Troubles for me financially...

[DrYeRLiNt]

Long story short my parents were helping me pay for my car through college (they would pay half insurance, and 100/month on the car payment while I pay the rest and for my education, they offered this deal to me because no one in my immediate family has gone to college, and they have high hopes for me as their last kid, and one thing a college student needs is reliable transportation).

Now... my mom has blown up the motor in her car (doesn't bother to look at the temp gauge or change the oil), and she has had a spending problem for the better part of 30 years. They are on the verge of divorce, and obviously with that comes a problem for me. I can't afford my education, the cost of this car (~$480/month payment, nevermind insurance, maintenance, gas, etc), my cell phone, and everything else.


I have a credit score of about 700 (698, 702, 702 by the 3 credit bureaus). However, I have a very short credit history. How likely am I to get financing for car? Also, would I be better off financing through a dealer or a bank/credit union? I know that most banks/credit unions will not finance older cars, but I feel that this is the only way for me to be able to comfortably afford a decent car (think early-mid 90's).

On the other hand, there is the option of finding a decent 65-68 coupe that is in good shape for about 4-6k (more than likely a 6 cylinder or auto to be that price) and trying to finance that. The insurance would be LOW, gas wouldn't be horrible, and financing could be easy (or so I've heard about classic cars?).


Sorry for the length of my post, I just want to explain the situation clearly. Thanks in advance for your guys help!

 

[bone]

sorry bro,go to a dealership they can almost always get you approved somehow, get something cheap and reliable and stay in college don't be like me didn't go and now i have to work my ass off to pay for everything i have including my wife's bills, good luck make the right move

 

[The Gixxer]

sorry dude

I am not trying to be a jerk nor do I want to come off as one man. I feel sorry for you seeing as your situation kinda suck's. However don't ever expect for your parent's to pay for anything. I work for everything I have and I work hard for it even though I go to college. I hope everything work's out the best for you and your parent's.

 

[DrYeRLiNt]

I am not trying to be a jerk nor do I want to come off as one man. I feel sorry for you seeing as your situation kinda suck's. However don't ever expect for your parent's to pay for anything. I work for everything I have and I work hard for it even though I go to college. I hope everything work's out the best for you and your parent's.

I don't, and the only reason I even got this car is because they insisted on me having a nice, reliable car for college, and look where this got me.

 

[The Gixxer]

ok

Ok well if you think the car is the root of all the prob's sell the car. Give the money to your mom and dad and then go out and finance your own man.

 

[DrYeRLiNt]

Ok well if you think the car is the root of all the prob's sell the car. Give the money to your mom and dad and then go out and finance your own man.

I plan on selling it, or telling them to. Mostly I'm just curious as to the best route to get a good cheap car? Go really old and look for something taken care of? Try to find a good deal on a early to mid 90's car at a small/big dealer?

 

[The Gixxer]

ok

If you want a cobra my friend has one. The cheaper monthly payment's.... would help out. His cobra is a 98 cobra vert. Yellowish. Has something like 30k on the odo. He pay's like $320 a month on the car and pays like $150 a month on insurance. You don't really need a cell ... do you ? that is another way to save money.

 

[DrYeRLiNt]

pretty expensive to get out of a cell phone contract, and they aren't that much. I don't think a cobra is a good idea for me just yet, not making as little as i do each month.

 

[The Gixxer]

ok

If your in a contract I would say you might as well get out. Depend's on who you are with and what the fee's are for getting out of a contract. Who know's man that would save some money and get you out of something.

 

[BuckChoklit]

You'll come to learn, the only person you can lean on is yourself.

 

[Steve@TF]

i say sell the civic. help your mom fix her car, buy yourself a cheap car (something around $2k or so) and just lower your cell phone rate to the most affordable plan. that will keep you from having to exit your contract (costly) and will also help build your credit.

you can find PLENTY of good reliable cars out there for $2k or so. take out a small loan or use any money left over from the current car sale.

