Want a new car, how long should I wait until its a better idea?

buy a $7000 car instead, until you save up $27000 cash

you'll be a lot happier

ask me how i know

u are asking a financial forum vs asking a dumb..... err ... i mean smart .... chick
you dont care about a car payment then go for it

please report back after 1 year and tell us how much you love (hate) it
car dealership gotta make money right

HA say what you want. While I personally think leasing is stupid, my sister does have a good head on her shoulders. She just likes nice shiny new cars every couple of years lol. If she has the money and wants to spend it on that, why should we stop her from stimulating the economy??

lol @ the shiny car bit.

As for paying cash for a car, I agree and I don't. The general rule of thumb is yes, pay cash.

However, my current credit union offers me 3% interest in my checking account. If I finance at 0% interest, why would I want to pay cash for the car? Just sayin..

The car I want is $27,000 but I get a discount through my job that takes off $1,500. I have $4000 set aside for a down payment. I may also get $500 off because of a student program but Im not sure about that yet.

I make approximately $1800 a month through one job and $400 to $600 a month through my part time job (I've had the job for 1.5 years). My score is approximately mid 600s up from mid 500s (made poor financial decisions in the past plus a family member defaulted on credit cards in my name).

My bills are approximately $500 a month (yes that includes everything except entertainment, food and gas). Insurance on the new car will be around $150 a month (up from around $50). I do realize the car I want is way too expensive but I'm trying to be a little practical with my unpractical desicion (haha). So I guess I'm looking for your options. Should I wait until I have more saved up or should I go ahead and pull the trigger? If you were a loan officer, would you approve me?

3 percent up to what amount?

First, build your credit rating back up in the mid 700's. While you are doing that make sure the company you work for has a match 401k plan and max that out. Next, make sure you have enough money tucked away for an emergency and that should be a percentage of what your income. I don't no the exact percentage, but it is available online if you do your homework. Finally, when it comes time to buy a vehicle, buy a used one the is a couple years old. The reason why you do this is vehicles are a depreciating assets and that happens as soon as you drive that new one off the lot. Hope that helps!