Do you think i can handle montly car payments for a kia rio while in college! I get paid 4 workstudy and 2 job

Question

I have been approved with good credit with a score of 720. They say i need a cosigner since i have a few loans under my belt and thats all. Im tryna persuade my dad i can handle the payments while in school with workstudy (i get paid for this), working for girl scouts (and this working only once a week for an hour), and working at walmart on the weekends only. I have a steady 3.2 G.P.A. and continue to keep it that way despite my busy schedule. With payments of $111 a month and insurance quoted at around $208, im trying to persuade him to be be my cosigner and that i can handle it. I really need a car to function at school in another state. What do ya think???

Answer 1

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Answer 3

Do you actually like the Kia Rio, or are you simply shopping for the lowest price? A Rio isn't bad by any stretch, but you would save so much more money by buying an upmarket used car. Then, once you graduate and start making some real money, you won't still be paying for a car that you will quickly out grow. See what your bank will loan you for a used car and go shopping on eBay if you want a great price. I think a used new model (2006 or later) Rio would be a great deal for you.

-edit- Edmund's has a lot of information for all prospective buyers, including buying advice. If the bank wants you to have a cosigner, they think it is likely for you to default on the loan. At $111 a month you would barely be paying the interest, for how many months, 72? Also, it is important to make the largest down payment possible. If you can only put $1,500 down, then you will end up being upside down on the loan - owing more than the equity you have in the car. Look at the resale value on this car, you will cry when it's time to trade it in. I've included the links below to two eBay auctions for used Kia Rios that are the same as the new one that you want to buy for nearly $10,000 less. Besides full coverage insurance for a new car is a requirement. It looks like you would be paying double the amount of the car in insurance. Sorry, I don't see how this would be a good idea, assuming even that you could find a cosigner who does...