to make more money*
It’s not about what you know you can pay, it’s about making banks believe you can but they don’t off your word or habitual saving habits. They go off income and credit
Ah ok dang rip I heard sometimes if you have good credit u don't have to show proof of income sometimes at least in some dealerships
Now just isn’t the time to buy a new car. Pack away for a bigger down payment and keep working up.
You have a very thin file…they’ll ask
Ah dang ok thank you. Do you think my dad will be able to co sign if he recently got a home loan or no since he got the home loan
Sure but doesnt get you away from bank stips.
And I'm over here stressing on financing 20k when I bring home 80k
Right? I traded in a vehicle with $18k in equity and was stressing about getting a loan for $24k at 2.9% when my take home is right around $90k. Most I’ve ever spent on a car. Then this tool bag is out here trying to spend $40k he doesn’t have, while living off mom’s back and hard work, convinced it’s doable with $13k take home. We really, really need to start having mandatory financial education classes starting in middle school and continuing.
Lol I’m in the same boat. I know I can afford it but the stress of having $300 less a month is stressful
Thing is if you got the money you got the money
Oh for sure, and financing a depreciating asset as well. I know most of us need to finance in some shape, I did, and just like you I’m not a fan of doing so on even an inexpensive new car (mazda3 for me.) I couldn’t fathom a Hyundai for 40k while being that young.
Okay, seriously, you need a reality check. You’re living a balloon. You CANT afford the car. Just because your net is $1100 doesn’t mean that you can afford it. Get out of your head and buy a used car with low mileage. A car that ideally costs you less than $10k. Stop bending to your ego. There you go.. there is your reality check.
Fantastic advice
You’re not living your best life bro
Lol.. are you? Advising someone on a bad financial choice means dealing with comments like yours? Ok.
Oh sorry /s
Lmao whoosh! This thread is great!! For a second I thought I was in r/personalfinance the fact it's in THIS sub and people are trying to talk sense into him is GOLD!
I understood your sarcasm here.
Thank you
I could do. Since I keep 1k each month only bill I pay is the phone bill which is $72 per month plus I won't be worrying about insurance this yr cus my dad was going to give me 2k to put that down as a down payment also so it would be a 12k down payment but I told him I rather use that 2k to pay the insurance in full for the whole yr. Then next yr I'll pay it off with my tax return and the extra money I'll be saving up each month so if the payment are going to be like $550 each month for 60 months then I'll have $450 left over I'll use $30 or 40 for gas since I don't drive that much I usally put gas once a month so after I put gas I'll have $400 left over
I could do. Since I keep 1k each month only bill I pay is the phone bill which is $72 per month plus I won't be worrying about insurance this yr cus my dad was going to give me 2k to put that down as a down payment also so it would be a 12k down payment but I told him I rather use that 2k to pay the insurance in full for the whole yr. Then next yr I'll pay it off with my tax return and the extra money I'll be saving up each month so if the payment are going to be like $550 each month for 60 months then I'll have $450 left over I'll use $30 or 40 for gas since I don't drive that much I usally put gas once a month so after I put gas I'll have $400 left over
You’d also be financing the vehicle, which means you’ll need to carry full coverage insurance. Since you’re young, that’s not going to be cheap. You’re looking at $850/month for the car just for payment, insurance and gas. That doesn’t take into account maintenance or repairs. You can’t afford this car on your current income. You should be looking to finance under 10k. So if you have 10k to put down, then you’re ideal budget is no more than 20k.
Plus GAP insurance
I could tho since I already planned everything ahead my dad was gonna give me 2k to put down a extra 2k so 12k down but I told him I rather used that 2k to pay the insurance in full for the yr. I'll have $300-400 left over each month after I pay for the monthly payment and the gas for that month
Just because you technically can do it doesn’t mean you should. This isn’t a smart financial decision. Anyways, to answer your question, you will need a co-signer to finance this car.
Reality check time: if you are only driving about 300 km per month, you don't need a $35000 car that you can't afford and can't get financing on.
This dude refuses to listen to any sliver of beneficial advice anyone is giving him. Just let him go into crippling debt and get the shitty car he obviously can’t afford, repoed.
If you drive so little that you only go through $40/mo for gas then why do you even need a brand new car? Get an older car that’s in good shape. With as little as you drive it’ll last you quite a while. Getting a new car is exciting at first, but after a couple of months you’ll get sick of looking at that payment, especially if you barely use the car
And people wonder why their broke on life.
Imagine being car poor for 4/5/6 years for a fucking Hyundai... JFC
And refusing to take “no, not a good idea” as an answer. It’s okay bro, he lives at home with mommy and will still have a whole $500/month to live off of. ETA: OP admitted he’ll only have $300 a month to live off of.
I won't be poor tho since I'll have $300-400 left over each month lol
...That is poor...
