Need advise on leasing/getting a loan

2221 Views 26 Replies 21 Participants Last post by STIITS, Oct 4, 2011

noak

Discussion Starter · Oct 1, 2011

I make more than enough ($6000 a month, around $200 a day) online (internet marketing). Now, before you say that isn't alot, I AM 15.

I don't have any other commitments besides saving.

I have been making this income for about 10 months and it is steadily climbing.

Now, after the background, let me ask my actual question.

What would be my best route, leasing or getting a loan?

Now, keep in mind, I'm 15, about to turn 16 in a few months.

My dad has pretty good credit (>650), my moms is meh at best.

What should I do?

Also, just because I make $6 a month, doesn't mean I'm going to drop $6k/month on a car

What do you think a reasonable way to approach this would be?

Also, is it possible to somehow lease a used 2009 car from a dealer?

Finally, what would I be looking at for a monthly payment. Also, for a 16 year old, what would insurance be like?

Thanks, for the help, look forward to uploading pictures of my car haha

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1 - 20 of 27 Posts

gilly6993

· #2 · Oct 1, 2011

noak said:
I make more than enough ($6000 a month, around $200 a day) online (internet marketing). Now, before you say that isn't alot, I AM 15.
I don't have any other commitments besides saving.
I have been making this income for about 10 months and it is steadily climbing.

Now, after the background, let me ask my actual question.
What would be my best route, leasing or getting a loan?
Now, keep in mind, I'm 15, about to turn 16 in a few months.
My dad has pretty good credit (>650), my moms is meh at best.

What should I do?
Also, just because I make $6 a month, doesn't mean I'm going to drop $6k/month on a car

What do you think a reasonable way to approach this would be?
Also, is it possible to somehow lease a used 2009 car from a dealer?
Finally, what would I be looking at for a monthly payment. Also, for a 16 year old, what would insurance be like?
Thanks, for the help, look forward to uploading pictures of my car haha

well I'll take this seriously for a minute but the fact you think 650 is good credit shows you have a lot to learn....another red flag is that todays market is so volatile that the chances of you continuing to day trade and make a living on it are not good, but you may be gifted....do you have a license?....do you know how to drive?....you will more than likely not be able to lease a used 2009 and no bank will give you a loan unless mom and dad cosign which if they were responsible parents they would not do.....an almost 500 hp car is not a good first choice and insurance will run you thousands upon thousands of dollars a year

if you're that bright you should be able to figure out how much your monthly payment will be factoring in purchase price, down payment, rate, and term.....

dexterkatt

· #3 · Oct 1, 2011

No one is going to give a 15 y.o. a loan. You are not even legally accountable for anything you do financially. You will need one of your parents to purchase it. Also 650 score will not get you much.
Save your money and pay cash, if this is a serious post.

GOJEERA

· #4 · Oct 1, 2011 (Edited by Moderator)

6k a month for 10 months = 60k.......09's probably won't run you any more than 65-68 sooooooo basically......save your money kid and buy it cash next year

Rhyno46

· #5 · Oct 1, 2011

Don't do it. I know you won't believe me that it's a bad idea for a kid your age to have a sports car. I'll just say that when I turned sixteen I got an old 4 cylinder 2 door pickup that cried when I drove it over 60mph. I still did things in that truck that I shouldn't have survived.

Another problem is insurance. I'm guessing $6k per month isn't enough for any ins company to offer you a policy so you'll have to go on your parent's policy which will screw them big time when you wreck it.

Don't forget about tax, title, and tags. I just paid $7k for my first year.

I'm not trying to be mean to you but I just don't think this is a good idea. If you really want to blow your money on a cool ride get the slowest Porsche cayenne. I'd tell you to get a range rover sport but it's too fast.

Rhyno46

· #6 · Oct 1, 2011

BTW congrats on your early-in-life success.

Python

· #7 · Oct 1, 2011

Buy a beater for now and stack your paper up bro. This is the best advice anyone will give you. Revisit this question in a few years.

Python

· #8 · Oct 1, 2011 (Edited by Moderator)

...

Cavalier777

· #9 · Oct 2, 2011

lol roth IRA all the way if you're still living with your parents. that way your earnings can't evaporate. also, get a beater until you know what you like and until you know how dumb the drivers are on your local roads...

kambodianboi

· #10 · Oct 2, 2011

Jumping into a GTR at 16 is pretty bold. There are variables to think of other than just buying the car. Insurance, Maintenance, Gas, etc. I'm pretty sure insurance for a 16 for a GTR will be pretty high. I started off in my EVO at 18, insurance was already $500 a month for me, just about the same as my car payment.

