You are talking about spending about a third of all your money on a car and committing to do so for the next 4 years.
As an 18 year-old you have a tidy disposable income and few expenses. But the one thing that is certain is that your circumstances will change, even over the next 4 years.
It is a terrible idea.
As a simple example, you could:
a) buy ...
Criteria would be the ability for him to ... see the remaining balance.
For just the two of you, a shared Google spreadsheet is far and away the simplest path to satisfying this criterion, while dwizum's answer handles the other two.
EDIT: presuming you aren't charging him interest, here's an example spreadsheet.
Because you are currently driving and don't have insurance. You need to get insurance today. It appears that it is law in Florida that all drivers must have insurance. Even if it wasn't the law, you still should get insurance to protect you in case of an accident.
Because you need insurance today, you need to worry less about getting the lowest rate, you ...
They will cover you while you're traveling, naturally; but the insurers really do not want a situation where they cover you on the basis of you living in one circumstance, when your actual circumstance is another.
In another state
Could be a problem. Insurance rules are different state to state, and as a result, rates are different from state to state. ...
One option is to talk to a local bank or credit union, and see if your plans would integrate well into their online banking tools. You may be able to kill two birds with one stone - get him on a plan to pay you back, and also get him some exposure to "real" banking tools.
For instance, my credit union has a tool in our online banking platform that lets you ...
For an objective answer, look at two things:
How much interest you'll be paying over the life of the loan
How much the car will be worth after 4 years when your contract expires (look at current 4-year-old Audis as examples).
My guess is that you will be paying much more in interest that you realize, and that you will be underwater after 4 years, which ...
There is similar question By 18 years of age, I want a brand new car that's $43,668
But because of the deposit and young age I think it deserve new answer so more people can use it.
Your whole plan is based on two assumptions:
you're not spending a lot of money on bills
your work situation is stable.
So let's go through basic calculations. You're ...