Hi i need lots of advice on my first car and car loan, only very knowledgeable people respond please.?

First off i am really considering a 1992 Mercedes Benz sel500 as my first car. It is $5,000 and has 106k miles and good condition. Is this a good price? I make $450 every 2 weeks and live at home so i dont really have any expenses. Will i be head over heels with this car? Like repairs and all that? I here they are very expensive to maintain. O.k so i have $2000 to pay upfront but need a $3000 loan, i know banks do not give such small car loans and especially for a 16 year old car!! Also how exactly do i go about obtaing a $3000 loan? I really dont want to ask my parents to co sign as i want to prove my dependancy, pleaqse give me the step by step process for the 3k dollar loan, thanks so much.Hi i need lots of advice on my first car and car loan, only very knowledgeable people respond please.?
help!!!!





I have bought and sold cars for 34 years, so I think I can help you.


I have owned several German cars - three Porsches, two BMWs, and two Audis. I am on my third Swedish car - Volvos.





Mercedes are wonderful cars. But, like the aforementioned cars I've owned, the parts are very expensive. They also drink a lot of fuel. So yes, they are very expensive to maintain.





Check with your insurance company to see what it will cost to insure. Since there aren't many of those, they would likely total it in a serious accident - parts to repair it being difficult to come by.





As for a loan - check with the bank you use or your credit union. If you are under 18 you may pay a bit of insurance on the loan. If you're going through a dealer they can probably get the loan for you.





The price of the car, especially for low miles looks quite good.


Have it inspected by a knowledgeable mechanic.





Good luck,





';Ranger';Hi i need lots of advice on my first car and car loan, only very knowledgeable people respond please.?
You probably will not be able to get a loan for that amout. And yes mercedes are very expensive cars to maintain. If you want to finance a car find one in the 10,000$ area with no more than 60,000 miles on it, 5 years old still under warranty. If this is your first loan, this about your only option without a cosigner.





Or go to a tote the note lot. Where you buy and pay for the car at the same location. Its expensive as hell and they have really high interest rates, but they will give you a loan for any amount.
If it is from a dealer, get the loan from the dealer.. It is easier to get a loan, I got my first car a mustang gt, and I gtot my loan from the dealer and I didn't have a co signer
You are looking at buying a car which is very expensive to maintain just as it has crossed the age/mileage line where it will start needing things; LOTS OF THINGS$$$$$$$


There are drivable $2,000. cars out there, if you are willing to seriously shop.





Don't buy any car, new or used w/o reading up here:


http://www.usedcartips.org/index.html
hello. a mercedes Benz is always a dream. A couple of 'IF's are important. Has the car been seen by a reputable mechanic, who'll put a signature to its worthiness? IF you qualify for a loan, espect a long time before you own the car. I am with a credit union, so my money was sort of 'watched' over. Plus, I am on a very expensive medication. Anyways, the car is pair off (after 4+ years, no down payment). I say this as I have no idea what your life terms are. good luck.
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