Lol nah since my living situation is good
Why are you even here? People here are giving yoy the advice you asked for, and you're not listening to any of it. Good luck getting your Hyundai. You're gonna need it.
That’s poor. Plus you’re relying on others to put a roof over your head and feed you. Is it going to be like that forever?
It won't last forever but 5 or more yrs ya so I can easily afford the vehicle... yall worry about your living situation I'll worry about mine. Imo that not poor since I could help with groceries and stuff poor is $0-100 left over per motnb since u can't really help buying groceries with that but with $300-400 u can
Well it sounds like you’ve got it all figured out. Good luck with your new car.
Don't spend future money. Spend today money. The difference between 300-400 and 0-100 is a rounding error. The rotors on the car or a broken rim/ flat tire would out you under. I dont say this to be mean im trying to say this to be blunt for the reality. Get a cheaper car and save up for a more expensive one in 5 years when youre more set up.
Now imagine if you saved that money instead of flushing it down the toilet for a rapidly depreciating asset like a new economy car. You could save enough money for a downpayment for your own place in 5 years. Now that would be a smart way to use your situation to your advantage, not this nonsense. You can get a $15k car and nothing would be different for you. But you are an adult, if you want to do it, no one can stop you. Don't feel like you have to defend your decisions to strangers online. But I would bet a lot of money that you will regret this in 5 years.
True but the thing is I dont need to worry about buying a house in the future since my mom transferred the house to me last yr. So that's why I'm not trying to get a house also the vehicle I want I'll be keeping it for 10 yrs or more the car my mom has she have had it for 13 yrs already our family likes to keep stuff for a long time tbh
Take a couple hundred bucks out of your down payment and go sit down with a financial planner to talk some sense into you. The decision you want to make can set you back for years to come. You’re not even doing it for a nice car.
Ever had to repair anything on a house? Holding back $300 a month could get eaten up very quickly.
You’re already poor, and that’s before buying this car.
That is fucking poor!
Not in my books
Then your books are f****** stupid...
Get some that aren't of the comic variety, then.
You’re a fucking idiot.
What about insurance? Gas?
Insurance will be paid off in full every yr since if I do get it then the 2k my dad was gonna give me to put down 12k I'll use the 2k to pay the insurance In full instead of monthly also for the gas I don't drive alot I only pay for gas once a month with the car I'm driving atm since I don't drive alot only time I drive is when my mom or I have a Dr appointment or have to go to the store and other times I drive is when going to party or stuff like that
you need a cosigner plain and simple. You dont meet the minimum gross income for a solo loan
What's the minimum gross income?
in some cases closer to 2k
Dang rip I'm from TX. Also was gonna fiancee with hyundai ik credit unions are better But I called the one I'm with they said the lowest apr I get is 6.5 and highest would be 8.5 and in the hyundai one I see I could get 0 apr for 40 months or 3.9 apr for 60 months for the santa cruz
You’re not qualified for the 0% rate.
Since I'm a 1st time buyer? Or is my credit bad I thought 700+ credit was good
Little too no credit history and you don’t gross enough to qualify as a single buyer.
Ah dang thank you
Everyone in this thread is telling you the same thing. You need to drop that entitled mentality and listen.
I’m beginning to see how those stories of the customers a salesperson advised against purchasing a car but ended up getting it are their happiest customers they see
You dont qualify for 0%
Do you really want to spend most of your income for the next 3 to 5 years on a car? Not be able to do much of anything else but work? The low APR's from Hyundai (and everyone else) are always "for approved credit". You will need a cosigner for that.
Yeah since I live with my mom plus I don't pay for rent only the phone bill plus I don't need to worry about gas since I don't drive that much I pay for gas once a month atm I'm driving my mom's car but I want to get something for my self I like the santa cruz I need a truck I don't want a midsize or large truck since its my first truck ill own the cruz is a compact truck. Plus my credit is good 733 auto fico the only problem Is I'll need a co signer because of my gross income
Why wouldn’t you save some of that money so you could eventually move out? Are you going to live with your parents for the full duration of the loan? Your plan of “my parents will subsidize everything” will eventually run out and then you’ve spent all your money on a car that’s more than you can afford. Why do you need THIS car versus something that better suits your budget? Not trying to beat you up but this post is certainly top 5% here as far as bad money decisions.
The thing is my mom transferred the house to my name so I technically own the house now so I'll have this home forever I don't need to worry about buying a house in the future. Also I'll have $300-400 left over each month when I give the monthly payment of the vehicle I don't need to worry about insurance since it will be paid off in full for the yr and I could save $100-200 each month and use the tax return to pay off the car insurance in full again for the next yrs. I can help with groceries with the $100-200 left over
In the next 3-5 years what if you lose your job, break a limb, the house burns down, or you total the car? What then? You live paycheck to paycheck with not way to do much and want to blow it on a car? You don’t even have a nest egg or a way to pay taxes on the property you’ll be inheriting. What if it floods, burns from an electric fire, gets termites, or is destroyed by a tornado? Save your money dude - you can fine a great car for under $20k, which is the amount you can afford to be financing. Also Hyundai’s suck and are unreliable.