 

[ampstang]

I had to pay for all of my college. Until my junior year of college I had no car (even though I had a '66 mustang sitting at my parent's house). I went to school over 17 hours per semester while working during the nights and getting a decent amount of partying in during the weekends. Unless you both have a full scholarship and are thrifty with your money, you will not have debt initially. I did not have a free ride, I worked a lot, and left college with a ton of payments. Now everything is paid off due to good use of my funds. Calculate the total amount it will take you to live only on necessities. Give yourself >$100 for fun. Where does that leave you? Through just over one year of work making around $40K/year I eliminated my $20K college debt and paid off my new mustang GT. Make a plan for yourself. Do your own finances and figure out the max and minimum amount you can spend each month, and how long it will take you to eliminate debt with each of the max and min values.

 

[ON D BIT]

you need a budget, and you need to stick to it.

where are you going to school, how much does it cost. the cheapest way through school, is

state juco for 2 years(aa degree) - i paid $13 a unit back in the late 90s. in state college for the final 2 years - about $12k a year.

working 30hrs a week school in session and 40hrs a week during the summer should net you $15-20k fairly easily. this will pay for your education as mentioned above. if you want/need a little more it will be fairly easy to get a school loan(maybe 5k a year). dont finance your entire schooling. dont finance any car while in school(spending a months salary on a beater is the better route).

once you figure out income and outgo every month while in school you will be able to answer a lot of questions on your own.

its alright to put off school for a semester to help out your family, you can always go back to school. but always remember the longer you wait to go back the harder it will be.

 

[FordSVTFan]

First off, you have a $460/month payment on a Civic? WTF? Second, buying a 40 year old mustang isnt reliable transportation. A credit score of 700 should get you financing, as long as you have an income stream suitable for the amount you wish to borrow.

 

[DaleM]

You'll come to learn, the only person you can lean on is yourself.

My family must be an anomoly. They were there when I had trouble and I have been there for my kids as well. I am currently divorcing a lady like his mom. That was the best financial decision ever made.

 

[KingCobra03SVT]

I would definitely go through all of your finances and make a budget. You can see where you have money and where you dont and can make changes accordingly because sometimes things seem worse than they really are and they arent.

You need a reliable transportation for school. Your going to need a cell phone for communication purposes even if you have to find a cheaper cell phone service/supplier.

I know some people who use their student loan to pay for their car payments, pay off their car, or other things to take care of matters. You could take a student loan just enough to pay for your car for a year or so. Then you dont have to worry about that and can focus on things like school. That might be a very feasible idea for you. A year is plenty of time to get things together like possibly help your mother fix her car or something. I think this would be a really good idea. You can keep your car and help your family/mother at the same time. I say that because some loans dont have to be payed until you graduate! So you would have plenty of time. The loan would be very close to $6000 if you applied just enough to pay for your car payment for a year. which isnt alot to pay back. Their are students who have $50,000 racked up in one year of college (dorms, tuition, etc). Looking at it this way doesnt sound too bad right???

 

[SVT F15O]

First off, you have a $460/month payment on a Civic? WTF?

I was hoping someone else would say it. How the hell do you pay $480 a month for a Civic>??? What is the term>??? :uh oh:

 

[CalcVictim]

try to get rid of the car and pick up an older Civic or a Sentra, maybe a Corolla. Small Japanese cars are reliable and cheap to maintain.

 

[DrivenVA]

First off, you have a $460/month payment on a Civic? WTF? Second, buying a 40 year old mustang isnt reliable transportation. A credit score of 700 should get you financing, as long as you have an income stream suitable for the amount you wish to borrow.

+1

As a college student, you do not need to be shelling out that much money for a car, especially a civic. I didn't even buy my first car until I was out of college, but I went to school in Philadelphia so getting around wasn't really hard. That may not work for you.

Sell the civic and buy a late 90s Honda accord or something for 3k. It will be just as reliable, insurance will be cheaper, and you will save $400/month on car payments.

Good on you for not thinking its wise to buy a cobra. Conserve your money, study hard, and then buy your dream car when you get out of college with as little debt as possible.

 

[YesterdayAgain]

Who the eff pays $460 a month for a Civic?

Also, good thread...I'm in trouble financially, how do I finance a car?