for around 15000, will dealerships give me a loan even tho i cant offer much of a down payment and i have a trade in but id probably get 500 if that for it
2006-07-07 03:28:02 · 15 answers · asked by John 2 in Cars & Transportation ➔ Buying & Selling
my parents just co-signed for my lil brother to get a 2003 jetta for 13000, and i dont want to make my parents sign another thing, ive been paying for a cell phone bill and car insurance for about a year now, so i dont know how much credit i have
2006-07-07 03:35:59 · update #1
When you consider your income, and the amount that you are trying to borrow, there is going to be a problem. You are making about $1400 per month, (gross) and depending on the state taxes, bringing home somewhere in the $800-1000 a month range. This means that you could qualify for a maximum monthly car payment of $200- $300 a month. The payment on a $15000 loan is going to be much higher than that.
You have a car now. The best thing to do is to keep that car, and start making car payments into a savings account. Figure out what you think is the most you can pay for a car payment. Take that amount, and deposit it into a savings account. Do this every month for a year. If you are able to live comfortably, and never have to dip into that account, then you have proven that you can afford to make that payment.
At the end of the year, you will have that money for a down payment, and you also have a deposit history at that bank. They will be more likely to give a car loan to you seeing as they can see you are able to make the payments.
Good luck
2006-07-07 03:46:01 · answer #1 · answered by fire4511 7 · 1⤊ 0⤋
Buying a car is the easiest thing in the USA to do! Just sign your name and you will be in debt for years and years! I've been selling things for over 30 years, cars included. If I could give you any advice, it would be to continue walking, riding a bike or the bus until you have enough money to pay for a car. Go ahead and start making payments to YOU! Save the money to buy a car. I know the temptation is to get a loan and make payments, but remember, those places are making money from you! Taking money from your $8.50 an hour. Save some money, buy a car, if you get sick, or loose your job it will still be your car!
2006-07-07 10:38:51 · answer #2 · answered by Anonymous · 0⤊ 0⤋
you will most definitely need a co-signer. I was making more than that when I bought my car at that age and my dad had to co-sign for me. my advice, put a larger down payment than $500 for trade-in so your monthly payment will be less. I put $3,300. on a $10,000 and my payments are only $130/month over 5 years. Make sure that you can pay off your principle balance too if you want (put more in than what you owe each month so you do not get interest charges) so you can save in the long run. I am currently over 6 months ahead in payments so I am saving a lot on interest charges. It might not hurt to shop around and find a less expensive model either.
2006-07-07 10:36:39 · answer #3 · answered by tinks44 4 · 0⤊ 0⤋
I talk from experience.. be happy with your car! If you really feel it is a hunk of junk, look into the $3-5,000 catagory. You can get a lot of nice cars in that price range, and could easily pay it off in a couple years. I don't know your living arangements.. but once you are on your own rent will eat up most of your wages! Add in the $300/month car payments and you will be moving back in with your folks after just a short time. My car loan sent me into a debt spiral.. don't let it happen to you!
2006-07-07 16:25:42 · answer #4 · answered by escaped_mental_case 4 · 0⤊ 0⤋
Most lenders require only about $12,000 salary to get a loan so you shouldn't have a problem. But you'll most likely need a larger downpayment than $500. Usually it's like 20%-30%. The higher it is, the more likely you'll get approved.
Ask your parents to loan you the downpayment and they probably won't need to cosign for you.
But expect your loan rate to be quite high. Wouldn't be surprised if it's over 10%, people with great credit pay only 5%.
2006-07-07 12:47:04 · answer #5 · answered by Anonymous · 0⤊ 0⤋
look at autotrader.com with most cars in that price range, they will need repair. the buy here pay here lots, charge a lot for the cars with high interest rate. Note: the down payment is usuall what they have in the car, the rest is profit. most american cars will be cheaper to fix then the foreigh ones, having 4 kids all driving age, we have been thru alot of cars. don't get to strap on the monthly payment for this can ruin your credit if you are late on the payments.
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2006-07-07 10:38:11 · answer #6 · answered by Paul E 1 · 0⤊ 0⤋
what's wrong with your car? if it's running and getting you where you need to go,keep it and don't go in debt . If it is almost dead, dealers can and will use it as a down payment for another car. Just go with an older car for around $5,000 or $6,000 so you'll be able to pay the loan back as soon as possible.
2006-07-14 10:25:22 · answer #7 · answered by Maj 1 · 0⤊ 0⤋
On your income you need to think if you can realistically repay the loan, a bad credit record is the last thing you need, consider a used car for less than $5000 and work up
2006-07-07 10:34:27 · answer #8 · answered by Nimbus 5 · 0⤊ 0⤋
If you finance you have to have full coverage insurance. Get an insurance quote on whatever you purchase. My boyfriend is 20 and was thinking about buying a 2004 civic, and the insurance would've been more than payments, and he has NO tickets etc.
2006-07-07 10:41:31 · answer #9 · answered by sovereign_carrie 5 · 0⤊ 0⤋
Yes they probebly would give you a loan, but the interest will be high around 15% or higher, and that would make you have large mayments and at the end you will have paid them more interest then for the car.
2006-07-07 16:28:25 · answer #10 · answered by serb423 3 · 0⤊ 0⤋