hey guys, im new here and have a few questions about financing a new rx8.

im 19 years old, and don't really have any credit. the only thing i have going for me in that respect is i am in the military and have a 5-year contract. is there any first-time buyer programs out there that can get me financed? or is this just a lost cause and should i go looking for an older, used rx7? even if i can get in one with a very high payment i probably will, because i am making about $1k a month but the military is paying all my bills so that money is for what i want.

thanks for any help. and also, insurance places...where should i go for the best rate?

 

Mazda would probably approve you for a loan, but the rate will be ridiculously high, most likely above 10%. Unless you have a lot of money saved up and you can make a really high down payment, say 50% of the total cost of the car, it's not worth it if you are only making $1k a month. It's a really awesome car, but I don't think spending most of your money to make car payments and insurance is worth it.

 

will have about $15k available for a down payment. what about insurance? if it's that high then you're right i don't see the need to go through with it. i really dont want to have a matching insurance payment. so in reality, i could only afford a $500 payment for both. and even that would leave me with no other money for thr month to play with.

hmm...maybe ill just wait until later in life.

 

Well damn if you've got $15,000 for a down payment, you could probably get a new '05 Sport MT (if you can find one) for $24,000, so you'd only have to finance $9000. Even if you get screwed with a 10% APR, you could get a 3-year loan and probably not pay more than $300 per month. Insurance is another thing altogether, depends on your previous driving record and where you live. May be upwards of another $200 per month.

It's the fact that the military is paying your room & board & food right now that could probably let you get this RX-8. Just make sure you can budget for it with room to breathe each month.

 

See if your base credit union will give you a rate. Sometimes they won't for lower enlisted folks, but if you speak to the loan officer and let him/her know you are financing less than half of the value of the car, he/she might go for it. As for insurance, make sure you tell them it is a four door! : ) Seriously, the younger you are the more it cost. In the DC area, my 06 RX8 only costs me $120 more per year than my 99 Accord did, but the Accords are often stolen, and I'm 35, so that might be the reason for the small change in rate.

 

yea talk to your credit union on base, they probably will have the best rate you can get.

 

Another vote for your on-base credit union. I bought all my early vehicles via Navy Federal Credit Union way back when. And my insurance from Uniformed Services Automobile Association (USAA). I still have USAA (30+ years now). Both outfits understand younger service members' newness to credit.

 

thanks for all the help guys, really. looks like we'll just have to see when the time comes to buy. i'll let you know how everything goes.

if the rx8 does turn out to be too far out of reach though, i'm going for a new wrx. loads of fun, classified as a sedan by insurance companies, and a huge aftermarket following. however my dad had an rx8, as well as my uncle, and i absolutelly fell in love with its driving habits when one used to stay in my garage every night.

i will talk to my credit union on base, for sure. thanks again.

 

Insurance for the 8 is actually relatively cheap, barring you have a good driving record and you're not 17 years old. I'm 23, I have a good record, and I'm only paying 1,100 a year on insurance. The RX8 is also considered a 4 door, and insurance companies classify it as a 2 cylinder so I don't think you should have any insurance concerns.

 

I got a 4.9% rate from mazda... Used RX-8 don't know if that makes any difference though.