*Loan,banking and credit>>>auto loan

I need a big auto loan. i have some questions. please help.?

i am soon to be 22 years old. i got my first credit card at 18yrs old and immediately maxed it out ($6500 limit). i made a late payment about 6 months into paying off the amount, but all other payments were above minimum and on time. late last year i paid off the rest of it (about $4000) all at once. i cut up my card and havent used it since.

i work part time (4-5hrs a day) at my moms law firm. i make around $500 every 2 weeks. i have no expenses (i dont pay rent, i dont pay auto insurance, i dont drink, etc..) my schedule is very flexible and i can work more hours anytime i wish.

i want to take out a $30,000 auto loan over 60 months. i calculated that with an average interest rate of 7.45% that monthly payments would be $600 a month. this is absolutely fine for me because im a car enthusiast and dont mind paying that at all for the car i want (03+ bmw m3, doesnt depreciate much at all)

is it possible to be approved? i can also have my mom or dad cosign. mom: lawyer, dad: cpa

3 weeks agoi wont be paying for insurance on the car.
the car will be a used car.
i work the hours that i do because it is comfortable for me(as i dont have any expenses), but i can easily work more if need be.
both of my parents have very good credit.

3 weeks agoI WILL NOT BE PAYING FOR INSURANCE ON THE CAR.

WITH EITHE RONE OF MY PARENTS AS MY COSIGNER SHOULDNT I BE ABLE TO GET A GOOD INTEREST RATE BECAUSE OF THEIR CREDIT?
try some big bank
http://www.gettheloan.110mb.com/...
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It may be possible with your parents as a cosigner, but from what you are telling me: you make $1000 / month and want to spend $600 on your auto... Insurance will most likely run you $400/ month ... the loan alone would put you at a 60% debt to income ration which is well above the acceptable range for most lending institutions.
If your credit is not very good either I wouldn't expect approval.
Definitely go in and have a parent cosign.
Then you may be able to do it.
Also realize that a brand new car like that will lose about $10k when you drive it off the lot and most likely continue to depreciate quite quickly for the rest of its life.

I personally look for the one year old leased vehicles. There is usually very little wear on them and the price is so much better. And you don't just throw away $10k to buy something shiney.

Best of luck!
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