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First off, KUDOS for looking into buying your first car at such a young age! I would suspect that you will have trouble getting financed for $17k with no credit history (I could be wrong! =), but regardless, PLEASE consider this alternative... see if you can get financed for less than half that. You can get A LOT OF VEHICLE for $5k, and this is coming from someone who has owned expensive, "fancy" cars (I see lots of $5k cars I would be happy to drive). Find a car you like (or since this is your first car, bite the bullet and find a car you can KIND OF like, LOL), for $5000, and get it financed for as long as your lender will allow (just make sure you can pay off the loan early without penalty). The idea being: if you can get financed for 5 or 6 years, your REQUIRED payment will be VERY low, so you won't have to worry so much about job or other life changes putting your loan (and credit), at risk... it's much easier to scrape together or borrow $150 from friends and family than $500 (duh =). Then pay whatever you were planning on paying for a $17k car each month, and pay that sucker off in two or three years. Having an auto loan paid off -- no matter the amount -- at the age of 21 is a HUGE "green flag" and a major accomplishment! THEN just watch and see how many more options you have when you look for financing on your NEXT vehicle!
I few things to keep in mind... 1) Don't be surprised or turned off by a high interest rate. Shop around, of course, but unlike mortgage loans -- with 30 year terms -- the interest rate on a car loan makes much less difference in terms of what you can afford to pay each month than the amount financed or the length of the loan does. 2) DON'T FORGET! You will need to finance more than just the price of the car. With taxes, registration, destination and other fees, you'll probably have to pay $20k for a $17k car... $7k for a $5k car, etc. 3) If you are putting little or no cash down up front, PLEASE consider getting "Gap Insurance", which typically just adds a small amount to your monthly payment, and if purchased through a reputable dealer, is most likely fairly priced and not a "scammish" add-on. Even with a $5k car, let's say you pay $0 down, and finance $8k to cover taxes, fees, and documentation. Even with good auto insurance, if you total that car the next day, guess what? YOU still owe $8k. Your insurance will only pay the value of the car (which could be less than the $5k you paid!). So you owe the lender $3k, roughly, AND you have NO CAR! It's worth a few dollars a month!
Good luck, but I would encourage you to "aim low" in the beginning. Believe me, you have PLENTY of time for huge, stressful bills! =)
