I want to buy a 42,000 dollar truck, but only make $8.03 an hour, will I be able to afford it?

Question

I am estimating a 600 dollar a month payment ( not including vehicle insurance) I work at a hospital. Work 12 hour shifts, about 3 times a week. Monthly paycheck about 600 bucks. Will I be able to afford this truck? I really want it, my dad says I won't be able to afford it. But if he co-signs for me ( being he has excellent credit. Will I be able to get the truck?

Answer 1

Contrary to every other answer so far, I say YES you can afford it. If the payment is $600 a month, and you make $600 a month, then mathematically yes, you can afford to pay for that car. But, theres always a but.... If you do, you will not be able to register it, get it inspected, insured, pay taxes, pay for gas, oil changes, maintenance, tires etc. And that's just for the car, what about rent costs, groceries, utilities, other daily expenses? Cell phone bill etc? If you are 100% fully dependant of your dad for every single penny you spend every single day, then yes, go for it. If you want at least 1 penny to your name, then the answer is OBVIOUS, NOO!!!

Answer 2

I have a Pathfinder 2005 that cost me $25K and pays close to $470 for 6 years. I put $5K down and got a loan for 6.25%. The insurance is $1,200 a year.

In my case I have excellent credit and $200K a year to back me up. Still I don't waste my money in luxury or jump into things like this because I can afford it.

My suggestion is that you don't follow your impulses in getting this car, which after less than a year you will feel is a worthless investment and is draining your resources.

Also, if you have financial problems later on to get rid of this car you will loose even more money as you will not be able to sell it at the same price of your loan balance and you will need to take a hit (couple of thousands) for the difference in sales or trading price.

Anyway, is not if you can afford the car. The question is will you have to give up other things like going to concerts, travel, food, movies, etc... just to have a nice car that you only can drive 20-40 minutes a day (yes you mentioned you work 12 hour shifts) and will not be able to enjoy?

The dealer sharks will give you the loan, make no mistake about it. However, it will not go into your favor. Usually they give you an interest rate (greater than 13%) that will make almost impossible to payoff the balance in 6 years and you will be paying $600 when the car is a pile of junk that does not worth anything for a trade-in.

Get a car below 16K. When I was earning $800 a month I had a chevrolet cavalier and I still use it when I go to my vacation house in Puerto Rico.

By the way...I wanted the Nissan Armada with full powers! $42K or the Nissan 350z $30K. The price and my reality (two sons) made me think that I could not get either.

I might get a sport car, a boat, or rv later, but for now it is out of the question.

Answer 3

My husband and I have both been homeless or with a home but too poor to buy much food (even with foodstamps) and we went to the food banks for 'donated food' ... MOST OF IT WAS NOT GOOD FOOD ... people give 'outdated' cans they should throw away, broken (smashed) pasta, mixed dried beans that need different amounts of soaking and cooking time ... even vegetables they don't want to eat because they are wilted and dried out. When I give to a foodbank (which we do regularly) I go to the store and buy NEW basics ... boxes of pasta (the best they have, too), NEW cans of food, fresh flour, fresh vegetables, canned meat and canned juices, baby food in all varieties ... then I take it and drop it off with a 'I hope this helps' and a big smile ... if I hang around, I tell the people that we once were where they are, and we have money now, so we are just 'paying back' what we were given ... and people hold up their heads and think that they are just 'down for awhile' instead of being 'down forever' ... it's not SELFISH to feed a person who needs food ... an old person, a worker, a mother, a father, a child ... PEOPLE DESERVE TO GO TO BED FEELING FULL AND KNOWING THEY'LL GET FULL THE NEXT DAY, WEEK, MONTH, YEAR. Donate GOOD FOOD (even if it means you must eat a bit less for a day or two a month) and the world will be a BETTER PLACE for ALL of us!

Answer 4

Honestly you cant afford it but I do have a suggestion. If you buy a vehicle at 15,000 dollars or less your payment will be around $250 dollars a month give or take. And 15,000 dollars should get you a fairly newer vehicle that is still in nice shape so that is an option for you. And since it will be financed the insurance will run you approximately $200 dollars a month. If the vehicle and insurance is your only payment and from what you say i assume it is you can pull it off. But you do also have to figure in it is a five year committment so if you are going to be living on your own in that time you will have to get another job to live on. Its up to you and your parents. I bought a new vehicle when I was 18 with my parents help and had it paid for while I was in college but I also lived at home the whole time. Just make sure you think it all out and get quotes.

Answer 5

Hahahaha!!! I'm 17 and I make more than you do! I get paid about 9.50 an hour and I can barely afford my $10,000 car. You should not have a $42,000 truck unless you make at least 50 grand a year. And that's if you have no kids and no wife.

Answer 6

You make less than what your payments would be on this vehicle. And that doesn't include the monthly insurance costs! If you have anything to put down on the purchase price it might lower the payments a slight amount.... however you won't be able to afford to go anywhere.

Obviously you are young. You have lots of time in your life to have the truck or your dreams. For now lower your expectations and get a truck that costs less. One that you can afford and still have money left over to expenses.

Answer 7

Your dad should not be put in the middle of this. You want the truck and you should be able to afford it on your own. If you cannot afford it on your own, then you need to come down from that place of wishful thinking and do the practical, buy another car or truck, pay for it and establish your own excellen tcredit and then you can afford to get your own truck at that amount on the next model or two.


Don't put your father in a predicament that if you fail to pay the loan he is responsible, he worked hard and it is his credit and not yours.

There is an old song that says "GOD BLESS THE CHILD WHO GOT HIS OWN!"

Now helping you is one thing, but co-signing on a loan of that magnitude is another.

Answer 8

Absolutely not. No bank in thier right mind is going to finance you, even with a huge down payment and a co-signer. It isn't possible. Your income is not strong enough to support it.

I think you answered your own question: You make $600 per month, and your payment (you think) is going to be $600 per month. How are you going to pay for insurance and gas?

In reality, you're looking at $700 per month payment, and that is financing for 72 months, because your interest rate will be through the roof, because you are considered a higher risk.

Answer 9

Let's see, you will have $600 a month payments, you make $600 a month.

Who's paying for gas?

Whos paying for Insurance?

Who's paying for your meals?

Place to stay?

Girlfriends?

Your dad is an idiot if he co-signs this for you. He will be stuck with the payments or his credit will suffer.

Lower your sights, dude. Grow up and think like an adult. We all started out with something we could afford.

The truck won't make you more of a man.

Answer 10

Dude, where's my car? Hey, look stick to an auto that is within your means. Youngsters tend to go over their head, and if problems arise, such as a lay-off, you get yourself in a credit bind. Don't wear yourself thin just to make yourself look impressive behind the wheel, keep your credit clean because later, you will want a home and trouble with an high cost of an auto isn't worth the strain.