Need advice for loan

[nocar]

so heres my story
my mom financed a mp3 a while back for me

20,000 miles
14k plus tax title etc came out to $15,250
put 3 grand down
took out a loan for $12,250
72 months
monthly payments of $255.63
%14.9 interest bad credit

totalled it 4 months later

So im 18 with no credit i would need a cosigner,
my moms apr 14.9 is rediculous and i dont even think she can get a loan anymore.
Im sorta stuck here my insurance is around 6k a year which is about 500 a month.
Im working with around 250 per week (cant find more work) and i have no down payment

cars im considering

2001 mp3 turbo $13-16k
2003.7 msp $17,500


Can anyone with a bit more exp with this stuff give sum ideas

 

[jersey_emt]

Don't buy a new car when you only make $1000 a month. Hate to break it to you, but it looks like you're going to have to buy a cheap used car (<$5000) for the time being.

FYI: I make $2500 a month after taxes...and the $700 a month for my MSP and insurance is killer. You're talking about paying more per month (because of the insurance) while making a lot less money. The only way you're going to be able to afford the car is to get a second job.

 

[boostisgood]

Sorry bro, you aint getting anything over 3-4k on that money. I would suggest getting a CRX or 92-95 civic, fro around 2k and build it.

 

[erikvonb]

take the bus. sorry...i had to say it.

-Erik

 

[Dexter]

dont buy a new car

 

[dosle]

yeah man don't get a new car, i love my p5 and all but it really cut me back on my money big time. it hurts to think where my car payments per month could be used instead..

 

[Captain KRM P5]

never take out a car loan for over 60 months. most banks will tell you that if you finance a car longer than what most people keep a car for its a clear signal you can't really afford it.

14% interest on a cosigned loan?? for a used car?? my credit union does better than that with zero down payment and no cosigner for 18 year olds.

1000 a month isn't going to get you a whole hell of a lot. do you have rent??? bills??? credit cards???

ya know, i have this really prime Chrysler Laser for sale real cheap you shouldn't even be thinking about buying a new car.

 

[DeputySherif]

What is extremely shockin to me, is 6000 per year for car insurance. If that is the case, I don't think you should be behind a car wheel. I know some bad drivers that have a bad record, and they arent paying more than 4000 a year.

I wouldnt cancel your insurance, because only time reduces your car insurance (have to have insurance for time to take its toll). I would try shopping for new insurance, get good grades (because that does reduce your payments), and obviously forget the car idea.

Like Jersey EMT said, a new car is awesome to have, but before you actually own it monthly payments and insurance dont seem that harmful. But in reality, I dish out 455 bucks a month on insurance and car payments, and just watch as it slowly digs the bank accounts.

 

[DeputySherif]

by the way, 14.9%! That seems unreasonable. I just graduated and without a cosigner, I got my MSP financed through Mazda American Credit for 0.9%.