Joe,
If you want some real advice (it won't be what you want to hear), but
don't buy it. It will be MUCH more beneficial to you to be able to buy a
car and finance it on your own. You're young and we've all been there, so
there's no need for explanations or promises of only going the speed limit
or anything like that. You ARE better off buying something less expensive
so that you can get more experience. Unfortunately experience isn't always
measured in hours or even years, it's different for everyone. In my
opinion, I would suggest you purchase an older model (and thus less
expensive), perhaps something like a late eighties or early nineties model.
If you go to a 92 (I think) model you can get a Magnum V6 which packs some
punch, will be fun to drive, yet probably not get you into any crazy
situations.
As far as financing, so you don't think I am flaming you, I will offer
this advice. Whenever you make a purchase like a new or almost new vehicle,
the best thing you can do for interest rates and being able to get any loan
you want is put down at least 15%, 20% is much better. It's a lot of money
to put out at one time, but a bank will feel much better about you. You
will first need to establish credit, which takes time. Start by getting (if
you haven't already) a good checking account and savings account at a bank.
Be sure to rotate money through them regularly and use them as much as
possible. Then, get your first credit card (you probably won't be able to
for a little while), a Sears card is probably a good bet, also the bank you
have your accounts in will most likely offer you one if you qualify, also a
good bet. Then, when you're about 20-21, and you have been out of high
school for a little while and have had more work experience, check your
credit online and if everything is correct (you can check it before then
too), you should have some nice credit history and be able to get just about
any loan you want.
Things to consider when starting a credit history: 1) Use your credit
cards as much as you can, pay them off at the end of each month. It won't
hurt to leave a little occasionally. This will NOT cost you anything, if
you have a decent credit card you should also have a grace period. 2) the
more times you apply for credit, it will show on your credit report and
actually hurt you, so only apply where credit where you are sure you want
it/can get it.
Sorry for going on and on, but it would really suck to get in over your
head with things which many people have before. It will take a lot longer
to rebuild your credit than to start out on the right path.
Adam
----- Original Message -----
From: "Joe E Thomson" <tttennis@corecomm.net>
To: <dakota-truck@buffnet.net>
Sent: Monday, June 04, 2001 5:47 PM
Subject: DML: About to buy a '99 Dak CC SLT 4x4
> I have found a perfect '99 Dakota Club Cab SLT 4x4. It is in perfect
> condition and only has 9,800 miles on it. It has the 5.2l V8, Auto, and
is
> loaded! It is just what I am looking for, and the price is right. Only
> thing is I need some advice on financing. I am only 16, and yes I am
young,
> but I am a good driver, I drive the speed limit ONLY, have no accidents
yet,
> and over 150hrs of driving time. I thank my mother for having me drive a
> ton with my permit. Anyways, I need to know what I have to do to get
> financing. I think I have to get a co-signer since I am only 16, but I'm
> not sure. Advice anyone?
>
> Thanks!
>
> Joe Thomson
> tttennis@corecomm.net
>
>
>
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