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-   -   questions about financing an s2k (http://www.azht.net/forum/showthread.php?t=183887)

jdmman 12-09-2012 10:52 PM

questions about financing an s2k
 
My car was stolen not too long ago and Ive been looking into an s2k for quite some time now. This would be my first time going to a dealership so i just wanted some information on the matter. I'm 20 I currently make about $21,000/year Have very little debt (court fines and such). As far as credit goes i know i don't have bad credit but I'm sure i don't have a lot of credit either. My job is secure and I will receive raises over time. basically i just want an idea of what to expect, and if this would be do-able or if I'm in way over my head here.

king06 12-10-2012 12:14 AM

It depends what bills you have, if you live with your parents and plan to stay with them do it. LOL

I was looking into getting one. $25000 at 8% is about $27k minus all the BS like tax, tags and what ever else is necessary. Depending on your credit (i'm guessing) and loan type lets say you get the loan for 60 months. For shits and giggles lets say it comes out to 28.5k 28500/60=475 monthly payment plus insurance.

In the end, IMO, I would say no, you don't make enough.

jdmman 12-10-2012 02:10 AM

yea and I'm sure insurance won't be cheap. it seems reachable if i aimed for an older s2k maybe an 00 - 01.

nelsmar 12-10-2012 09:04 AM

Focus on getting a better job, and then your own place first... There is no way you can afford an S2000 & a house with a garage & tires & maintenance on an S2000 with 21k a year. Hell i was spending on average 3k a year on my S2000 in tires alone... Get your priorities straight, maybe go to school instead?

Go find out what your credit is like, if you have never had a credit card etc you wont get approved without a co-signer. And also some financial institutions only loan x# of years old etc. Hell my S2000 was my first car financed and they wouldnt approve me for a loan and I had managed to purchase a house in 2009 when it was supposedly near imposible for people with poorly established credit to buy a home. I had to bring in proof of income via previous tax records and prove I could pay the car off in 12 months if i absolutely had to. Mind you I had a low 700 credit score at this time as well.

DB8GS-R 12-10-2012 10:34 AM

Go to a credit union and see of they have a first tine buyer loan that should get you approved pretty easily. Honestly before even doing that i would check insurance on one...i looked onto getting one a couple years ago the payments were going to be 250 a month but the insurance was going to be 500 a month for full coverage. I was 19 at the time going through Allstate

king06 12-10-2012 11:17 AM

Insurance is a biggie, at 20-21 I was paying 1800 for six months insurance on a 2000 ex. I would steer away, wait, like nelsmar said, get a house maybe school first or loom for something that pays a lot more.

Rufus 12-10-2012 11:33 AM

That's a old car to get a loan on. You interest rate won't make it worth it. If you really want one, save cash and buy a salvaged ap1. I only paid $70/mo on insurance for mine with State Farm and Geico.

jdmman 12-10-2012 08:16 PM

well I'm pretty much convinced that it's probably not the best time for an s2k. but regardless I do need a car and I will be going to the dealership. I guess i'll settle for an 06+ civic sedan. any feedback on this?

nelsmar 12-10-2012 08:40 PM

Quote:

Originally Posted by Rufus (Post 2991406)
That's a old car to get a loan on. You interest rate won't make it worth it. If you really want one, save cash and buy a salvaged ap1. I only paid $70/mo on insurance for mine with State Farm and Geico.

That's because your old!!!' :P ah wait I think hen I traded my S in I was finally down to 85$ a month lol when I bought it when I was 21 I was spending 250~ on insurance haha

Quote:

Originally Posted by jdmman (Post 2991741)
well I'm pretty much convinced that it's probably not the best time for an s2k. but regardless I do need a car and I will be going to the dealership. I guess i'll settle for an 06+ civic sedan. any feedback on this?

Glad to hear I hope you didn't take t messages ask being an asshole just trying I help a fellow member out. I lovedy s2000 and it was probably my all time favorite vehicle me hope to purchase one again soon but I know right now it would be irresponsible for me to our hare one due to issues in my life and I would hate to see someone young and aspiring to make a decision like that.

