Can i afford this car???

Question

I found a impreza wrx sti (my dream car) for 6k. I wont be getting my license until next January and i will start working part time. I was wondering if it was possible to get a loan under my parents name and purchase the car. How difficult would it be? I already saved up a grand in my bank accound. Also, 6k for an STI is extremely cheap.

Answer 1

Unless you or someone in your family is a HIGHLY skilled mechanic I would not touch this car with a ten foot pole. This is the kind of thing that ends up scattered around the garage and never quite fixed. Keep looking you have plenty of time and there are lots of cars out there.

Answer 2

If your parents credit is good enough it would be fairly easy to get a car loan if they co-sign, or if they take the loan on themselves.  Be careful though, if the car is only 6 grand and you feel it is worth a lot more, definitely take it to a mechanic first to find out if there are any engine problems or defects with the car.

Answer 3

Your parents credit will purchase the car.  If they qualify then they'll get the loan.

I'd be asking a lot of questions about this car.  It seems real cheap for a car of this quality.  Make sure it doesn't need major repairs or been wrecked.  High performance cars are generally driven pretty hard.  If this car has been raced, modified or abused you should not buy it.