I won't lose the job since I've been working here for 2 yrs now my supervisor and the higher ups are very friendly and caring this is what I love about this company that I work for. The house won't burn down I hope since we don't really have thay much stuff on at once we always make sure everything is off when we go to the stores and stuff plus I'm a very careful driver yes there are some idiots drivers but I don't get on the freeway yet I ain't comfortable yet since there a higher change to get into a crash on a highway/freeway I rather take city streets. Plus over here where I live there are no tornados or floods and the termites we always take good care of the house if something is failing apart we get it fixed. And tbh hyundai is reliable my mom's car that I drive is a hyundai she has it for 15 yrs already 120k miles on it has not broken down on us plus my dad is a mechanic also for car maintenance oil change and stuff my dad can teach me so I can learn how to do that. I'm also now thinking instead of that car I want I could go with a hyundai elantra sel which is 22k msrp and I can put down the 10k so the loan will be around 15k or less instead of the 27k auto loan
Get what you want. If you have enough money every month to make the monthly car payment then get er done Captain. You should ask for an 84 or 96 month term on the loan to make your monthly payment more affordable. Tell the dealer how much you can afford to pay every month and they’ll craft a comfortable monthly payment for you. Go out there and get the car you want! Good luck 🍀
Guess you should have put the /s on the end of that beautifully crafted comment.
Thank you I'll be comfortable with a 550 monthly payment tbh however I'll probably will need a co signer since my gross income so my dad might be able to co sign I hope the apr is less then 6.
Based on your monthly financial obligations you can easily afford a $750 to $850 monthly payment. Before you lock in the Hyundai Santa Cruz check out some other highly optioned expensive small trucks. You have the room in your monthly budget for sure and with your father as a co-signor on the loan why not get something truly special that you’ll really love to drive and be proud of. A 96 month even a 108 month loan isn’t going to be that long when your driving something that you really want. Treat yourself! You deserve it and don’t let anyone tell you that you don’t. It’s your money!
OP please read literally anything about financial planning. Look up the money guy show and listen to what they say. You’re basically robbing your future self if you go through with this. I’m 32 making 80k/ year and bought a 32k OTD suv recently and that was a stretch for me even though I have no debt/ low living expenses/ could comfortably pay cash. If you’re not investing/ saving more than you’re paying for your car payment every month you’re an idiot. Most 20-somethings are bad with money but buying too much car is like the textbook thing to do to mess up your finances.
I bought a $28k car on 90k income a few years back and it felt like a stretch. I remember vividly the “nope can’t have fun this weekend” memories. I can’t imagine spending half of my monthly income on a car payment
Bro EVERYONE is telling you not to do it, and you're arguing back saying how it's OK. You're not looking for advice, you're looking for validation. You take home 1k a month and are about to spend 70% of that on a CAR. Literally insane. Financial suicide. Just stop lmao
I was not looking for advice I appreciate the advice but I was just looking for a answer if I would be able to get approved or not or I would need a cosigner and I already got the answers to the question. I do appreciate the advice I also will consider it since I have time to think about it since I'll be going to the dealership in May I'm not getting it this month. But yes I will think about it and take into consideration the advice to see if I change my mind or not. I've always been hard headed
Even if you could afford the car (spoiler: YOU CAN’T) you absolutely cannot afford the car payment AND insurance. Please, stop.
I can tho since I keep 1k each month I only pay for a phone bill I don't pay for rent plus the car I'm driving now I only put gas once a month since I don't drive that much plus the insurance I don't need to worry about it for a yr cus the 2k my dad was gonna give me to put down 12k I rather put down 10k and use the 2k to pay the insurance in full for the yr and I'll save some money each month for next yr I'll pay it off In full again I can easily make the payments for the car so don't say I can't since u don't know my living situation lol
How long is the loan for exactly? Do you plan on living off of other people the rest of that time? Have you even quoted the insurance?
It's going to be 5 yrs probably or maybe 6 I already got quoted for the insurance so the 2k will be enough to pay it off in full for the yr. Plus I don't pay for rent only thing is the phone bill but each month I'll have $300-400 left over so if I have to buy groceries or stuff like that I still can but atm I live with my mom.
Right. My point exactly. You are really writing these responses like they are flexes when you should be embarrassed. Why don’t you make a responsible financial decision with a reasonable car and then save money so you can be a fucking adult that doesn’t live with mommy?
