I am 19 years old soon to be 20 in a month, I am looking in to buying a Toyota Celica 2000 automatic.?
I have found one for $8,000 and some, I can definitly pay the payments. I need auto insurance though. I live in charlotte NC 28204, and i dont have to pay for the place I stay, I work for the school i graduated from and everything is paid for besides food and laundry. I just got a job in my field and i am lookin a full time making atleast 12.50/hr so i can get a quote. Is there any place that will work with me I dont have a liscence. Have had a permit for 5 years, parents will not co-sign. I live in charlotte on my own. Need help getting a car by August. prefferably sooner. About houw much would insurance be in my area? I need if there is anyone will work with me. OR has a toyota celica they are willing to sell in Charlotte, or nearest cities? Will they work with me if currently I get a full time job makeing 8/hr? but am making a constant pay? NEED HELP/ADVISE!
But in order to get a license I must have insurance though? I found this car at autotrader.com
You have to have a drivers license. In Virginia, you are required to have a valid drivers license before you can purchase an auto insurance policy.... so North Carolina may have the same requirement. It wouldn't make sense for an insurance company to want to take the risk of insuring you a as driver if you are not even licensed with the DMV....
If you do not have any credit established then you might have a hard time finding a lender that will finance you $8000+. It is possible however, since the potential lender will have the title of the vehicle as collateral until the loan has been paid in full, that you will find financing options, but with higher than average interest rates.....
You might want to check with your bank/ credit union to see if you can get approved for an auto loan before shopping. (If you purchase the auto from a dealership or used auto sales lot, than the salesman can usually help you with financing on the spot at time of sale.) When you apply for an auto loan, the potential lender will ask you questions along the lines of what your salary is, your length of employment with your current position, and your monthly expenses/rent is to determine if you can afford the monthly payments of however much money you are attempting to borrow. I encourage you to figure that out yourself.
I use a loan calculator that is VERY accurate in determining what your monthly payments would look like. Visit www.navyfcu.org, and select "Online calculators" under the self service/tools menu on the bottom right corner. Then click on "how much will my monthly payment be?" and input all the info requested to get a good estimate. ( The interest rate varies. I would guestimate that you might probably have to pay anywhere from 9-12% interest.)
**** I also want to emphasize to you that it is NOT a wise decision to stretch your loan's payback term to the maximum time allowed so that the payments are more affordable to you. You should not finance a 2000 model that is already 8 years old for more than 4 years!!!!! If you cannot afford the payments with a 4 year loan, then you simply cannot afford the payments. Stretching the loan to a 6 year term, if that option is available to you, will only cause yourself to gain NEGATIVE EQUITY in your car. It may not even be working in 5 years from now, but you will still be owing money on it. (See my point?!) Try to pay it off as early as you can because you will save money in interest and gain positive credit history.
You also should determine if the insurance on the 2000 Celica is affordable as well. Contact a local independent agent in your area or visit websites such as esurance.com that will give you the most competitive quote they have to offer from multiple insurance companies. You will have to carry full coverage on the car because it is being financed and the insurance will not be cheap at your young age. It will also be slightly more expensive because the celica is considered a sports car, so it is rated a little higher than a standard 4 door sedan. Please take that into consideration before you go through with purchasing a specific vehicle.....
Autotrader.com and Cars.com are good websites to help you search for a used vehicle in your area. Your local newspaper classified may be the best place to start looking when you are ready to buy.
Will all that input, I hope I have answered your questions and have given you some kind of helpful insight. Good luck!
