I am planning on getting a used g35 and putting 5,000 $ down. Currently, i make 1600 $ - 1800 $ a month with taxes taken out. The taxes taken out my paycheck is usually 380 $ to 430 $ a month.

If i was to buy a g35, is it possible to get my tax reduced since i would be in debt? I currently got 0 dependent on my w2 form.

Dont get me wrong, i dont mind paying that much in taxes, but i would rather have some of that money to pay for my car, rather then someone who lives in the project hooking up his Escalade.


Oh yeah, right now, my only bill is cell phone bill, and my college bills.

 

lol u don't get a tax break for having a car loan .... lol

 

Exemptions and dependents are 2 different things. I think if you read the form carefully you can mark more than 0 exemptions.

Stretching to get into the G is probably not wise, save more for the down it'll be worth it when you start modding and you actually have some money left over after each check to use for modding.

 

claim 1 dude, meaning ur claiming yourself. that's why i have done the last 5 years and i get less taken off, but then your also not gonna get as much when tax returns come along.

 

Before all that $1600-1800 / month wont cut it when it comes to purchasing a $35K car. No bank will approve you earning so little money. You will have a hard time buying a $20k car with your income. What you need to do is get something more practical wait til you graduate then buy a better car later on. Even though you don't owe anything doesn't mean you can get approved. But hey goodluck hope you car get the car you want.

 

i am gonna claim 1 for tax break.

Also, as far as affording the car goes, i am playing on getting a used one for like 24k with 5,000 $ down. And my dad is gonna go co sign for the car. I already got approved at carmax but didnt end up buying it since it was a automatic. I love stick shift.

 

that would be nice to get a tax break for geting a car loan.

 

claiming 1 for a tax break.. if you dad has you as a dependent (i.e., you live at home, are on his insurance.. etc) then you can't claim yourself or you will be "double dipping" and the IRS will stick you or your dad w/ the bill. Just FYI.

 

I suggest you save some more for a larger down payment, otherwise your payments are going to be high, and I'm sure you will be carrying a high interest loan with 5k down.

 

for a bank. federal credit union, or bank loan? I think you sohuld try a credit union. Do you have a cosigner?