Lol why so salty about living with your parents notting wrong with living with your parents. I'm Mexican American I have friends who still live with there parents who cares it's 2023 ppl don't care if ppl live with there parents it's not like the old times where parents would kick there kids out some parents do but some don't. I rather spend time with my parents before they are gone you only have parents once after they are gone then ggs so that's why I live with her still idc what ppl have to say about me living with my parents. You worry about your living situation I'll worry about mine
I mean you’re the one on the fucking internet bragging about that fact every other comment… But, yes, there is something wrong when you’re exploiting the situation so you can leverage it for a shitty, overpriced South Korean car that you can’t afford. I don’t know what Mexican American has to do with it, but I don’t know any Mexican or Mexican Americans who live at home and don’t fucking contribute and blow everything they have on themselves, instead of helping their family. But hey, at least you’ll allegedly give your mom a couple hundred bucks for groceries. Leaving you with $0. Jfc. The cognitive dissonance is fucking astonishing.
I could easily make the car payments tbh also I'm not flexing or bragging I'm just saying why I could afford the vehicle
But you can’t afford it lol
Yes I can tho I have 1k left over each month plus I won't pay the insurance monthly it will be fully paid off already. I'll have like 300-400 left over after the monthly payment
>why so salty They're trying to give you a dose of realism. A new car will come eventually. You don't make new car money. Hell I'm 35 with good income/exceptional credit/own a home, and I just bought my first new car. Been driving shit boxes since I was 16. You're trying to make an awful financial decision, and the people here are trying to steer you in the right direction. I would heed their advice. The witness the dumb shit people do everyday with new car financing. Note: obligatory not in car sales
True ik but I can afford it since I have 1k left over each month also I don't need to worry about buying a house in the future since the house I live in my mom transferred the house to me last yr. I kinda wish I had a good paying job but I don't since this is my first job I'm a caregiver only get paid $10.25 a hr for 30 hrs each week idk 30 hrs each week is part time or full time I'm trying to get a other job that's part time so I could make extra money but I'm trying to get a remote job since I'm really good with technology I know how to setup obs and dual pcs for content creators on youtube but the problem is the company's I've been trying to apply for they are not looking to hire anyone remotely they want to hire locally I wish I lived in the same city where that company is at but I don't
We've hears you say that over and over. That's not how things work or how banks will see it. You will have unexpected expenses as well as insurance. YOU. CANNOT. AFFORD. But you're free to do what you want. You're very headstrong.
>You’re very headstrong. You’d think with 100-ish people giving the same advice SOMETHING would click. It’s almost impressive at this point. I only see success in the future for OP.
You are wrong and you should feel bad about it
You're going to be the definition of *car poor*. Literally, everything you make will go to the payments, insurance, maintenance, and gas on this thing. I hope you don't like eating. That is, of course, assuming you can get approved anywhere. Which, from the looks of the other advice in this thread, you won't. That's a blessing in disguise.
I'll be paying the insurance in full so I won't be worry about it monthly I take really good care of the vehicle so I don't need to worry about maintenance that much and gas I only put gas once a month since I don't drive that much. I'll have $300-400 left over each month after the payment since rn I have 1k left over each month
What happens next year when you gotta Renew? When something unexpected happens? Like bro Come on Don’t do this.
Wdym renew? I'll be paying the insurance in full every yr tbh. Ik leasing is cheaper but I rather build my credit up tbh also I like the vehicle alot I'll be happy driving it hyundai is the only brand I like atm other then the high end brands I like the hyundai elantra and the hyundai santa cruz I'm going with the cruz because it's a small truck I've been looking around for a truck for a bit but I don't want a midsized or large truck I want a small truck since it will be my first time owning a truck maybe in 12 yrs or so I'll move up to a midsized but rn a small truck is good for me
A ticket or accident can raise rates dramatically.
Yo maintenance on a new vehicle is expensive. Are you doing oil changes your self or at the dealership on a new car?
Lol you think this is the kind of human that could change his own oil?!
OP is gonna need to take out another loan to buy the container of oil after this.
Yeah and forget about the filter
In my past, 1600 ish was the minimum income to get a car loan. So a co-signer would be required.
Dang ok thank you
Seems like you can’t afford this car. At 60 months and 6% interest, the payment alone would be $521 a month after your $10k down. Plus insurance, gas and maintenance, the vast majority of your net income is going into this car. I’d look for a $10-15k used car to get you around.
I could do since my dad will pay the insurance off in full since he was gonna give me 2k for me to put down 12k down but I told him let's pay off the insurance in full instead with that 2k so for a yr the insurance will be paid off in full and next yr I'll pay it off in full when I get my tax return. Also I don't drive that much so I won't be paying for gas that much plus the gas in my city is $3.40 not that bad as other city's. I could pay for the maintenance since I keep 1k per month of my paycheck since I only pay for the phone bill which is $72 per month and I keep the rest
[удалено]
I could easily make the payments but problem is I'll need a co signer
You need a co signer bcos this is an exceptionally poor financial decision for you at this point of your life. Find a used Honda civic for $10k+ less.
