Hoov15

Ok, I am going to be a freshman in college very shortly, i mean within the next 3 weeks, and i need a car. Ive figured out how much its going to cost me where I am going to live and all that jazz and found i could afford a car payment. So i want to try and finance a 8-12,000$ Mustang. My question is, has anyone been in my shoes. I am wondering if a kid my age and going to have a decent part time job would be able to take the loan out for a car like that. Also i was wondering if anyone has had experience buying out of state from dealers.

Here are some details - for the latter question I live in PA and am going to play baseball in Alabama my dad is going to lend me his truck for 3 - 4 weeks while i adjust to college life and set up my job and such. I was wondering if I could even buy from a dealer in Bama and be able to get the plates for PA with no Issues because I am still a resident of PA for the time being.

I appreciate any help from any of the awesome members here. Ive learned alot so far, and i just need to tied this down so I know if i can get a stang finally.

Thanks for any help, it is greatly appreciated!

alfromcal846

hey welcome to the forums. what year mustang are you looking to get?. For that range you could probably get a 99-01 gt.

as far as financing goes i dont know if you can get a loan due to your age unless you have built some sort of credit and have had a steady job for sometime. Try and get your parents to help you by cosigning so you can get a cheaper interest rate and show them your responsibility.

mikev08826

Numbers are great! I love them!



You don't want a car payment. I'd go 1992 corolla w/ 131,284 miles.

(trust me...been there, done that)

If your looking for a toy buy a motorbike (less repairs, cheaper gas, & more fun)

Hoov15

Yeah, im looking for a car in that range year range like a 99-02 v6 or a 99-01 gt but what concerns me is the insurance being as im just going to turn 19 in 8 days, the insurance was going to be like 1,500 to 2,200 for a 6 month premium, as much as i want the gt, i think for my first stang a v6 is going to have to be it. Ok i know this is a little more personal but it seems like youve had some experience with this and this is my situation, My dad was just forced into retirement and our income is cut in half he still gets a decent paycheck for pension, he is concerned that he wont beable to cosign with me? Any comments on that? The only job i had was for about 8 months when i was 16 and then baseball took up all of my time so i had no time to work.


Also I want to stay away from any foreign car, i buy straight american built and on the same level i would prefer to have a vehicle with under 50k miles so i know it will last me for the years im at college

Thanks for the quick response and help! I am still looking for peoples experience in this to help me out

hotrod7687

You're right about the insurance. Mine was almost $200 a month for an '01 dodge 4x4 until i turned 25, a mustang would be even higher. If you buy from a dealer you will have to get full coverage also. I bought my first car when i was 21, and I had to find a cosigner. It wasnt that I had bad credit, just not enough to be able to get a loan for more than a couple thousand. If i were you I would look at buying from someone other than a dealer, and just taking out a misc. loan at the bank. That way you could get around having to have full coverage on it.

Hoov15

Well because its a mustang i plan on owning it for a number of years and hopefully will find some spare change to do some bolt ons and what not, what do you mean by full coverage, ive been messing around with allstate/geico/progressive and it seems to get a decent policy on a mustang that year it would be like 150 a month on the v6 the gt just crushes insurance. yeah im kind of sitting on 8-10 thou right now and hopefully i should be able to get my dad to cosign

hotrod7687

Full coverage means that your insurance will covers your car and the other persons vehicle. Liability insurance only covers fixing the other persons vehicle if you are found to be at fault in the wreck. Dealers generally make you get full coverage because the car somewhat belongs to the bank until you get it paid for. If you have 8-10k right now you should be able to find a nice fairly low mileage veh for that price range. Check the local classified ads in your area, im sure you can find something in that price range.

Hoov15

I am talking about financing a 8-10k vehicle, I will probably put 2-3k down on it to make the monthly payment a bit less, and technically i kind of want my car to be insured so the extra money there doesnt bother me to much

hotrod7687

Sorry i misread about the money. I agree on the insurance, I dont think i would have another car without having the full coverage, you never know around here when a deer will decide he wants to play chicken [:@]

alfromcal846

hey about the cosigning part. just go to a lender and see what they can give you. And if you are looking for full coverage insurance its gonna be expensive. If you want you can get liability which is what i have its probably half the price as i pay about 115 a month but i am under my parents policy and have had an at fault accident already.