Paying monthly for car?

Question

ok so im 17 and I just started working, if this hummer costs $25800

and I got a car loan from the bank how much would i be paying monthly, p.s this might not make sense cause I dont know anything about buying a car

Answer 1

You CANNOT get a loan from any bank or lender because you're only 17. You are not a legal adult and therefore cannot sign a contract. And being only 17, you cannot go on the registration either.

You'll need a family member willing to finance it for you and you pay him/her back. And they need to put you on as an additional driver on his/her insurance policy since you'll be driving it. The law states that any driver must have at least the minimum insurance as prescribed by that state which you are licensed in.

Otherwise, if you get stopped or in an accident, the car will be impounded, you'll have your license revoked and have serious fines to pay. And the relative that the Hummer is registered will have to pay the impound fees to get it back. And can be sued if you have an accident.

So at this point, I'd say your hopes for that Hummer are D.O.A.

Answer 2

Does not make sense. You just started working, You need to time to see how is this job will work out. Buying hummer? Piece of c**p. You need a lot of money for gas and insurance..How many miles you going to drive?? I'm not saying that you need to buy a small car, but maybe something in between?? And first, save some money up, just in case.. If you fail to pay the car/SUV you are going to ruin your credit for years!! Anyway, I don't think you are going to qualify for credit at this age. Specially not for this much.  I think it's a very bad decision.  

Answer 3

It will depend on how much of a down payment you put down, and for how long your loan will be. You can get a loan for 6 years now. That would be about 360 at 25800.  

Answer 4

gee, you had to get a hummer? couldn't you have gotten yourself an Eclipse or something, it'd be much much cheaper. it'd be cheaper in gas, payments, and insurance than the hummer would be

i'm not saying it's wrong, i am just saying look at it, and think.... Will I want to continue to drive this Gas guzzler for 5 to 8 years? Will this always keep me from buying a few games for the PS3 or XBOX360?

I don't know what you have for a hobby, but the Hummer will prevent some of them, IMO