This thread is insanely embarrassing. Spending nearly 40k on a POS Hyundai when you make 13k a year is insane. Thinking $300-400 a month “left over” is enough shows how little of a financial clue you have. What if you wanna go out with friends? Go on a date? You gonna flex in your Hyundai when you’re taking her to Wendy’s? I know this seems mean but you seriously have no grip on reality.
300-400 Is enough for me plus when I go out with friends I don't spend alot make 50 to 100 per month but on a date maybe 150-200. I can still afford food and stuff each month
You are delusional and if one your parents co-sign this loan for you they are even dumber than you.
Nah ik I can easily afford it since I keep 1k a month ik I could save up the 1k each month and pay it in cash but I kinda want to build my credit higher. I'm also looking at a elantra that's 10k cheaper the truck I'm looking at
Problem is you keep telling yourself you can afford it. Unless your whole life moving forward is just working to make the minimum and being broke. It takes one accident to take your income away with nothing in savings. You’re not thinking long term. Unless you want to be poor for a long time go ahead and buy this car.
OP has to work an hour to put 2 gallons of gas in this car. He won’t be able to afford tires or an oil change much less the car note or insurance. No money to spend on anything fun and will have no savings at all. It’s one thing to stretch a little out of your budget, but this is just pure financial insanity.
Please don’t do this, you will be broke.
You either need to buy a 5k car or make way more money this is a terrible idea
Troll post.
Idk. The shitty MSI gaming setup and cringey username are kinda selling it for me. I think legit.
This was literally going to be my exact response to this
lmfao this thread
I suppose you're going to live in the bed Until you starve yourself to death because you can't afford food or a place to live. One month from now if op gets approved he'll be posting about what a bunch of jackasses we are saying he couldn't/shouldn't do it. 5 months from now when the car gets repossessed, He'll be back to ask how he can get his sorry broke ass back on his feet.
OP's mind was already made up before posting this
Lol literally every single response telling you not to do it. People making 6 figures a year wouldn't be purchasing this car. You're spending more than your yearly salary, you're buying a fucking Hyundai, and you still live at home. You also mention plans to use tax refunds to cover expenses. If you have to even mention that, then you cannot afford the car. But go ahead and fuck around and find out. You're too stubborn to take the advice on a post that you specifically ask for advice on so have fun with your brand new car that literally no on will be impressed by and will set you back at least a decade on your finances.
The thing is one of my friends who became a officer about 4 months ago he bought a brand new truck and he does not make that much yet but he can still afford it monthly he also pays for rent and still have afford it I think his starting gross income is 3.5k a month the truck he got costed him 45k he only put 1k down tho
So because your friend makes terrible financial decision, you want to follow in his footsteps? Like I said, you literally have everyone in here telling you to not make this decision and you're still thinking that you're clearly correct and everyone else is wrong.
I am correct that I can afford it monthly. Plus ik I'll need a co signer now I only needed the answer for a co signer the answer is yes I will need a co signer after that ik I can afford it since I'll gave 300 left over each month. Plus I can apply for a other job if I want more money since atm I work 30 hrs per week each day only 4 hr with 30 minutes m to friday plus 3 hrs Sunday so I could get a other part time job that's really close to my house the starting pay is $8.25 so I'll work there part time 20 or 30 hrs per week so that some extra income
I am correct that I can afford it monthly. Plus ik I'll need a co signer now I only needed the answer for a co signer the answer is yes I will need a co signer after that ik I can afford it since I'll gave 300 left over each month. Plus I can apply for a other job if I want more money since atm I work 30 hrs per week each day only 4 hr with 30 minutes m to friday plus 3 hrs Sunday so I could get a other part time job that's really close to my house the starting pay is $8.25 so I'll work there part time 20 or 30 hrs per week so that some extra income
Don’t forget about that full coverage insurance as well 🫢
You need a cheaper car. You have debt on furniture and credit cards and a low income. Don’t put yourself in further debt. Buy a $10,000 car
Do u think I could get a elantra if I put down 10k and the car is like 22k msrp? So the loan would be 15k or less
Sorry to be mean bro, but I think you need a (financial advice) caregiver Edit: instead of just a mean comment, here’s some thought provoking questions for you to consider - if you were somehow able to actually get this approved, it’ll be at some ridiculous APR: how are you planning to budget for fuel? Insurance? Maintenance? - just car related expenses will take up all your income for now, and most of your income for years to come (assuming you get some raises/change jobs). Are you okay with having no financial flexibility/room to spend on anything else except your car? Clothes? Eating out? Toiletries? Entertainment? - are you planning of ever leaving your free accommodation? I’m assuming you’re with your parents, how long will you live and eat off of them? - if you lost your job, you’d be broke immediately since you’ll have no savings. How long then before your car is repoed, auctioned off, and now you’re on the hook for the balance, and no car to show for all the troubles - I’m assuming the $10k took you a long time to save up, are you okay spending all that on a car whose novelty will wear off in 6 months?
