Bad Credit with Co-Signer that has Great Credit Car Loan Question

[snafu]

Since you are determined to buy a car you can't afford, be sure to get the figures for the sum you are borrowing plus fees & interest cost plus the sums for insurance, registration and plates/tabs.

[Ramose]

Keep us updated on what you loan you get.

[QuangSiicle]

So I am going to update everyone with the information on what ended up happening. Thanks for all of the advice and thanks for some of the somewhat rude comments.. no matter how realistic they are. I ended up finding the perfect 2008 Infiniti G35 Journey sedan with the upgraded premium package that I wanted. I was able to talk to the price of the vehicle down from 17448 to 14999 after taxes licenses and fees I was looking at about 16,400ish out the door.

I put down a down payment of $10,000 and left myself about $2000 in my savings acct. My dad DID co-sign for me.. let me add that I am asian and in my culture, our family ALWAYS helps each other out NO MATTER WHAT!(He wants me to help rebuild my credit especially because I want to purchase my first house within the next 5 years)...

I was able to get a 4.9% APR with his credit and mine. I thought my credit was 545 but it was actually 620(I know thats still bad but hey it was wayy better than I thought) My Payments are 133.94/Month on a 48 month Loan which I believe is wayy more than affordable. Also this vehicle ended up dropping my insurance costs by $37/ month. So between my car payment and my insurance I am paying $221.94/month. With my income of 2700/month I think that for both a car payment and insurance that is more than reasonable. I know that there could have been better options like everyone says and get a junk car that I am probably going to have problems with in the future but now I am happy!

In terms of my other bills I guess I forgot to leave out that I live with my BF and we make our bill payments together, at least in terms of rent/utilities/groceries/normal living expenses. I pay about $850/ month for all my other bills such as my rent/internet tv/cell phone/gas. So after taxes that leaves me still with about $1000/month for saving, food, and extra costs. Of course I had figured out all of these things prior to deciding whether or not purchase this vehicle. I know everyone has been telling me NO NO NO but i think with all this information it makes enough sense that I purchased this vehicle and that it will help me with my credit. I realize I could have bought a 10,000 car outright and saved $133.94 a month but cmon.... I probably would have spent that little by little every month on something else without even thinking about it anyway(Don't act like everyone doesn't see something on occasion where you think, " I guess i'll purchase that" within reason)

Now my Bf also has an income of $3700/month and of course like i said before he takes care of half of the bills and has a few of his own but I think we are doing fine for a young couple living on our own for the first time(its been almost 2 years that we've lived together)

Anyway sorry for the rant but i thought i should update with what has happened.. especially after all of the negativity that I've heard on here.

Thank you to all of the comments though.. especially the nice people who actually gave me information that I could use.

[Bades]

Actually, this might not be such a bad idea. Buy a car for no more than 10K. Put down 2K as a downpayment and borrow no more than 8K. Keep that 8K saved in a dedicated account and set up automatic payments from that account for the loan so you don't have to think about it and can't forget to pay or pay late. In fact, I'd set it up to pay the loan off early since you already have the cash, so if the loan is 36 months, set the payment amount so that you're paid in 24.

Ditto

[BostonMike]

You're gonna love the car. I love mine.

[disneysteve]

So I am going to update everyone with the information on what ended up happening.

I put down a down payment of $10,000 and left myself about $2000 in my savings acct. My dad DID co-sign for me.

Payments are 133.94/Month on a 48 month Loan

Thanks for the update. I often wonder if the folks who come here looking for advice actually take the advice given. Even though you chose not to follow our advice, I'm glad you told us what you chose to do instead.