Personally I have never driven an 06 so I have no idea. I drive. A '12 hybrid and its a piece of shit.... I prefers my 2000 civic or even more my Cruz haha. Though I have a few friends with that gen that love them!

nelsmar 12-10-2012 08:40 PM

Just don't buy a '12 they suck. :x

jdmman 12-13-2012 09:06 PM

I get what your saying nelsmar but i'm sure I would be able to make the monthly payments, its the insurance that will kill me. If I put about 4-5k down do you think I could get a decent deal on an s2k?

Rufus 12-14-2012 09:39 PM

For that you could get a salvaged ap1.... And own it

jakellama123 12-15-2012 02:09 PM

http://www.azht.net/forum/showthread.php?t=157610
Id put 4-5k and try to get a personal loan or something similar for the remainder.
Hell I bought my e30 with my credit card via paypal and just paid it off as soon as I could. My card was 0% interest for 12 months too which was cool

jdmman 12-15-2012 09:58 PM

Quote:

Originally Posted by jakellama123 (Post 2994497)
http://www.azht.net/forum/showthread.php?t=157610
Id put 4-5k and try to get a personal loan or something similar for the remainder.
Hell I bought my e30 with my credit card via paypal and just paid it off as soon as I could. My card was 0% interest for 12 months too which was cool

I don't know if I would be able to get a personal loan of that amount. but I am going to gather up some money. Probably won't actually try to get the car until February or march, gives me time to save and build i little bit more of a credit history

B16-Integra 12-21-2012 10:55 AM

Banks and Credit Unions are going to look at this:
Length of employment
Income
Debt to Income Ratio
Credit Score

I work in finance and I can tell you it doesn't matter if its a 2006 Civic Sedan or a 2002 S2000, their lending patterns are going to be the same for either car. Depending on the lender, if the car is older (lets say 10 years or older) financing it may be "higher risk" meaning a slightly higher interest rate (which you will be most likely paying because of the limited credit history). Also, your insurance is going to jump with a newer car (especially the S2000) as well with the payment.

Just some food for thought.

Jstarda9 12-22-2012 02:35 PM

If you live with your parents, get on their insurance and don't put your name on anything. As long as the car is insured, anyone driving it is insured. That's what I did until I turned 25 and got my own insurance

I am now 28 and only pay $68/full coverage on my 2002 s2000. I saved up my money and bought my car cash, since I didn't want to finance it. Maybe find a way to save $10k and find a 2002 s2000. I would suggest to not get an 01 or 02 since it has plastic window crap, carpet interior.

jakellama123 12-22-2012 03:03 PM

Quote:

Originally Posted by Jstarda9 (Post 2998750)
If you live with your parents, get on their insurance and don't put your name on anything. As long as the car is insured, anyone driving it is insured. That's what I did until I turned 25 and got my own insurance

I am now 28 and only pay $68/full coverage on my 2002 s2000. I saved up my money and bought my car cash, since I didn't want to finance it. Maybe find a way to save $10k and find a 2002 s2000. I would suggest to not get an 01 or 02 since it has plastic window crap, carpet interior.

x2 on insurance. Don't live with them but I only pay $160 total for full coverage/towing/etc on the a4 and liability on the e36. Last I checked for my prelude it would be $340 for liability under me. Definitely a deal breaker on getting a nice car

SiR Mikey 12-23-2012 09:52 AM

OP you're 20 years old. Save your money and buy whatever you want in cash. I financed an 01 s2k when I was 21 for $15k. I put $1k down, my loan came out to $270 a month, and my insurance was $160/month with Allstate. Mind you my credit was flawless and a perfect driving record. Buy an older car, take the $3-500/month you're saving on a loan and insurance and save or invest it. That car, or any car for that matter, will eat up 25-33% of your monthly income and at the end of the day you dont own it, the bank does.

I hope this doesn't come across extremely dick, I've just been on both sides of the fence. If you do decide to buy a new car, add an extremely shitty second car(your own old car, family, etc) onto your insurance as the primary. You'll get a multi car discount that actually drops your insurance

JDM_SLO 12-25-2012 06:48 AM

get a loan.. rob a bank... pay the loan off the next day... then do insurance fraud... get paid.. buy the car back at auction...


