2007-11-24 18:33:17 · 6 answers · asked by DaKidWonder 2 in Business & Finance ➔ Other - Business & Finance
If your going to college and paying for it yourself, then no! You don't want any added expenses. Believe me!!!
2007-11-24 18:36:53 · answer #1 · answered by smontgo 2 · 0⤊ 0⤋
Speaking as a former 18 year old I can tell you
1. Its a bad idea to take out a large loan on a depreciating asset like a car when you dont have much money
2. Old cheap cars often cost as much as newer ones after you have repaired them many times.
So - if possible I would not get a car for a while, save up a substantial amount, when you get within $3000 - $4000 of the price of a reliable car, take out a loan then, and buy a reliable used non clunker.
As a tip - if you wanted a car that is the best value possible look for a car 10 years old, but with very low kilometres (and books to prove it). It will be cheap due to depreciation, but mechanically good due to low miles.
2007-11-24 18:41:43 · answer #2 · answered by pete the pirate 5 · 0⤊ 0⤋
What is your source of income?
Do you make enough money to make the monthly payments ?
What is the percentage rate on the payback? How much will you finally pay back?
You would be better of saving until you have the $3000.
What about insurance. More Money than just $3000.
2007-11-24 18:43:52 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Depends on the car. $3000 is a lot. I didn't know there were financial institutions that loan more than $700.
2007-11-24 18:41:05 · answer #4 · answered by perfectlybaked 7 · 0⤊ 0⤋
Only if he/she has a solid plan for repayment and has demonstrated the ability to make timely payments. Also, the car must be able to withstand the life of the loan...is it reliable?
This loan, treated responsibly, could build a lifetime of good credit and good spending habits. Conversely, if treated unwisely, it could wreak havoc on the rest of his/her financial future, by creating poor money habits! Good luck!
www.ChangeStartsToday.com
2007-11-24 19:06:45 · answer #5 · answered by ChangeStartsToday.com 1 · 0⤊ 0⤋
first make sure the car is worth the three grand and if it will out last the loan. if you have a job to pay it off and you need a car, then yes. make sure you get a low interest rate! i got charged 22.5% on my first loan :(
2007-11-24 18:39:43 · answer #6 · answered by chickylets 1 · 0⤊ 0⤋
If you think you can make the monthly payments on time, yes. You have to start learning responsibility somewhere, but you will most likely need a cosigner.
2007-11-24 18:38:00 · answer #7 · answered by ♥mama♥ 6 · 0⤊ 0⤋