Wow its been about 2 weeks since I last posted but I need your guys' opinions on something. I am still determined to get an SRT-4 once I pay off my car and my dad lets me sell it. I am hoping to get $5,000 for it in about 2 years when it is paid for. Now a $5,000 down payment isn't bad but then I would have to pay insurance and monthly payments. I was talking to my friend Chris who bought a 04 Mustang GT a while back, but he gota $16,000 loan from the bank and his dad cosigned so that intrest would be less. What do you guys think about getting a $10,000 bank loan and using that and the 5k from my car to get an SRT-4?

 

For a $10,000 bank loan, you looking at $200-$220 a mionth for payments, then add in the $300 for car insurance...then you have to add in the cost of gasoline, cost for maintenance (oil changes, brakes, tires, etc...). So just make sure your monthly income is enough to cover all of those area and have a little comfort zone just in case.

 

Breaking down all the different payments and things that I would need done for the car (maintenance) I think that it might actually be about even.

$5,000 down w/ monthly payments (no loan)
-Monthly Car Payments
-Insurance
-Gas
-Oil, Tires, Other Maintanence
-No loan and/or interestpayments

$15,000 using 10kloan
-Car paid off
-Insurance
-Gas
-Oil, Tires, Other Maintenance
-Pay loan and interestoff

I guess that by looking at the bigger picture then I should just put 5k down and pay monthly. With the loan I would have to keep paying off the loan and interest will keep accumulating. Of course I do want an SRT-4 asap so a loan is appealing and the car would be fully paid off. Plus if I get one cheaper than 15k then I could put the difference back into repaying the loan...

 

there is black srt-4 being sold for 9 thousand by house. 04's are going about 12 to 15 on auto trader some as low as 10,000. I want an srt-4 so bad or an evo so i just have to wait till im out of college

 

i am going to be stupid and get one DURING college, freshman year (hopefully)no less. It will take 2 years for me to sell my car and i am currently a junior in HS.

btw: my friend chris who got the $16,000 loan, currently owes the bank $18,000. he told me not to get more than 10k from the bank or it would take to long to pay it off

 

Most banks will only give a 5 year loan maximum on a used car anyways...and thats assuming the vehicle in question is 3-4 years old to begin with...the older the vehicle, the less money they will give, the shorter your loan term, higher the interest, and higher monthly payments.

 

He got his 04 used almost a year ago I think. LikeI said before his dad cosigned so his interest is only 5.1% or 5.4% instead of the 8+% it was going to be. Hopefully my bank will be nice and give me what I want lol.