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hey guys, so i intend i buy a car this week but i would need to make payments and i need a co-sign. i already have a co-signer which she has amazing credit scores and that’s because i have no credit since i’m 19 and haven’t gotten a credit card yet or anything and i was hoping this could build some of it up, but i’ve got a job at mcdonald’s ans it would be the only thing they i would be making payments for and i’ve had this for about a month by now and actually making pretty good money. one of my buddies said i need to have a job for at least 6 months in order to get qualified and i was just wondering if that’s true or if anyone’s heard of anything similar to that. i am also curious to other qualifications there are for the process of this. thank you guys so much, i really appreciate it.
 

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Have you thought about talking to a financial advisor? I really don’t want to give any harsh criticism however if you’re 19, living at home & need a co-signer to buy a vehicle then nows not the right time to buy. It was instilled to me at an early age to work hard, save my money, get my own apt. & pay my own bills first, learn some responsibly & then when the times right, but myself a vehicle. I’d give myself much longer than one month at a job & at least until I know I’d have long-term job security.

I’m not sure how much money you’re putting down? However with a 30k+ car, that payment will be very high for a co-signer should something go wrong....






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Here's something to consider and I used a 2017 FoRS as an example:

 

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Honestly, buy a Fiesta ST. Drive that for a few years. By the time you grow into that car, you might be ready to purchase a used RS.

A Fiesta ST can be plenty fast, especially for the average 19 year old. But you can obtain a used one for between $9 to $12k all day long. Save up about $3k for a downpayment and you can walk out with a payment that is in the $150/mo range. A used RS with no downpayment will set you back at least $500/month on a 5 year loan. Probably more like $600.

Remember, if you screw up, your Co-Signer has to make the payments or you wreck not only your credit, but theirs as well.

My Sister is 35 years old, but has never had a credit card, she has plenty of money in the bank, and can easily afford the payments. However due to lack of credit history she could not get credit and I had to co-sign. The only reason I co-signed is because I trust her to make the payments and I can afford the additional payments without hurting myself financially.

It doesn't take much to wreck your credit. But it can take up to a decade to rebuild your credit.
 

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Sometime having two people on a loan makes the rates worst than better.

If it's your parent, might as well just have it under their name, you can still have your name on the title.
 

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hey guys, so i intend i buy a car this week but i would need to make payments and i need a co-sign. i already have a co-signer which she has amazing credit scores and that’s because i have no credit since i’m 19 and haven’t gotten a credit card yet or anything and i was hoping this could build some of it up, but i’ve got a job at mcdonald’s ans it would be the only thing they i would be making payments for and i’ve had this for about a month by now and actually making pretty good money. one of my buddies said i need to have a job for at least 6 months in order to get qualified and i was just wondering if that’s true or if anyone’s heard of anything similar to that. i am also curious to other qualifications there are for the process of this. thank you guys so much, i really appreciate it.
How much does this co-signer make a year?
PS wants and needs.


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It's a great car, but in your case get reliable wheels and put the money towards college or technical training. Get a Capital One® Platinum Credit Card (no annual fee), pay it off every month, then be on your way when your credit gets better. If you have a $500/mo car payment, insurance for me is $500+ a year, and I swear that the guys at my gas station know my car because I'm there so often.

I had a project car as my first car. I have so many bandaid repairs on that car I'm going to have to go through it all over again to fix them all as I intend to keep it. It's super frustrating when there's a repair that you have to do that you either can't afford or don't have the time to do yourself. It would suck not being able to drive the car because of this, then you can't get to work... This isn't a project car (yet), but it takes way more money to run than a Civic.

+1 on the FiST if you want a fast Ford. If something happens to it you'll be sad but not heartbroken.
 
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19, work at McDonald’s, no credit, and want to buy an RS? The f*cks wrong with you son? Where are your parents
i don’t have my parents around anymore so you obviously could have have some consideration for me to be asking a group, you piece of sh*t, besides i’m not 16, i don’t need mommy to make my decisions for me. it’d be ideal for me to get an RS but i understand it’s not gonna work out right now, i was just wanting a car in general and i had some questions and i asked this group because it’s the only group that i found responds and that care. if you’re gonna act like this then you can f*ck off, you could have some decency in yourself and give me some nice feedback like everyone else and not be a such a c*nt
 

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Please check into insurance for an RS before you sign.
Surprisingly cheaper to insure the RS than my Evo X by $80 per six months policy, save apples to android coverage.

+1 on the FiST if you want a fast Ford. If something happens to it you'll be sad but not heartbroken.
It also won't brake the bank.

19, work at McDonald’s, no credit, and want to buy an RS? The f*cks wrong with you son? Where are your parents
I'm sure he has his reasons, we can only give advise.

But yeah when me and the Mrs. were dating due to her love for her family, her credit was ruined. Can't even get a mobile phone under her name.

