Can I Afford This 2007 Chevy Aveo?

[Abe]

Okay I found this 2008 Aveo that I really like for $8988. Its the LT model so its got power windows/locks, keyless and cruise, its also got 42,000 miles. Anyway, so I have $4500 cash for a down payment and my trade is worth $1000. I want to offer $8500 for the car, so basically I would be financing $3000. For a 36 month loan it would be about $93.87 a month. BUT I only make about $300 a month. I wouldn't have any other bills except for gas, so can I afford this Aveo?

[Mr. Jados]

You wont be approved for any type of a loan or financing making anything less than $1500/mo. You would need a Co-Signer first and foremost. But if you've got $4500 cash and a trade in, you've got yourself some legroom at a used dealership. Probably not on this priced model, but you could probably walk into a dealership with Cash in Hand and your trade and offer him both for a $6-7000 car and slip out with it.

Also, the bigger question is not can you afford the Aveo, but can you afford to be seen in the Aveo? Not fantastic cars, my friend.

Hope that helps!