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Is this a suitable D/P?

1729 Views 23 Replies 10 Participants Last post by  HunterA
I was just wondering if around 8000 is good for a d/p, i am 19 in college and wait tables for a good amount of money and I want to have fun for the rest of my college days. I make about 60/day.
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Your 19, I wouldnt put myself in that much of headache. Like the guy mentioned before, you will be paying around 510 bucks a month. But that is a 5.5% interest. If you dont have a co-signer you are looking at a higher interest. Probably in the 8 to 10% range due to not having any collateral. At 8% it comes to 550 bucks a month and 10% it comes to 575 bucks. Dont forget the insurance. Depending where you live it might run you from 1200 a yr if you have a clean record to 3500 if you live up north. So over all, if you want to have a car and drive it, you are least looking at 1000 bucks out of your pocket each month for gas etc etc.

This means u have to work least 20 days a month! Freak that, get urself a normal car and get a better one when you grad. Not worth the headache of a fancy car when u cant afford dinner for the girl you just picked up!
If you make around 3k a month you should be fine. Im only making 2k a month after taxes and I am looking decent. If you are single that is. If you get a 6% apr and fin for 60 month with 10 down it is 430 bucks a month plus around 150 a month for insurance. That leaves u least 2.3k a month for other things. Remember to figure out what u have after tax!!
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