When we got engaged, I added her as an additional Credit card user but not a co-signer so it will help her credit but not count her score to jack up the rate. The down side is I am the only liable person, she is not so she can run that sucker and not be pursued by the credit card company.

The first car we got when we got together, the loan is under my name, but the title is under both our names. When we first tried having her name on the loan the rate went up by around 5%.

The the income and cost of living will be considered, as well as the down payment. Some banks give you a better rate if you only finance a fraction of the complete loan (ex. 80%). I would recommend to get GAP insurance.

Oh, if you are fortunate to get it finance by Ford (if you are getting it from a Ford dealer), they have a good promor right now that they will take the car back if you lose your job within a year.
 
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We have a lot of trolls that come to this website and post equally ridiculous statements. I stand by my initial response. How am I suppose to know you lost parents, and you’re asking about buying a car on an RS forum, fair assumption you’re trying to buy an RS.


anyways, if you can get a car loan (and always pay it off) they’re amazing for your credit. I’m 31 and haven’t had a credit card for over 10 years. when I was younger I used to buy a lot of car parts on credit. I always paid it off, but after having to suddenly move after putting in a big order, I ended up with 3-4 grand floating around that took me a while to pay off. Decided to just get rid of them.

afterwards my credit was okay but not great. I bought my focus ST in 2014, was shocked I didn’t need a co-signer. I had the automatic biweekly payments come out on the same day I got paid biweekly, so I never had a chance to miss a payment. After a few years I traded up for my ‘17 RS and my credit continues to build.

I should get a credit card again though as lots of little things don’t work with the “debit/credit” cards like parking meters and some online shopping.

edit: if you go to your bank/credit union, they often have beginner cards or student cards. They almost always approve you, often for something low like a $500 limit. That’s okay though. Just designate that card for something like gas and only gas, and pay it off monthly
 

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I was 19 once & made some terrible financial decisions..... If I could just give you a little advice from life experience, don’t get yourself into a 400-500 per/month car payment for x amount of years for a vehicle. The last thing you wanna do at 19 is work all week & only to flush away all of your paychecks for a car. Work hard, save your money & pay cash for a cheaper car. Then as you get a few years older & start making more money or find a career path, work your way up to an RS.

But hey, it’s just my .02. I’ve never financed a car & never will. It’s important when your young to look 15-20yrs ahead instead of living in the moment. You also need some security blanket in your savings acct. for any unforeseen circumstances.


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When I was 19 I had a 81 Olds Cutlass Supreme that I bought while working part time jobs in high school. I paid $2500 for that car. Making $3.80 per hour, it took a couple of years to save up.

I knew it was a pretty solid car, and at the time they were starting to flood dealerships in the used market. I was able to find a very clean 1 owner car that had just a hair over 100,000 on the clock. At the time it was 8 years old, but it looked and drove like new. Sure it had the complete velour interior, AM/FM cassette, rally style wheels(no hubcaps), and console shifter(auto) I loved the hell out of that car. I put 166,000 miles on it on top of the already 100K. My friends had Mustangs(fox body), and 3rd gen Camaro Z28's and IROC Z's. But I always had ol trusty. If something broke on it I could pay or fix it myself. One of my friends was in debt pretty bad because he barely made enough to pay off the car and insure it. While my friends had cooler cars... Those cars cost them so much more to run and keep fixing than my Olds. They were always replacing tires, brakes, rear differentials, and transmissions. I got 50,000 miles out of the tires on the Olds, and the brakes seemed to last forever. The biggest expense I had was to replace the torque converter, and a fuel pump. I'm not saying a $2500 car will be as reliable as mine was, but I owed no one anything on it. Heck get a $7500 car. If I was your age I wouldn't get the RS just yet. Maybe in 5 years.

TLDR: Save up some money, buy a less expensive car. Don't get yourself into massive debt.
 

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I am not even going to tell you about my story about getting my car, my age will show.

I helped my nephew get his current two cars. He always wanted to get a LanEvo. he started driving when he was 16 and he turned 18 this year.

Got a Mazda2 ($3000) last year and we did some mods on it: The Mazda2: Might Be The Best Tuner Car Nobody Knows About

He got some experience and unfortunately got in accident, but that Mazda2 is really safe.

2-3 months ago we got him a MazdaSpeed6 ($4000), It's not an Evo but pretty good car to start getting familliar with AWD and help him drive better.
 

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My Dad is 96 yrs. In ‘14 we bought him a new Focus SE. It had great wheels and a tasteful spoiler. He had a mild stroke in the summer of ‘15. While he was in recovery, I drove the car.
I loved it. Sporty feel, quite strong for a non-boosted 4 cyl. It was a fun car. There must be 3-4 billion of them around. We sold his to a 16 yr. old for $6K. W/ 14K.mi. They’re out there!
Don‘t take this wrong, but at your age, I’m afraid the RS would own you. Simplicity = reliability. Repairs can eat you alive If you’re not a DIY type.
Keep us posted. Ask anything!
Edit: it doesn’t have to be about an RS either. Everybody’s owned everything in this crew.
 

