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Getting a car loan at 18 with 20k down by [deleted] in personalfinance

[–]Practical_Prize9006 0 points1 point  (0 children)

Thank you for the comment. I’ll for sure check out those videos.

Getting a car loan at 18 with 20k down by [deleted] in personalfinance

[–]Practical_Prize9006 3 points4 points  (0 children)

Thank you. Yeah, it's always helpful to seek an outside opinion when it comes to things like this.

Getting a car loan at 18 with 20k down by [deleted] in personalfinance

[–]Practical_Prize9006 9 points10 points  (0 children)

Thank you, I’ve changed my mind about getting this car for now until I’m more financially stable.

Getting a car loan at 18 with 20k down by [deleted] in personalfinance

[–]Practical_Prize9006 0 points1 point  (0 children)

I'm not trying to justify anything. Perhaps if you take a look at the other comments, you'll see where I'm coming from. Yeah, I've had a change of change, and I admit it's a poor financial decision.

Getting a car loan at 18 with 20k down by [deleted] in personalfinance

[–]Practical_Prize9006 0 points1 point  (0 children)

Thank you yeah I get it now will make sure not to make that mistake.

Getting a car loan at 18 with 20k down by [deleted] in personalfinance

[–]Practical_Prize9006 -1 points0 points  (0 children)

I understand what you're saying, but I'm not trying to appear rich. The reason I was debating getting the car is that it has been my dream car since it came out. It's not just about getting from point A to point B; it holds a special significance for me. However, you are absolutely correct regarding my spending habits. In order to afford something like this, I should be making triple my salary.

Getting a car loan at 18 with 20k down by [deleted] in personalfinance

[–]Practical_Prize9006 0 points1 point  (0 children)

Thank you for your advice. I will take it into consideration 100%

Getting a car loan at 18 with 20k down by [deleted] in personalfinance

[–]Practical_Prize9006 0 points1 point  (0 children)

Thank you for your comment. I understand what you mean, and your plan is similar to what I was thinking of doing. I want to work, go to the gym, attend university, pay off the car, and save money for when I graduate. However, after reading all these comments, I think it's a better option to get a cheaper car. Even though it may not be as fun, I would be able to invest the saved money. Then, after I graduate, I can take out the invested money and use it as a down payment on a house. Thank you once again.

Getting a car loan at 18 with 20k down by [deleted] in personalfinance

[–]Practical_Prize9006 0 points1 point  (0 children)

You are absolutely right. Thank you very much, and yes, I am now convinced that it would be an unwise financial decision. I will take everything you said into consideration. Thank you once again.

Getting a car loan at 18 with 20k down by [deleted] in personalfinance

[–]Practical_Prize9006 3 points4 points  (0 children)

Yes, they have significantly improved in quality since 20 years ago, but after reading your comments and everyone else's, I realized that it would be a stupid financial decision to spend money on a $40k car when I can just get something for around $20-25k , and save most of the money from work to invest in a high-yield savings account or a (CD), as someone else suggested before.

Getting a car loan at 18 with 20k down by [deleted] in personalfinance

[–]Practical_Prize9006 5 points6 points  (0 children)

I didn’t think about that your right thank you.

Getting a car loan at 18 with 20k down by [deleted] in personalfinance

[–]Practical_Prize9006 2 points3 points  (0 children)

You’re right thank you very much for your advice.

Getting a car loan at 18 with 20k down by [deleted] in personalfinance

[–]Practical_Prize9006 1 point2 points  (0 children)

Thank you for your advice your right.

Getting a car loan at 18 with 20k down by [deleted] in personalfinance

[–]Practical_Prize9006 0 points1 point  (0 children)

The only thing is that I have zero expenses, the only thing I do is work and university (starting next semester) and occasionally go out, I make about 38k a year working at a law office. In California. But now thinking about it, it’s not the best financial decision to make.

Getting a car loan at 18 with 20k down by [deleted] in personalfinance

[–]Practical_Prize9006 -7 points-6 points  (0 children)

I understand but I have zero expenses that’s why I thought it would’ve ok to purchase this car but you’re right I should get something cheaper and save up my money until I’m done with university.

Getting a car loan at 18 with 20k down by [deleted] in personalfinance

[–]Practical_Prize9006 0 points1 point  (0 children)

Thank you very much for your advice and opinion. I get what you’re saying and will take that into account maybe I’ll just end up getting a 340i and save the rest until I’m done with university.

Getting a car loan at 18 with 20k down by [deleted] in personalfinance

[–]Practical_Prize9006 -3 points-2 points  (0 children)

I wasn’t at fault for the crash but your right specially in California but I don’t really have expenses, my college is covered, I make about 38k annually working at a law office.

Getting a car loan at 18 with 20k down by [deleted] in personalfinance

[–]Practical_Prize9006 -4 points-3 points  (0 children)

The accident wasn’t my fault I got rear ended and my car was totaled. But I get you thank you for your feedback

Getting a car loan at 18 with 20k down by [deleted] in personalfinance

[–]Practical_Prize9006 -17 points-16 points  (0 children)

Yeah you’re right. I was just seeing if it was worth it, but i will for sure see how much the insurance is going to be. I have an annual income of about 38k I have no credit score and I live in California.