I want to buy a new car what do you think?
I want to buy a 2019 Honda civic coupe. I have seen some for $21k. Know i make about $1200 a month but i can put a down payment of $5,000. Know i still live with my parents so i have no other bills. Know i don't need a car like right know as i was fine taking the bus for a year after my old car was hit at night while parked. But i sorta miss having a car because if i want to go somewhere further i have to take like 3 buses. Thankfully to work i only have to take 1 bus so its not a huge deal. What do you think about buying a new car like this?
If you are willing to occasionally drive for Lyft and Uber to make up some shortfalls you should be okay.
I think in your situation your ideal car is a used car. I get the "new car" thing, the smell, shine the mechanical silence and stuff that works. But you don't really earn enough and if you're parking in places where it may get cleaned up, then probably better to save your money for now.
Income too low for a car loan except on predatory terms. Needs to be $1800+. And good credit.
Good news is you can get a good used car for $5000 cash.
Your income is far too low to qualify for a $16K+ loan. Forget it.
The fact that you have no living expenses NOW doesn't guarantee to any loan company that that will stay that way for the FULL term of the loan, so the fact that you have no living expenses NOW won't matter to any loan company.
Great, you have $5K. Buy a good used car for $5K. Stay out of debt, especially debt for a thing that depreciates a LOT in the first three years of ownership.
I would say that you would be wasting your money on a brand new car that you don't actually need, and then only occasionally. Your expense of taking the bus to work is far less than the expenses of a car -- insurance, gas, maintenance, official fees and taxes. For longer trips around town, take an Uber or Lyft.
Income is to low you need a cosigner
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