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My Dad is 96 yrs. In ‘14 we bought him a new Focus SE. It had great wheels and a tasteful spoiler. He had a mild stroke in the summer of ‘15. While he was in recovery, I drove the car.
I loved it. Sporty feel, quite strong for a non-boosted 4 cyl. It was a fun car. There must be 3-4 billion of them around. We sold his to a 16 yr. old for $6K. W/ 14K.mi. They’re out there!
Don‘t take this wrong, but at your age, I’m afraid the RS would own you. Simplicity = reliability. Repairs can eat you alive If you’re not a DIY type.
Keep us posted. Ask anything!
I only live in Texas about half of the year. The other half I'm in New Hampshire. I leave the RS in Texas. I have rented lots of Focus SE's, Chevy Curze's(they're crap btw) Toyota Yaris and Kia/Hyundai. The SE is what made me want to try a ST long ago. I just fell in love with the Focus platform.

The one rental that really stuck with me the last year or so was a 2017 Kia Rio. That car was a little carver. In the white mountains and the lake regions, this little Kia was a real hoot. it couldn't have weighed more than 3000 lbs, and it had about 140(crank) HP and a very smart automatic. I had that rental for a little over a whole month. I really liked that car. I beat the hell out of it and it still got 40 mpg. If I was nice to it, it would get 50 mpg. Great little car.
342725
 

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A lot of good responses from members here so far. Here's my final 2 cents: My main concern would be the OP may be over extending themselves financially. Here's another item that hasn't been mentioned: significant other. All that money made at the current job will go towards the pursuit of owning the FoRS, leaving not much for entertaining and dating. (Think about that for a moment) The FiST or FoST are good candidates for efficient and sporty transportation. I put my now 23yr old daughter into a FiST when she graduated high school and she's been happy ever since. Nothing wrong with wanting a FoRS but the reality is going to be what will you sacrifice to have/keep one. Keep the idea of having a FoRS, maintain a great work ethic, build credit with smaller purchases, and save your $ and you will eventually have your dream car. Alright, I'm taking off my Dad hat now.
 
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I put my daughter in a $600 86 Civic Si that we fixed up together. Has A/C and is fun to drive, not the same fun as the RS, but I still enjoy borrowing that car from her.

I think my advice to OP is to look at a sub $3k used car you can pay of in 6 months, maybe 12. Remember you're lack of credit will result in high interest rates, so the longer the loan the more your paying. Have over 2 months worth of payments + 20% down in the bank before you buy. Get a low limit credit card $500 max and put your gas on it and pay it off every month. If you go 3 months and not able to pay off the credit card you use on gas to drive the car, sell the car and use that money to pay of the credit card, put the rest in the bank and reevaluate why you could not afford that budget. Make the needed changes, resave the starting funds and try again. Never spend the 2 months of payments in the bank, leave it there or just keep adding to it. Knowing that in the future you'll want more car than you got with your first purchase, once the car is paid off keep paying the the amount of the car payment, or at least 50%, when you can to a "next car" savings account.
 

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TLDR: Don't borrow money to buy a car, don't buy a car that is more than 50% of your income, and co-signing could ruin the relationship with your friend.

Since this has turned into a personal finance thread, here's my 2 cents. I am going to catch flack for this, but here I go anyway. At your young age, don't try to build a credit score. A credit score has no correlation with financial success and wealth building. Constantly paying off and going back into debt hinders your ability to build wealth. Get ahead while you are young and buy a $1-2k and focus on building an emergency fund and only pay cash for a car you like, but not an RS. Owning any car that is over half your annual income is not smart IMO. I'm making an assumption that you don't make 60k+ working at McDonalds as a 19YO, and if you do, congratulations, you are a rare breed. Even if that is the case, still focus on getting your foundation set and in 2 years, RS's may be in the low 20k's anyway.

Personally, when my wife and I got married just over 4 years ago, we had $75k in student loans and a bit more in CC debt, and a car loan totaling a bit over 100k. All we have left now is the car loan and it will be gone in the next few months and it feels great. My final bit of advice, don't borrow money for anything besides a house at the most. Depending on where you live you may be able to pay cash for a house too.

That being said, if you decide to go through with this, don't co-sign unless you are prepared to lose that person as a friend. being told you need a co-signer is there way of saying you can't afford it and they don't expect you to be able to make the payment, and when something inevitably happens and you can't make payments for a month or so, they will go after your friend and that will change your relationship with her.

GL OP, the fact that you are asking the question before acting is pretty mature for your age.
 
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