Buying my car..HELP!!!

Ok. Im in a situation where i believe it would be a REALLY good idea to purchase my car from my step-mom. We are having a lot of issues and i think it would be a mature decision. I would work this summer to save up 1 grand to put down. I would then HOPEFULLY get a job next semester to help pay monthly payments. Maybe like 120 a month??

The car is a 2008 with CURRENTLY $7,010 left till pay off. I currently make AROUND $6 grand a year working over the summer (i am a full time student). Is there any way I could get a 5 year loan with a cosigner? Any way to buy this car? My own car...lol

for something like that, in that kind of situation, you could probably get your name on a loan, but you would be the co-signer and your mom would be the main holder of the loan.

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Originally Posted by GreenRadar

for something like that, in that kind of situation, you could probably get your name on a loan, but you would be the co-signer and your mom would be the main holder of the loan.

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How could I be the cosigner? I thought the cosigner is the one who makes payments if the primary loan holder fails?

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Originally Posted by DrCoke

Doesn't matter who is primary and cosigner. Both parties must pay or both will get hit with bad credit. Payment can be from primary or cosigner.
You can either keep the finances as is and you pay off the loan without your name on the title or both parties talk to the bank who owns the car and add you name.
Do consider insurance cost, repairs, and CM before making the buy. If you want a pretty good insurence quote without using your SS#, try Esurance.c*m. Use your real age and zipcode for the best quote.

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I would be getting a loan with my mom to buy the car from my step-mom. Pay my step-moms bank and transfer the title into my name so my mom could insure the car on her ins policy. I would pay for the loan each month. I would be on my moms family ins plan so it would be cheaper than by myself....

Can someone get a loan for $5,500 and pay over 60 months??

What do you drive now?

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Originally Posted by Oyusan

What do you drive now?

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

well im a full time student and have 2 jobs, step it up bro

btw 7 Grand and 120 a month will take you 58 months to pay it off

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Originally Posted by SuperSpeeder

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Originally Posted by Oyusan

What do you drive now?

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

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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.

I bought my first car in college and financed 5000 for 4 years through my bank. My payment was 138 a month. I was making about 7 grand a year but was able to get the loan in my own name. If you like the car, go for it, but be ready for all extra expenses