would a dealer in here even consider trying to work with a 21 year old (who doesnt have but only like 3 years of credit behind him) with two cars in his name right now and $15k in hand in trying to get a lotus? should i wait until i am in a better situation or is it possible to work with me? i dont want to wait and then end up with debt again and be in a worse position. while i have the money and NO bills except for those two car notes, i think i am in the best position to do this now rather than later. any advice? help? and of course it will have to be a car close to the $30 range...
You currently have two car notes? And you want a third? And you're thinking you'll put $15K down on (what you hope is) a $30K car?
Credit is all about debt/income ratio, with a smattering of assets thrown in. If you're thinking you can afford to spend $15K out of a savings of, say $40 or $50K on this car, with no other debts, if you're gainfully employed and your total debt/income ratio is 'ok,' you can always find someone to lend you the money.
While credit standards from reputable lenders are tightening up considerably, you can always find higher rate lenders who, when looking at your ability to repay, don't care if you're eating Romen Noodles every night or can pay your rent.
If I had to guess, with two car notes already contemplating a third....you are probably living at home and responsible for little if any of the standard overhead someone has when they are supporting themselves. If that's the case, more power to you.
If you're looking at that $15K being all or most of your liquid assets, you will be instantly car poor, 'upside down' in your car the minute you drive it away from the seller, and will not be in a happy place financially.
Oh...and you MUST shop insurance before you do this. At your age that will be a very significant element of your figuring out if you can afford this.