Would It Work Out To Finance A Car In My Situation?

(2012-02-02 15:30:19)

1. Andrew So Says: I am 19, i work retail, i got $3K saved up and I want to fiance a 2011 Dodge Charger, I know some of you might say to find a cheaper car or whatnot but that's the car i have my heart set on, i don't wanna get anything else. Right now i just drive whatever is in the driveway but i really do want my own car. Now with what i make, i can handle about $600 a month, (i make more but that's the most i'll go for a big bill). Now i have no co-signer, its just me, I want to know if this is possible.

Thank you.

2. Never Says: $3K down is good. But not for a 19 year old on an EXPENSIVE car.

Retail ?
To be approved for ANY car via a half way reputable lender, you are going to need a full time job earning $1500+ per month.

Or an expensive car, you probably need $2000-2500 or more per month in income.

Not many 19 year olds earn that.

Now, assuming you have no bad credit and earn $1500 per month, you might be able to get a $6-8k car with $3000 down. And your interest rate wont be the best.

Does the term "champaign taste on a beer budget" mean anything to you ?

LOL

3. Stupid Flanders Says: How much is the car? Chargers vary greatly in price.
It will all come down to your income and your credit.

If you are financing, the lender decides how much of a payment you can handle, not you.