I’m almost 18 and I’m server at a restaurant, my mother said she would be my co-signer so i’m set on that but i was wondering how much a 2007 Toyota Tundra would cost me if i started monthly payments at 18 years old. (crew cab of course) i’m planning on lifting the sucker as well
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Toyota Tundra May 18th 2010
October 24th, 2009 at 1:16 pm
You’d have to take out a loan with a bank, and they would set up monthly payments with you. Usually about $120 a month, depending if you get a 2 year, or a 3 year loan, and how much the car costs.
October 24th, 2009 at 1:51 pm
It is usually around 17 dollars per $ 1000 borrowed.
October 24th, 2009 at 2:15 pm
Too many variables. Go to kbb. com and see what they retail for in your area. determine the amount you can put down and then figure that since you are 18, and haven’t much credit history, that you will have a low FICO score (credit rating) even with a co-signer. That means a higher interest rate – perhaps 9% or more. There are lots of on-line payment calculators.
Do not – repeat, DO NOT – max yourself out on the purchase price. You will have insurance issues – over $100 a month, maybe more if you get a bank loan and they require full coverage. Then there is gas and maintenance to consider. So, make a budget to see what you can afford. You may want to think of an older model for now so you can save up a bit towards a nice truck later. The Tundra gets only fair mileage so make a generous gas budget unless you have friends who readily are known to chip in for gas. Good luck.
October 24th, 2009 at 3:10 pm
I would say easily 400-700 a depending on what you can put down and your interest rate.