Assuming your live with your parents, your living expensive must pretty low. So it seems doable if your making $6,000 a month.

heff

· #11 · Oct 2, 2011

man o man your doing very well at 16 ( i was working at a cd store at 16 making $6/hr). That being said BE 16! I mean if your like the average 16 year old they do fun(stupid) things all the time, like driving outa control in beaters and rolling and crashing. You may be the most honest down to earth kid with a solid head on his shoulders but trust me being behind a wheel at 16 in any vehicle is kinda alien to most and sureal!

Save your cash, save your cash, save your cash and then save your cash. Do you plan on living at home for a while or out the door at 18? The world is a big bad place and expenses add up quick!!!! I make approx 30k a month living at my parents house and Im just flat out saving for a house and vehicle for my old lady until she is done school. Life tosses curve balls out there and the only way I will ever own a GTR is by paying cash and having more than enough incase life went south.

That being said its your life, your money, enjoy it!

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konaforever

· #12 · Oct 2, 2011

Get a 350Z or 370Z if you want a sports car at 16. And get it with manual. There's just no way at 16 with no driving skills that you will fully appreciate the GTR. The Z would be much more fun and involved at your age at legal speeds.

Sliced

· #13 · Oct 2, 2011

I have to agree with konaforever, get a 370z, it's plenty fast and you can buy it with cash, however I would also suggest going to high performance driving school to get professional experience behind a 300hp rwd car, it can be a handful for any driver and is plenty of power to get yourself killed, not to mention it's very fun to learn how to control a high powered car on a closed course.

The 370 will only set you off around 35k +/- 5k depending new or used and the trim you get.

By the time you are 17-18 you would have accumulated plenty of experience and money and would be ready for a gtr.

Other then that, good job and keep doing what you are doing, you remind me of myself when I was 16, to put things in perspective I am now 21 and picked up my gtr when I was 20, my first car was a fwd eclipse gt, followed by an s2000, 350z and finally my gtr.

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iGusGus

· #14 · Oct 2, 2011

1) just save your money, that isnt enough to get this car, ( if you need a loan...... dont just dont waste it on a car) 2) why can't you just get a car you can afford instead of blowing all the money you have worked for............ 3) and even if u found a way to blow all your money on this car good luck on the insurance and maintenance bills.

IF you have this thought do "i need loans" etc do NOT even bother taking the path to look into it. enjoy being 15 happy to see a online marketer hard at work at 15 but dont be stupid. A lot of guys in your industry are.

evolving2GTR

· #15 · Oct 3, 2011

So everyone pays cash for these things then? Everyone seems to be against loans on here LOL

GOJEERA

· #16 · Oct 3, 2011

evolving2GTR said:
So everyone pays cash for these things then? Everyone seems to be against loans on here LOL

Pretty much the only way to go with the shit economy and the bank status nowadays everyone is losing their ass

TODGTR

· #17 · Oct 3, 2011

If you have to buy a GTR at 16 and you have the means you should pay cash. However, you should not buy a GTR for your first car. Learn to drive in something relatively cheap and slow. If you crash it you won't be as sad. If you do get a GTR first try to remember that 3 years ago cars this quick did not exist. Be careful.

More importantly are you hiring?

PABers

· #18 · Oct 3, 2011

If I had a GTR when I was 16 I would not have made it to 17. Buy something cheap; your interests evolve to rapidly at that age for this large of a purchase.

mdowney

· #19 · Oct 3, 2011

I'm all for kids dreaming big - I certainly did. But pace yourself - you have plenty of time to buy toys.

I can't help but tell you guys about a true story that I'm eerily reminded of with this thread. I used to drive a BMW M5 and frequented an M5 board similar to this site. I remember an 18yo kid posting something EXACTLY like this. He asked for a lot of advice and the older drivers gave him a lot of grief telling him he was too young. The kid kept posting and eventually got his M5. He continued to ask questions about it and the forum members kept telling him to be careful. Every other post from this kid was saying something like, "Don't worry - I'm very responsible for my age. I would never drive this car in an unsafe way."

Very true story: only several months after he got his M5 he took three of his friends out for a drag race and drove the car off a cliff. All four of them died. His last post is still on the forum.

There's a reason us older guys advise the young kids to wait on their GT-Rs. You may think you're responsible and mature enough but you're not. I know now that I wasn't but I sure thought I was when I was that age.

Here's the thread. It is disturbing. The kid's username is AmericanM5. The board figures out what happened around page 6.

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James

· #20 · Oct 3, 2011

I think the Kid doesn't even want to answer anymore cause no one basically is helping him...lol

1 - 20 of 27 Posts

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