Financing a car
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probably wont be able to get a loan without a co-signer
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^^^ what??
i have never had a cosigner. as long as i had my job for a year or more and had atleast 1k for down payment. havent had a problem unless i would try and buy a car over 15k.
i dont see there being a problem as long as u have had a job for longer then year and 3k down. but u might have to settle for something u dont want
edit: payments will probably be hi 200's at best, realistically 320ish -
you'll get the loan, but you'll probably get raped on the interest - that's what they use to cover their risk of loaning to you. The lower the credit score, the higher the interest.
Best thing you can do - establish a relationship with a banker. They'll bail you out more times that you can imagine and save you a ton of money
Fvckin machine took my quarter
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yeah you might get a loan BUT the kicker is going to be at what kind of interest rate that's the part that is gonna be killer
i could have gotten a loan without my parents co-signing at 17 but the interest rate was almost 3x as much which at the time was like 7.5% with parents co-sign would have been almost 20 without
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Just like Brett said, establish a good relationship w/ a banker. That's the best thing you can do. I have gotten by with a LOT of things most people can't do when it comes to car loans, and that's because my dad knows the president of my bank pretty well. And now that I've had a few auto loans through there, I can usually get whatever I want. You might as well just try and see if you can get the loan w/ a decent interest rate w/ out a co-signer.
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Knowing your banker is huge. I have such a relationship with Private Banking at a very large bank in the region that they handed me a check fo $287,000 with 8 hours notice and NO paperwork signed at all. They didn't even pester me to come in and sign papers. I'll never switch banks....
Fvckin machine took my quarter
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A bit of advice from someone who's gotten screwed in the past. If your credit's a little shaky, you'll probably get a loan, but at something like 15-18% instead of the normal 5-10%. Also if you pay your own insurance, being young gets you screwed again because they'll want you to have full coverage insurance and insurance companies try and charge younger people a shitload to insure their cars. If you haven't already, check some quotes, it sucks making an insurance payment that's almost as much as your car payment. Good luck on the new car.
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I wouldn't call that getting screwed, it's part of life. You have to start somewhere. If you have no credit, you're not going to get an auto loan with 5% interest. And it is MANDATORY for anyone to have full coverage on any car that has a lien against it. Of course insurance for a younger person is more expensive, once again, it's part of life, that's how it is, so it has to be dealt with.
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Very true, it's just the way things work. Maybe I should have stressed to check out all the available options. Maybe some friends with really good credit? Or other relatives? Or the rusty beater option? I just remember when I was young, broke, and going to school. Also, another thing to check out would be gap insurance. Especially if the vehicle won't hold it's value.
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Dangler wrote:
Knowing your banker is huge. I have such a relationship with Private Banking at a very large bank in the region that they handed me a check fo $287,000 with 8 hours notice and NO paperwork signed at all. They didn't even pester me to come in and sign papers. I'll never switch banks....what bank do you go through??? 287,000...damn must be a nice house..im sure thats what its for right.
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You could always try going through a credit union, they usually offer better interest rates. When I first bought my car, I had a interest rate of 9.9%. I went to my credit union and got my loan refinanced for 6.49%. That's my advice.
Oh yeah, don't waste your money on an american car with a shitty resale value.
-Eric
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