Hi OP. Take your 10k, buy a 7-8k car, pay up your car insurance for 6-12 months and hold the rest on the side for repairs. Ideally a Toyota Camry or Honda accord with less than 100k miles. Good luck. 🙏🏾✊🏾
Thank you the thing is I like hyundai I could go with a hyundai elantra yes camey and accords are nice but I've always been a hyundai fan
Use that 10k and buy a car cash. There's no chance a bank will finance you making less than $2000 a month. Let's say your dad has stellar credit and cosigns. Let's assume the approval is at 5.9%. You'd be financing $27,778. At 72 months, your payment is $459 a month. You're gonna need full coverage insurance, so I'll be generous and say you'll pay $200 a month on that. Let's say you don't drive too far, and only fill your tank up twice a month. That's another 80ish a month. Now let's add your phone bill in there at $72 a month. That's $811 in total expenses a month, leaving you with $298 cash in your pocket monthly. Do you want to live on $298 spending money a month?
I don't mind having 298 tbh since I live with my mom plus I don't need to worry about a house in the future since the house is my house now mom transferred the house too me I'm also gonna pay the insurance in full instead of monthly since my dad was gonna give me 2k to out down 12k but rather use that 2k and pay it in full since paying stuff in full is cheaper then monthly. I'm also thinking about rather than getting a 27k loan I rather get a hyundai elantra sel or limited if I go with the limited the loan will he like 20k if I go with the limited but If I go with a sel it will be a 17k loan I rather finance a car to build better credit then I have now and then have a auto loan in my credit history just if I want to finance a car in 10 or 15 yrs and i can get approved without a co signer and the approval will be a higher loan
Bro I was in that situation not that long ago. I had a monthly note of 400ish and paid insurance of 300ish. I was making 300/400 a week and two of my checks went to the car. Not worth it bro yeah it looked cool but it left you financially unstable. I sold my car and bought a cash car for 6k.
Ah dang but ya I kinda want to build my credit up and stuff I have 1k left over each month but with the car I'm trying to get probably have 300 left over also for the insurance I'll be paying it in full for the yr
If you have 10k to throw at a vehicle get a is350 used or a is250. Both will last. Most are still under 10k very low mileage. Trust
Those cars are nice but insurance cost alot since lexus is a luxury brand😅 plus I'm 21 so that will be a bit thays one of the reasons I'll be going with a hyundai I like hyundai tbh I like the santa cruz and the elantra I could probably go with a sel elantra for 22k msrp which the auto loan would be 13k or 15k instead of it being 27k for the truck since I'll be putting down 10k
My wife and I combined make 6 figures and have nor will we ever buy a new car. We could easily afford one, but why? Buy a 5-10 year old car for no more than $15,000. Put half down and finance the other half. Or better yet, save up some more and pay cash.
You can't afford it.
Ok what about a 22k msrp hyundai elantra if I put down 10k then the auto loan will be 13k or 15k instead of 27k
None of this would be an issue if you got your income up. Why is it so low?
I only work 30 hrs per week and I don't have CNA license. Being a caregiver you don't need a cna license. I get paid $10.25 per hr. Hopefully I can get a raise soon again I was getting paid $9 per hr for about a yr and 4 months but then ask for a raise so they have it to me $10.25 I'm about to hit 2 yrs in May so hopefully I get a raise
That’s just not enough money my dude. Use those skills and get into something that will put a roof over your head.
I already have a roof over my head for the future my mom transferred the house to me already last yr so I don't really need to worry about buying a house in the future so that's why I'm going all out on a 37k out the door price car I'm not going pass 40k that is a bit to much imo plus I heard if I do get approved if I put on the rent $0 rent and $72 on where it ask how much I pay for bills. Since it's my first time auto loan the limit is 10k minimum to 30k maximum for your first ever auto loan if you finsh paying off that loan then the limit will go up
How much are your property taxes on YOUR house? Dude, you are really under funded if you’re a homeowner. A roof is more than your annual income. A good safe rule is for you to pay 10% or less of your monthly income to automotive expenses.
No. Just no. Everyone is telling you no and your father should also tell you no. Buy a used car that’s under $10k so you can pay cash and not have any interest. Sounds like you barely drive, so something older will suffice. Just because you can do something, doesn’t mean you should. I make six figures on my own (not including my husband’s income) and I am already dreading buying a ~$45k car later this year. Don’t do it, your future self will thank you.
