Overhaulin' - Sucky situation. Help??

Sucky situation. Help??

Im considering gettting a loan at the bank where I work. I was looking at purchasing the 2008 Toyota Yaris which is selling for $11,200. If i trade in my expedition I am assuming that i will at least get back $1,000. So in reality I would only owe $10,200 for the car. My boss helped me calculate that I would have a monthly payment of less than $230 a month and since I have good credit the interest rate will most likely be 5.25% It would be a 5 year loan. MY CONCERNS: Everything will be fine and dandy for the first 3 years. But I am looking ahead and I know that before graduating I have to do an intership seminar for my degree. No way will my job allow me to miss work for anything thats not work related. So what if I have to quite? I still have a loan left to pay! So what, I cant do the internship and graduate? That silly. But am I supposed to just stop paying the loan? Of course not! fixing my 1998 ford expedition seems to be the only option. But the transmission is bad! It is like $1,400 to fix and not to mention the shifted gears and one of my cylinders blew! Its a V8 and im driving on 7!!! I am spending $200 of gas every 2 weeks!!!!!! I should also mention that i dont have the money to fix it! Im a 23 yr old living on her own as well as paying for school!!!! Sucks to be me right now huh? =/ Hi Just Me: The thing with used cars is that my bank will only give 3 year loans for cars older than 2007. My monthly payments will be $363 per month and I cant afford that :( If not I would have gone for that deal. But thanks for answering my question. Hi hand in glove: The expedition is still running but Im afraid it wont last much longer! The gas is killing me!

Public Comments

There is this thing called used cars.Find one you can afford and pay off in less than three years.
that does suck. have you looked at buying a cheaper car? no one said you had to get a new one. get a 2000 or 2003. then maybe by the time you have your internship, you would have paid off the loan!
Maybe it's not the right time to purchase a new vehicle.Uses alot of gas huh ? Does the expedition still run? If so, just wait.Save a little more for a larger down.I know it's hard but you'll be glad you did.Less stressful.Sounds like you will be able to purchase and pay off a couple of vehicles after school and a great job.I know you will if you can just say no to yourself and use your money wisely.Good Luck.
You probably should look into a nice older car. Maybe something from the late 90's? Maybe a nice honda. You can even take a mechanic to the private owner/ dealership.
Best option is to buy a car of 2002/03/04 which is in good condition and you can pay off the loan within 2 years ....become a debt free man ...that would be good for you . Getting a great brand new car isn't a bright proposition , neither is it your aim at this moment ......you have to complete your internship within a short span of time. Think coolly.
don't buy a yaris. the Honda Fit is 10 times better. you need to find a nice used car like. 98 Acura CL, 98 Ford Mustang V6, 98 Honda Accord or Civic, 98 Nissan Frontier or Pathfinder, 98 Subaru Impreza or Legacy, 98 -00 Toyota Corolla or Echo 00
You may have better luck (meaning get a price higher than 1100.00) if you sell the expedition outright rather than use it as a trade in. The higher amount will make a better down payment toward the Yaris and bring down the amount of interest you'll be paying. Also...tighten your belt and see if you can pay a little more every month to have it paid off prior to the internship...or...Make the regular payments until the internship then just before you leave for the internship - get a second loan to pay off the balance of the car. You may have to find a less expensive car. It sounds like you are doing your research - I wish you well with it.
Do you have the option of getting a second job to help pay the loan off faster? I know its would be an extremely heavy load (been there and done that) but seems like it would be your only option right now. Try to find something like waitressing/hosting or bartending and save the money until you need to use it to pay off the balance of your loan. Or you could ask for a personal loan to fix the car you have now and work a 2nd job to pay off the loan. The only this is you will have to find another means of transportation whil the car is being fixed. Good luck!
I think you should get a cheaper car just to get by for the time and something that will be paid off in about 2 or 3 years that way you wont have a loan payment when time to do your internship. Look at the bright side you can always get what you really want to drive after you graduate and your credit will be even more perfect after you pay off that loan! Good Luck girlie!!! Also a loan will make your payments more if your car is too old and sometimes it's hard to get the bank to finance an old car stay in the late 2000 no more that 2004.
for something as a internship for school,talk to your boss about it,most of the time they will work with a person on things like this,it all depends on the situation,and how much it will effect your work..