First of all, my sincerest thanks to anyone who can help me navigate this situation.

I am a grad student in US. I have been here for about 1.5years.
I am looking to buy a used car and I have been browsing on Autotrader and found some options that are affordable in terms on monthly payments and insurance. I am talking to Statefarm to get a quote on auto insurance (of the car I have chosen), I also have renter's insurance with them so figured I could explore further and stay with them.

I cannot wait too long to buy one as its become necessary and on top of it might take me months to arrange cash of 3-5k-ish if I want to buy on cash. This is current status:

I am in Mississippi, US. College town, not super expensive
Car is: $5000
I can manage $500 down-payment in next few weeks, maybe more if I waited another month
Autotrader calculator show: approximately $140 monthly payment at 8.38% APR for 36months (Lower if its 48 or 60 months) IF I explore financing
The car is: 2009 Nissan Rogue with 168k miles on it. I don't know much about cars but I want this for utility I really need a vehicle, I will use it as many year as I can until it breaks down and then trade-in
My credit score hasn't showed up yet but I haven't missed a payment ever since I started using credit card that was October 2022. The bank gave me an estimate until April when I can have definite credit score on my account

Now here are my main concerns:

Are the autotrader ads credible? Also, once I get in touch, how do I make sure its not a scam? The dealerships is in another state so my option is either going out there or get a delivery for $500. Getting a rental for a day and driving there is cheaper than delivery cost. Also, doing paperwork in person will give me the assurance and peace that I am not getting ripped off. Please help me if you have had experience with this.
Apart from Statefarm what might be good options for Insurance? I am looking for full coverage if possible. I can afford up to $100 per month, if I find something lower, sure! If not I can go at most $100 monthly on insurance.
If I have the ability to pay out the loan amount in future, can I pay it all and be rid of the debt immediately? I have learnt that some place will not allow you that, but the way I am, if I am able to get myself rid of the debt, I do it instantly. Is that a possibility? If yes, then with who?
Are there any places that might have some offer on financing for student that might be easier on me?

I appreciate any help. Thank you!

Comments

Nickyweg t1_jadldmv wrote on February 28, 2023 at 5:54 PM

Financing a 14 year old car at 9% for 3 years is not a good idea.

EfficientForce8218 OP t1_jadneej wrote on February 28, 2023 at 6:06 PM

Noted.

retroPencil t1_jadlmwr wrote on February 28, 2023 at 5:55 PM

AutoTrader is a classifieds site. Just like a newspaper, anyone can pay and post a listing of a vehicle for sale. How trustworthy is dependent on the poster, not the platform.
Google: "auto insurance broker near me." Explain your insurance needs and they will try to help you out. At the end of the day, you may or may not have an option as to how much you pay.
You 99.999% will not find an above board lender to finance 5k for a 14 yr old car.
You have to get a job in addition to your grad school duties to afford a car.

EfficientForce8218 OP t1_jadnjau wrote on February 28, 2023 at 6:07 PM

Yes, I am looking to get a full time job soon.
Thanks, I will do what you said and check where are the brokers near me.

[deleted] t1_jadnml2 wrote on February 28, 2023 at 6:08 PM

[removed]

Interesting-Dish8894 t1_jadno4a wrote on February 28, 2023 at 6:08 PM

If you don't have income you can't get a loan generally.

EfficientForce8218 OP t1_jadpn7m wrote on February 28, 2023 at 6:21 PM

I have Income. Grad school pays me. Not a lot, but yeah enough to go by. I am looking to transition into full time work by summer.