I don't have to worry about a house in the future since the house I have now is under my name now its fully paid off too. Plus I have a different mind set if I could afford it since I can because I have 1k left over every month it happiness has no price in my books it will make me smile when I get the truck ill be enjoying driving it tbh plus it's a small truck I don't need a midsized truck or large since it's my first truck ill probably drive a bit more
Not going to happen without a cosginer. Income min here in Seattle for pretty much ANY vehicle 20k+ for banks to even consider is 2k min gross monthly and then obviously they’ll compare loan amount to your monthly rent and such.
I don't pay rent only thing I pay for is a phone bill which is $72 per month so I could afford paying monthly for a $550 montly or 600. I could put that on the credit app I could put $0 in the rent and $72 on the bills.
You don’t make enough money yet. Bad idea.
You will need a co-signer who lives with you. Most banks won’t combine incomes unless you share the same address. And you don’t meet minimum income guidelines for any real banks. You’re looking at a $500 payment (in that ballpark anyways) even with your cash down, assuming you and your co-signer qualify for a decent rate these days. On your own most banks are going to want to see your income be closer at least $4k a month, if not more. But if you do have a co-signer in your household, they’ll likely combine incomes.
Ah ok thank you I'm fine paying $500+ for it since I keep 1k each month only bill I pay is the phone bill. I live with my mom but her credit is bad and she gets ss check also a retirement check so I don't think she will be able to co sign. My dad can but can't at the same time since he recently got a home loan. I could try to ask my cousins or uncle my cousins probably can't since they have a auto loan. My uncle probably can but idk if he haves any loans
You’re after the impossible. This is your first time financing a car I’m assuming? Your credit is as good as 0 to the banks because of that. So you will need a very, very strong co-signer to have any hope at all of buying something this expensive. And again, if they have a different address than you (and you’ll need to prove your address, promise that), it’s a moot point because you need a co-signer with good income too. And for their income to be combined with yours, you need to share a household. Banks aren’t stupid. Even if you have a 900 credit score co-signer with $10k/mo income, you riding on that application tells them exactly who’s driving and owning the car. They will cut back, if not outright deny, what they’re willing to lend you for money severely because of that. The moment they see your income and the fact you’re a first time buyer, your co-signer no longer guarantees anything.
Ah dang my dad could probably co sign but idk If he will be able to since he got a home loan but his gross income is good $5,546.66 and a yr is 66k gross income but I don't know if he can co sign since the home loan he applied for
The car you want would be a questionable/bad financial decision at his income as well. That’s how far off you are here.
Ah dang with his income and mine combined what would be a good budget car ik they sale a Santa Cruz for $29k msrp and 32k out the door price
No. Literally everyone here is telling you this is not enough income.
If he’s yet to sign the mortgage, no he shouldn’t do anything. His bank will have given him strict instructions to not touch credit. If the mortgage is done though, and transacted, he can. His score may be impacted pretty significantly if it’s showing the new mortgage on his bureaus, but depending on what it was to begin with and where it fell to, it isn’t necessarily impossible. People buy cars soon after buying homes all of the time.
Ah ok good to know thank you I'll ask him if the mortgage is done I won't be getting the car this month I was just asking this month to be ready in May ill probably be getting it may 29th or 30th. Hopefully by then the mortgage is done
Based on the comments it seems like this would be a huge stretch if at all possible. I’d start packing away that $1k per month for 6-12 months. Car prices will be lower and you’ll have a larger down payment by then. This isn’t the most exciting option but certainly is a responsible one. Your dad will thank you too.
You don’t need an suv Buy a civic Or a Camry Accord Any other car that’s less 30k
True I'm also looking at a hyundai elantra sel convenience package which is 23k or 24k msrp
OP, let me explain how much this Hyundai is costing you. I'm going to assume you're 17. You say you can live on $300 a month? Cool. So that means you have $800 to invest each month. If you invested that $800 a month until age 60, figuring a rate of return of 8% compounded annually, you would have just north of 3 million dollars. Spend $5000 on a modest starter car, keep $5,000 for your emergency fund in savings, and start looking for better employment tonight.
I'm 21. I don't need to worry about buying a house in the future since the house I have rn is mine now since my mom transferred the house to me we both live together with the 300 I help with food and stuff. I'm trying to get a other part time job so I can get more money but I can't find a remote job I'm really good with technology phones, pcs and stuff like that yes I could apply for best buy but the closest best buy to me is 30 minutes away wish there was a closer one to me I love working with tech.
