Attention young buyers!

[Miamimatt]

if your living at home i think it has a lot to do with it. it makes the payment easier when you dont pay rent or mortgage. I say if you are young and you save then great job guys. When i was 20 i got a new GMC sonoma. granted it was only 15k. I wish that i had saved more when i was younger but now im getting my new camaro and im 27

[bumblebee123]

Originally Posted by OUR72GTO

Well in Vancouver right now if you are under 24 and driving a new V8 anything the cops believe odds are you are gang related.

Really?!? I'm from Vancouver too and just turned 23 few days ago.. Fortunately I don't look 23, I think.

[TheMadHatter99]

I'm graduating college this year so I can relate to the difficulties many people are facing.

Fortunately I'm in a fairly good position vis-a-vis finances for the Camaro. I have a car to trade-in that should net a conservative $10k for a down payment. Additionally I am military so I have a guaranteed pay check after graduation (and a pretty decent one at that) and I have access to USAA's generous loan terms. I'm also hoping for either military discounts, recent grad discounts, or both.

I haven't placed my order yet because I want to get settled down at my next ship first, but I should have placed my order by the end of this year. I'm going to be following a strict budget I devised that will allow me to allocate approximately $450 per month for either a larger down payment or for monthly payments. Obviously I'll have to take out a much longer loan (looking at 72 months) to get the car I want at the payments I can afford, which will ultimately mean I've spent quite a bit extra on the car than I would otherwise have to, but its worth it to me.

In short, I'm budgeting, getting lucky with the bank/terms I have access to, hoping for some discounts, and have a decent size down payment courtesy of a trade-in.

[edog]

My hats off to each of you. I think those of us who have been around a while forget our times were different. Even though there are only 15 to 30 years difference, that is a huge difference in incomes. I recall back when I got my first job the hourly rate was only 3.60 an hour (kings Dominion in VA 1985). The vehicles were not as expensive, but for a vehicle of this calibur they were not cheap enough. We did not have computers at home to occupy our time and for me, my father was not in the upper income bracket.

Younger people now a days have many jobs they can do and earn a premium doing them (i.e...computers and telecommunications). With the help of at home living and premium incomes younger people are able to get things faster than we could in our day. It still requires the same dedication and commitment to savings as we had to do, just not as long.

Great Job to those of you who are younger, and who have chosen to follow your desires. I look forward to meeting you at a light some day to teach you experience is only improved by time. There is no fast track...LOL!

Let the rubber melt on the asphalt.

[diddiyo]

Originally Posted by The_Blur

It is very important to make sure you have a large down payment when being a young buyer. You will get abused by financing charges.

If you'll be able to get a loan at all that is. without a co-signer at least.

Originally Posted by trudawg660

am 22, i plan on buying without a downpayment, and the bill would be high but i can manage it.

good luck with that. i've told the story several times already but here's it again: i was a first time buyer at age 25, i tried buying a 29k challenger with a 10k downpayment with a +750 score and they said "noooope!"

right now i have a 13k down payment for a 2LT/RS but who knows if i will get a loan any time soon ;p

[nUcLeArEnVoY]

Originally Posted by diddiyo

If you'll be able to get a loan at all that is. without a co-signer at least. good luck with that. i've told the story several times already but here's it again: i was a first time buyer at age 25, i tried buying a 29k challenger with a 10k downpayment with a +750 score and they said "noooope!"

What? My credit score is probably not as high yet when I told a Dodge Salesmen that I had 12K in line toward the new Camaro, he tried HARD to sell me a Challenger they had. And I am only 21. I don't understand how you could've been declined - with that much down, you're essentially financing a moderately loaded Civic which is a car plenty of first time buyers even younger than you are able to get.

That dealer must be stingy or something.

[trudawg660]

Originally Posted by diddiyo

If you'll be able to get a loan at all that is. without a co-signer at least.


good luck with that. i've told the story several times already but here's it again: i was a first time buyer at age 25, i tried buying a 29k challenger with a 10k downpayment with a +750 score and they said "noooope!"

just because you have a good credit score doesn’t mean you can get a loan, you have to be getting paid enough money. You can have a bankruptcy (example) with a good credit score. but when they see that bad thing on your credit report you get denied. I refinanced my car about a year ago, and with the money i earned and the credit score i had at the time they was going to give me 28,000 dollars, and the car was only worth 15,000. i make almost 7000 more a year now, and my credit score has earn another 30 points.

[diddiyo]

Originally Posted by trudawg660

just because you have a good credit score doesn’t mean you can get a loan

yah i know. i'm pretty sure it's because i only had a credit card for 1,5 years, never needed one before and never even came close to maxing it out though etc.

funny side note, a few days after i got declined, my bank tripled my credit limit. maybe it'll help with a camaro loan. i won't know until i try.

[SpeedySoldier]

lol, im military and my wife is makin bank, marry rich thats my advice, lol actually i have a stellar credit score and im gonna put in the ballpark of 20k down, also for you guys who live at home, thats not necessairly a good thing, timely rent/mortgage payments on a credit report say alot to financing companies

[trudawg660]

Originally Posted by diddiyo

yah i know. i'm pretty sure it's because i only had a credit card for 1,5 years

Thats the good thing about a job you know you wont get fired from, and the banks love it. you can get a loan with bad credit if you are in the military sometimes.

[Vash]

Yea it can be done young but requires discipline if your low on income. It's doable.

Just make sure you work up a budget and fit those expenses into your life. You don't want a repo that stays on the record 8 years.

[Chevyrocker]

Originally Posted by trudawg660

Thats the good thing about a job you know you wont get fired from, and the banks love it. you can get a loan with bad credit if you are in the military sometimes.

You could also just do direct deposit if you're part of USAA. They are much more likely to approve you then.

[trudawg660]

Originally Posted by Chevyrocker

You could also just do direct deposit if you're part of USAA. They are much more likely to approve you then.

they also give you .25 off your apr, if you start direct deposit, and do your application online.

[zzz28zzz]

I am not a young chicken any more. The economic climate has changed since I was. Until a few months ago vehicle loans were some of the easiest loans to get. They were a good way for young people to build/start their credit history. Times have changed. Plan on needing a good down payment, and/or a large salary.
My wife owns her own business and so do I. Mine is part time and I also have a full time job. 20,000 down payment....Hopefully they will loan me the other 13K