98% nervous, 2% excited!

So after my last little mishap with my car, I decided its time for an 'upgrade'. I drive a 1998 Volvo S70, it has almost 286,000 miles, and it needs countless new parts to make it roght again. However, with that many miles I don't want to sink money into it and have it die. I have been looking around at dealers and found one of my dream cars. So, it looks like I'm going to the bank today to see if I can get approved for a 2003 Volkswagen GTI turbo! It has 118,000 miles...little higher than id like, but I still can't say no. 4-speed manual, sunroof, white leather interior, 'upgraded' alloy rims, new tires, etc. Asking price is $7,995. I'm about 98% nervous and 2% excited to be going to the bank. Being 19, getting loans are hard. I had to get a small personal loan in july to help my parents out, and had to have someone co-sign with me in order to get approved. I'm hoping that I can get approved with a co-signer again, I really need a new car and need it before snow hits. So please everyone wish me luck! I need all the luck I can get!

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Good luck Kevin :)

Thanks! I really need it. I'm going at 9:30 today to see if I can get preapproved, I will let you all know how it goes.

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good luck I know the feelnig I was in the same boat when I got my 03 mazda truck, but I got it no problem, and I got my current truck with out co signer ( but I am also 34 now, but I guessing not having much on my credit history bad helpped me plus being disable make my income ( if weak but steady help)

Good luck.

Good luck :)

4- speed? I thought they were 6-speed. But its Euro so big bucks on replacement parts. But if you want it goodluck man. Witht he volvo down, And some good haggling. should get you under a 5k loan right?

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Originally Posted by Quikcobra

4- speed? I thought they were 6-speed. But its Euro so big bucks on replacement parts. But if you want it goodluck man. Witht he volvo down, And some good haggling. should get you under a 5k loan right?

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Agreed, at least on it not being a 4-speed. Should be either 5 or 6, but definitely not 4. Regardless, it's a fun car. Lots of tuning potential, if you're interested in that sort of thing. People have gotten seriously big power out of VAG 1.8T engines with upgraded turbos, etc.

Be sure that all the maintenance has been done on schedule, and find out when the timing belt was last done. You may be coming up on T-belt replacement #2 with that mileage. (VW and Audi 1.8T engines should have the T-belt + water pump replaced roughly every 70-80K miles. If it was done @ 70K then you're only 20-30K miles away from doing it again, and you should be aware that it's an expensive service. $250+ in parts and lots of hours of labor.)

Regarding the loan, you *may* have a problem getting one on a car that old. I know I had trouble with that when I bought my Audi. It's an '02 and I bought it in November of '09. The bank I was trying to get to give me a loan loved my credit rating and was going to give me a loan at a good interest rate, but they refused because the car was 1 year too old. They had a maximum age of 6 years on used car loans, and my car was 7 years old. A 2003 model in 2011 is 8 years old, so you've got it even harder there.

Best of luck to you, but you may need to find alternate means of sourcing the money or look at newer cars.

Yes I will definently find out the maintenance history. My dad is a german car mechanic and knows loads so I don't need to pay for labor. It is a 5 speed, hut the wrong nunber. I don't really have established credit so I'm not sure how its going to go. My bank I'm going through with good credit will do 2003-2007 vehicles for 36-48 months at 5.6% interest. I just got back and they said they will give me a call later. I am going to have my dad test drive the car tomorrow and if everything checks out then ill get the ball rolling. I can't wait to do some mods....already planning a huge turbo somewheres down the road.

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Good luck and have fun with it. You may have a hard time getting a loan without much established credit, but I'm rooting for ya.