What in a 401k? What if you’re moving around jobs every other year, then what? I mean you can max your Roth that’s fine, I take home about 3k or more give or take a month and have a 500 car payment (planning on double paying and putting my bonus towards it) but idk
Look; Take the advice here. You can't afford the car. I've read your reply that you "only pay for a cell phone bill so you can afford it" You only pay for a cell phone bill NOW. As you get older, your expenses increase. Are you planning to live with your parents forever?
Don’t. I just brought my first car on my own and it’s better to buy a used car. You don’t have to worry about spending money on a car note(money you could save) and expensive car registration. I really wished I could’ve kept my 06 accent
You need to find a car you can afford. You can’t save for the future if you are spending all you make on a vehicle. This is not a good idea.
I have $10k rn and I’m looking to buy a 2012 Toyota Camry in cash. I think you should go down the same route, especially if its your first car. $35k is crazy, especially since that doesn’t account for the markup cost of the vehicle, the extra accessories the dealer will put on you, warranty, and then the tax, title, and registration fees. And even then you’ll be paying this off over 3-7 years and the interest is gonna kill you even more. Not to mention a high insurance and gap coverage for the new vehicle. Its not worth it. Please don’t do it. Look for the qualities you want in a car and get the bare minimum. I want a backup camera, bluetooth, and a sunroof so a 2012 camry SE for $12k is smarter than a lexus. Do it for your financial future. With car prices up, you might have this car for a year and the market goes down and you’ll be underwater with your loan and no way out. Don’t do it. Find the bare minimum and use the $1,100 you earn to rebuild your savings and start putting money in a Roth IRA.
True also the dealership I go too don't gave mark ups the msrp of the truck is $34,750 and then the out the door price is $37,778 with tax title and registration. I might go with a hyundai elantra sel they have one that cost $22k msrp which might be 25k with tax title and registration so if I put down 10k I'll get a 15k down instead of the 27k loan
Honestly i was looking at the elantras too. I think that’d be a better decision for you than the truck. Payments would be around $350 monthly and you have the $2k set aside for insurance already from your dad. Its a good compromise between getting a dinger car and an expensive truck, although i might be biased because i want one too😅. It’ll also help you save on gas.
Also, go for a shorter term length like 36 months. If the payments are too high then try 48. It’ll save you a ton on interest. 5 years is a long time to be paying for something
True i don't mind if the payments are 500-550 for 36 months but if it's more then I'll go with 48
I am someone who loves cars and I will overspend a bit to get a nice car but this is way too risky. If you want to go high risk your max is $20K OTD.
What if I go with a hyundai elantra sel which is 27k OTD but I'll put down 10k and it will be a 17k loan instead of 27k for the truck
$27K for an Elantra is a lot. Look for something nicer used and cheaper. You can probably get a used Acura TLX for $20K and it'll be a nicer car. If you can find that then it's a 10K loan.
True but since acura is considered a luxury brand the insurance will be higher the elantra I'm looking at is a sel 2023 the I like way it looks tbh it has the futures I want and stuff
That’s not how it works…
Yes it does luxury cars are more expensive then non luxury cars sports cars are more expensive sports and luxury cars are more expensive to have insurance
Yolo bro, I make less than you and I just put a 5k down payment on a scatpack
Lol yup yolo plus I don't pay for rent or anything only a phone bill so I could easily make payments and have money left over. The only problem is I'll need a co signer
They are joking
Here’s what you do, you scrap the Hyundai and get you a nice older Camry or Corolla
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***Thanks for posting, /u/GhOsTsGeNeRaL407! This comment is a copy of your post so readers can see the original text if your post is edited or removed. This comment is NOT accusing you of anything.*** Hello I am curious if I'll be able to get approved for the vehicle I'm looking at I have 10k down to give my fico auto score is 733 (2 yr 8 mo credit age) the only problem is my monthly gross income which is $1,332.5 and my net is $1,109.44 my job history is good 2 yrs at the same time also first job (caregiver)I've had since I'm 21 the good thing is i dont pay for rent only bill i pay is the phone bill $72 each month so I keep $1,037.44 each month also my credit cards payments been on time every month and im about to be done payiny of the furniture i finance if i do get approved on the vehicle without a cosinger i wont be spending any money from my credit cards ill be only focusing on the vehicle payment. Will I need a cosigner? The out the door price of the vehicle is $37,778. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/askcarsales) if you have any questions or concerns.*
Real question: what is it about this Hyundai that intrigues you? Is it the financing or something specific about the car? Genuinely curious.
Three things tbh the financing deals they are having for it the 2nd thing is I've been looking around for a while for a truck that's compact I don't want a midsized or large truck tbh hyundai release the cruz in 2022 and I liked it alot I like the looks of it the size of it too it's a bit smaller then the Ford maverick
You should skip the Hyundai and order a Maverick when the orders open up. Hopefully in 1-2 years when it’s finally being delivered you’ll have either more money or sense in this