Damn, after reading this I think I should wait. Im turning 19 in March, but damn dudes I dont want to pay basically 1/8th of a car in pure interest. Think of what I could do with that much extra money?

 

If you plan to make a big purchase in a year or two my advice would be to build your credit score up and get an account with a credit union

 

^^^^^+1

 

When I bought my first car (used) I had crappy credit and was at 17.99% through a creditor (July 2002). I then refinanced with my new credit union after about 1.5 years and it went down to 12%. By the time I purchased my mustang in March 08, I had excellent credit for a couple years and still do. I kept going back and forth between Ford Credit and my credit union and finally settled on 4.65% the the credit union. my payments were $417 after $5000 down for 66 months. it's been 1.5 years now, and I'm currently in the process of budgetting my cashflow, so I decided to refinance my car. I went back to the credit union and agreed to a 5.4% at $323 a month for 66 months. I will probably pay more than that every month but at least it helps. Because of this refinancing I will be paying approximately $2800 more than the previous loan, by the time the loan is paid off if I don't make extra payments every month.

On a side note, going to a credit union would really benefit anyone thinking about needing a loan or insurance. I also get my car insurance through the cu, and my premium was cut from $140 to $80. This was before I got the mustang and I had my first used car (2000 Ford Explorer)

It gets to be so much cheaper than your normal insruance companies because going through the cu allows you to use their "group discount".