So I’m just a kid and want to finance my first car; I would like your opinion?
I’m 19 years old, have a decent-paying stable job, am about to go live on my own.. I can afford this all. I currently drive a 1998 v6 Mustang with 104000 on the odo, and it’s getting tired..
I am a pretty tall and pretty big guy, and I fit into my Mustang just fine… I am thinking of buying a slightly used Corolla S, a 07 or above model.. I want an opinion..
1- Since I am 19, I only have a few student loans, credit cards, car ins. and phone bills on my credit history. Will I get proverbially raped with the interest rate?
2- I’ve had four cars in three years.. Two were junkers, one was a GMC Sierra that got 8mpg, and then my Stang. I lose interest because they are impractical; I hate two doors… Do you think a Corolla would answer my problems?
3- Is it worth financing a car to build my credit up? I can afford it without a shadow of a doubt, but 12 to 15k is a big purchase for a kid like me.
I appreciate your input.
Hey there.
I am going to take a wild guess and assume you like your cars.
I am a mortgage broker and know for a fact you do not need a credit rating to get a car loan this is a myth, in Australia anyway, probably a rumour started by car finance co’s.
I would suggest that if you have a secure job in the govt and a secure relationship, buy yourself a property.
Because in 5 – 10 years you will be financially secure, probably have several investments properties and can buy all the cars you want?
I only wish someone told me to buy a house when I was 20, I would be retired now and I am only 36.
HOpe this helps
Wayne Costello
