So here is the scenario that lead to this situation. During a small family dinner my 16 year old niece talked about being the only "big kid" riding the school bus. I jokingly offered my car (2017 civic with 80k miles.) She got excited and said "yes, she wants it." I explained that I was just joking. Later on her grandma (my mother) said "if I give my car to my niece, she would help pay half of my monthly payment."
So that's what I have been doing the past week... Shopping for cars. Most of the used cars for sale nearby are either in worst condition than what I currently own (yes, done paying it) or are stupidly expensive some of them are close to or equal value to brand new one.
So it got me thinking to just get a new one. At the moment I'm looking at the 2023 Toyota Corolla Hybrid that is priced around $26k. I got a pre-approval for $25k and can put $5k as down payment. The current estimates for my monthly $549, 3.49% Apr, for 48 months.
If my mother did as she said I will buy the car for around $13k with a monthly of $300.
Now to why I'm asking for advice. I'm only making $13/hr working full-time 40 hours a week, but I live with someone else and don't pay rent. Food and utilities are sometimes slip. (I try to contribute) I have no credit card debt other than recurring luxuries. (which I can stop anytime) over all would have around $2k free to spend every month.
So how can I convince the loaners that despite my low income I can actually afford a $26k car?
P.S. I have yet to start the loan or the car buying process.
Update: I'm just going to update here as a lot of people are asking similar questions.
Where did 3.49 Apr come from? I honestly don't know. I got this estimate at Toyota's website. I clicked on the local sale special. Pick a car that I liked and did an estimate of my payment thingy. plugin my credit score and what down payment I will do and that's what came up.
Submitted August 09, 2023 at 12:24AM by Dflyingroachalmighty https://ift.tt/Ry2GTp9
