I'm new here and I am SO in love with lightnings. The problem is I am 18 years old and I have almost no credit.

I have a good job and I average around 500 dollars a week. My only expense is paying rent to my brother of 100 dollars a week.

I do not know how the car buying process works and I was wondering how hard it is to get financing at my age without established credit. Someone told me that a large enough down payment should be good enough to get financing at a steep intrest rate. Thats good enough for me, I just want my truck!

A little side info: I am not spoiled and I work hard for every cent i make. My parents wont be helping me get this vehicle and I will be paying it and my insurance and gas/maitnence on my own.

How much are you paying a month for you're L?

I heard lightnings are considered a 2 wheel drive pickup to insurance companies. Is that true? How much are you paying in ins?

Anyone who thinks they have input please post. I need help making my dream come true!

Also, im considering joining the millitary soon. Someone told me that some companies offer discounts to millitary personel and its easier to get a car from a dealership because you have a stable income.

thanks

oh yea...HI!

 

When I bought my first car (81 Trans Am) I was in the same boat as you, no credit, I was lucky that my brother went with me to the dealer and co-signed for me, meaning that I would make the payments but his and my name would be on the contract and he would be responsible too if something happened and I could not continue paying, his credit would be damaged. I guess he just trusted me that nothing would go wrong which I was greatful for, I ended up paying off and keeping the car for ten years.

I found out that the best way to start getting credit was to try and get one of those store cards like JC Penny, K Mart etc. and start a little payment on those but don't make the mistake of going overboard you'll end up in trouble real quick, hope this little advice helps.

Later.....BERT.....AKA....DA BOLT

BTW Welcome and hope you get your wish, it's a great truck

 

your downpayment would have to be huge.....probably close to 1/4 of the truck and your rate would be probably the highest allowed by law which right now is right around 23 percent i believe. Basically you would wind up paying it off for 62 months and probably pay back close to 50-55k. I put 6g's down on mine and with a 4.9 interest rate i pay back about 42g's if i wait till the end. Good luck with it.

 

I would think a Lightning would be too expensive for your income, unless you buy an older one or have big down payment already saved up.

Your interest rate will be less if a person with a good credit will co-sign for you.

Insurance depends on where you live and your driving record (and age). Just call your agent and get a quote for a Lightning.

Don’t forget about gas money. Lightnings get about 13 miles per gallon, so if you drive a lot the gas money really adds up. I filled mine yesterday - $47 for 22 gallons.

I recommend you get a less expensive car or truck until you can more easily afford a Lightning. It’s no fun spending every cent you have on the truck.

Good luck.

 

Thats me, almost everything I make goes to the L.

 

If you are fortunate enough to get an L, then subsequently join the military, there is a law, the Soldier, Sailor Civil Relief Act, which allows service members to have their pre-exsiting debt reduced to 6%. So, if you expect your interest rate will be higher, which it may since you have no established credit, get the loan first, then sign up Troop!

 

While the Lightnings are a whole bunch of fun.......they are expensive and insurance is just getting higher. Most insurance companies are wise to the performance of the pick-up truck.

FWIW..my advice

Get your self one of those Mastercard/Visa accounts that you put up $100 or $200 in an account. They then give you a credit line equal to your deposit. As you make your monthly payments they slowly raise your account limit. Its a good way to start earning credit.

Don't give up your dream, just put it on the back burner till your income and credit rises. Hope this helps you along and Good Luck

 

edit

 

z

 

Best case scenario.............

1)Get a RICH girlfriend

2)Hit the lottery

 

Thanks for the input everyone, talk about quick replies.



i'd get a second job but i work 65 hours a week already

its all good, i love older muscles cars, maybe i can get a foxbody and hook it up. I lose two points on the "chicks diog my ride" scale but hey, fast is fast and i'm not much on honda tuning so once again thanks for the input and expect to see me around the boards asking noob questions!

ps: i was'nt considering buying an 04 - 05 i was thinking of maybe a 99' or an 00'

 

If you can find a good used one for around $15,000.00 and then have your parents co-sign for the loan, then you can keep your payment under $300.00/month (based on a 5% interest rate and 60 months). Call some insurance companies and get a quote for a Lightning and see what the inssurance payments will be. Then factor in your living expenses, truck payment, insurance and misc expenses for maintenance and fun and see where you come out at. If it's more than you can bite off right now, look to pick up a nice Mustang GT or Cobra for under 10 grand and you should have some money left over for some mods. Good luck, but just don't bite off more than you can chew just for the sake of a particular vehicle. (is giving the beer sign appropriate to an 18 year old? )

 

Dude, give it some serious thought.... don't go in over your head at such an early age. that extra car payment could go a long way towards higher learning. go get a 2 yr or 4 yr degree in something or at least consider taking classes in *something* you could have a career in at a local community college. Or the military isn't a bad option, IMHO. get yerself educated, go make the big bucks, *then* go guy the big toys when you can afford them as well as a house, etc etc..... A little hard work now will pay off big time for many years to come. You've heard all this before, but be aware that Uncle Sam is more than willing to give you loans which you can pay off after you graduate from a program. Also, there are many older but great and fast Mustang GTs and Camaro Z28s, Trans Ams, out there that can be had for a fraction of the cost of a 2nd gen Lightning. My 2 cents... Good luck.

 

Hey Sike,

As a car guy: Here are some rules of thumb and old coger gave me once upon a time.

"take your anual gross income. Devide it in 1/2. and don't buy a car that costs more than that.

**NEVER** depend on OT money for basic needs.

So.. say a fella makes $8 per hour at 40 hrs per week.

$16640 / 2 = $8320 available for a car purchase

Given your stated situation I'd say to look for either a clean gen 1 Lightning, or say maybe a nice 88-92 5.0L stang that's been warmed up already.



As a Father:

:whacks sike on the back of the head: Get your dam education first! Punk.

Rich

 

Consider 13.5 miles per $1.90 premium gallon, $200-$300 per month insurance given your age, and $400 sets of rear tires in your figuring... there's no point in having a great ride that you can't afford to roll.

Buy it now, start a debt cycle that will last a few decades. Focus on your ride now, miss out on some very important foundation steps (education, career establishment, etc.).

Wait five years or so, buy it and drive it without feeling sick every time you have to skip lunch just to have enough gas to get home.

For what it's worth from a 42 year old who feels 22 when he gets in his Lightning.