Buying my car..HELP!!!

[SuperSpeeder]

What do you drive now?

my car...lol
its just not in my name

You are talking about going into debt and through lots of obstacles for a small amount of cash on a used car. Id recommend you save your cash, stay out of debt, and keep your current car even if it isn't yours. Then in a couple years, you will have much better options.

my current car is the car id be buying. lol
My step mom wants me to insure my car on my own policy. My car is not in my name so my rate is like $255 a month.....
If I buy the car from my step mom...around $6000. Then I can put it in my name, and put it on my moms insurance policy for around $150 a month....

The car i drive is a 2008. Bought new in 2008. I want to buy it and pay it off so it can be put into my name....

[switch626]

What is the car worth at this point? The problem you are likely to have at this point is negative equity in the existing loan. Been there, done that!

If you like the car that much, you can try to get the loan for it. You might be better off trading it in for something else (if you can find the right car). The dealer finance department can often work wonders. They know what to do and are motivated to do it.

That said, you have to live with the results of what you chose. If it is another car, do your research and find the right one for you. I would investigate both options if I were you.

Perhaps the best place to start would be to do more shopping for insurance. Even a modest reduction there could be enough that all the other BS isn't worththe effort.

[ivirovets]

What you need is more work. I'm a full time student,junior, graduating early, applying to medical schools, work two jobs, bought my current car two years ago for 13K on a 5 year loan, I currently have less than 4K to pay off. Just find a job that isn't too stressful, and trade the car on something rather than paying it off, because the negative equity is gonna be painful, like switch said.

[SuperSpeeder]

What you need is more work. I'm a full time student,junior, graduating early, applying to medical schools, work two jobs, bought my current car two years ago for 13K on a 5 year loan, I currently have less than 4K to pay off. Just find a job that isn't too stressful, and trade the car on something rather than paying it off, because the negative equity is gonna be painful, like switch said.

What is negaitve equity??? Its go 30K miles is in perfect condition...KBB is like 10 grand...

[dtraill27]

What you need is more work. I'm a full time student,junior, graduating early, applying to medical schools, work two jobs, bought my current car two years ago for 13K on a 5 year loan, I currently have less than 4K to pay off. Just find a job that isn't too stressful, and trade the car on something rather than paying it off, because the negative equity is gonna be painful, like switch said.

What is negaitve equity??? Its go 30K miles is in perfect condition...KBB is like 10 grand...

Negative equity is owing more than the car is worth. Say for instance you bought a car for 12k from dealer and in reality KBB is like 9k you would owe more than its worth. That's bad say if it was totaled and you received a check for the value. Look up the value on nada its better than KBB. I think it would be easier to just keep the car in your mom's name. Depending on your credit you might not even be able to get a loan for it. When I just bought my car in Dec I couldn't get a loan for it, not due to bad credit but due to lack of credit (I never had a credit card before or any loans debt etc). Right now I am at 7.9% financing through Acura (dealership where I bought my car) which is ridiculous but in the future it will be better. Plus then there is insurance on top. Thankfully I moved out of NJ when I bought the car because my insurance is $800 cheaper per year in PA. Also there are repairs, maintenance, unexpected things to factor in too. Unfortunately owning a car isn't as simple as a car payment

[ivirovets]

Learn to work on it yourself. Makes maintenance palatable, save a LOT of money. My 1000$+ timing belt job at the dealer was better done by myself at only 250$ for all the parts.

[Jstglockem]

Save your money..Stay in school..If things are this tight then why would you want to take on the extra burden? You are doing everything right by asking questions. You are young an have plenty of time to buy a car.

Just my 2 cents.

[SuperSpeeder]

Save your money..Stay in school..If things are this tight then why would you want to take on the extra burden? You are doing everything right by asking questions. You are young an have plenty of time to buy a car.

Just my 2 cents.

I cant keep it in my step moms name casue she wants to to insure it on my own policy. Which is like $275 a month...more than the car payment. Plus she is crazy and could legally come take the car away and I could do nothing about it....I dont want that to happen. Im not buying my own car for fun. lol. I would love to have no car payment a get a sti-r plus. But i believe i need to buy my car to "save" it...

[TRun]

I can't even begin to imagine getting a car loan. Cash all the way.

[ivirovets]

Eh. Get another job, find someone who will co-sign with you, buy another car.