DONE DEAL./ thread.... lol

never messed with loans.. To me, it always looks like you will be over paying on the vehicle, or end up upside down.. listen to Mikey. He has good info.

jdmman 01-01-2013 10:18 AM

I appreciate all the info guys, any input is helpful. I did plan to have the registration/insurance under my parents name. And like i mentioned before, I'm not planning to show up to the dealership with 1k, I want to show up with at least 4-5k. that right there should be a big help. b16-integra you working in the finance dept...do you think that would make it a lot easier for me to get approved for the loan and have decent monthly payments? I honestly do not have the will or patience to save up 10-15k. And as far as overpaying because of financing i really don't mind as long as I can get an affordable monthly payment that won't have me stretching my neck just to get by.

berny2435 01-05-2013 05:29 PM

you might be able to get a loan on a 06 that doesn't suck but most likely 07-08 is your only hope now though. Banks don't like old cars.

Find something that will hold value that is newer to get a loan on. If you must stay Honda, an 09 civic would be a good option. Put a little down, save for another year or two, sell it and get an S. push comes to shove, you can trade it in if needed. an 09 civic will allow people to buy it private to private party in couple years with a loan.

good luck. Being responsible and staying out of debt is key at this point in your life to have better things down the road.

says the 31yr old Engineer that doesn't own a home b/c his obsession with cars has caused some issues over the years lol!

B16-Integra 01-07-2013 02:13 PM

Quote:

Originally Posted by berny2435 (Post 3007014)
you might be able to get a loan on a 06 that doesn't suck but most likely 07-08 is your only hope now though. Banks don't like old cars.

Find something that will hold value that is newer to get a loan on. If you must stay Honda, an 09 civic would be a good option. Put a little down, save for another year or two, sell it and get an S. push comes to shove, you can trade it in if needed. an 09 civic will allow people to buy it private to private party in couple years with a loan.

good luck. Being responsible and staying out of debt is key at this point in your life to have better things down the road.

says the 31yr old Engineer that doesn't own a home b/c his obsession with cars has caused some issues over the years lol!


^ This guy has good advice! Nows the time to try and get into a house, they're cheap!

Mop 01-12-2013 10:52 AM

Quote:

Originally Posted by jdmman (Post 3003716)
I'm not planning to show up to the dealership with 1k, I want to show up with at least 4-5k. that right there should be a big help.

I did this. I bought private sale for 9,650. I put down 5,650 and my mom cosigned a 4k loan. 4000 + interest / 48 months = $90/month payment. I also have two civics and a ruckus. Insurance is $220, 23 years old.

C.R.A.Y. 01-12-2013 10:55 AM

Quote:

Originally Posted by Mop (Post 3011503)
I did this. I bought private sale for 9,650. I put down 5,650 and my mom cosigned a 4k loan. 4000 + interest / 48 months = $90/month payment. I also have two civics and a ruckus. $220 for insurance.

http://data.whicdn.com/images/128935...ss6n_thumb.gif

Mop 01-12-2013 11:02 AM

Quote:

Originally Posted by C.R.A.Y. (Post 3011506)

selling shit to afford an oil change
$14 filters :(

mr.DUNK 01-12-2013 11:05 AM

K&n oil filters foo :)

taintschwacker 01-12-2013 03:52 PM

Quote:

Originally Posted by Mop (Post 3011510)
selling shit to afford an oil change
$14 filters :(

Shit!!! A guy i work with gets filters for his s2k for like $3.00 from my dealership.

Pillow Pants 01-23-2013 10:27 PM

My Credit Union gave me no issues with the 02 AP1 I bought but it had 74k Miles and was 12k after my trade and down, payments are 200 a month and insurance was not bad I think its about 55 a month I have the Vette and the Truck on there too so I am not sure its 140 a month for all 3.

Stick with a credit union, although seeing as this thread was from December you probably already found something. I can tell you if you want a bank to loan you money a credit union can help but at least having a few credit cards you make payments on helps such as a gas card something. Don't run it past 40% of the credit line and pay it down to almost paid off every month with the exception of about 20-35.00.

Either way good luck.


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