I'll be turning 18 next month, moving into my own apartment, and I will need a car to get back and forth to work and school. I'll be financially independent, but I'm not exactly sure how to go about getting a vehicle when I have no credit. I'll be making about $1500 a month, and can afford about a $300-$350 car payment. I'm just not exactly sure how to go about the process of finding a vehicle, and figuring out how to pay for it when I don't have credit. Can anyone help?
2006-08-30 05:42:21 · 7 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
find the kind of car you want
and then go into the dealership
they will tell you if you qualify for a car loan or not and how much of a payment AND how much of a $$$$ downpayment needed
2006-08-30 05:48:42 · answer #1 · answered by Mopar Muscle Gal 7 · 0⤊ 0⤋
a lot of car lots have a "tote your note" policy, which is the fact that they will finance your car and you make payments to them. The important thing is to make sure you get a dependable car so that you are only making a car payment and not a mechanical payment also. A good place to look at low priced cars is www.craigslist.com, but you will have to finance the car yourself. If you have a relative that will cosign a note on a car, you will save on interest on the loan. Also check with your local banks and credit unions. A lot of times on their site you will see cars they are willing to sell because other people had the loans and defaulted. They need to sell them so they can make their money on them. Alot of times they are very willing to get rid of these cheap. You should be able to get a good car that fits your needs in one of these places. Make sure you take good care of your new car, with oil changes, brake jobs and tune ups and it should last a long time and you will build your credit up so you can afford a nicer car next time.
2006-08-30 05:54:56 · answer #2 · answered by Ivan the Terrible 2 · 0⤊ 0⤋
Even though you probably don't need one, I would get a co-signer, just to keep your payments from being ridiculous, which would also give you more lee-way as to what TOTAL price you can afford. With no credit, $300-$350 would probably get you a $10,000 car, but with a co-signer (who doesn't have to make the payments, they just vouch for you) you could get probably a $15,000-$20,000 car. And paying off a bigger loan would help your credit more so you have more elbow room the next time around.
2006-08-30 05:50:28 · answer #3 · answered by pacerslover31 3 · 0⤊ 0⤋
first things first, DO NOT buy a new vehicle! so many kids don't know what they're getting themselves into. A used vehicke is the best deal, I suggest you get one from a named company, not a self made crooked salesman. With everything included you should really aim for a $4000-$8000 vehicle. if you would get a new car, however, a really good deal is the Toyota Yaris, izz very neat. Most businesses have a payment plan option for the youths out there.
2006-08-30 05:49:22 · answer #4 · answered by Sheol 2 · 0⤊ 0⤋
I don't think living on your own will allow you to make 300-500 in car payments. On 1500.00 that's half what you make if it's net pay.
Go to someone who knows cars and see if they can help you look for a used car. The Japanese cars are the best used cars. Don't tie yourself up with a car payment until you have disposable cash, meaning money left over to burn after all your other bills are paid. Don't put the cart before the horse and you will be fine. And don't forget the insurance payments in addition to the car payment. $$$$$
Good luck,
2006-08-30 05:57:44 · answer #5 · answered by Glenda K 2 · 0⤊ 0⤋
there are a lot of first time buyers programs. you should be able to get a pretty good car for that price range. make sure you take into account the cost of full coverage insurance. before you buy you should contact an insurance company and see what insurance will run on that particular car. from experience you can always count on about 1500 - 2000 off the msrp (the vehicle price on the window) i bet your parents are proud that raised such a good, responsible adult
2006-08-30 05:59:09 · answer #6 · answered by notyours 5 · 0⤊ 0⤋
you can get a loan with no credit..its easier then having bad credit...
you'll have a fairly high intrest rate..but its not hard to get approved..go to a dealer..(big guys honda acura toyota ford...) they will beable to help ya. some dealers have programs for college kids. go for something under 15K like a scion TC/xB or civic..or something used..
2006-08-30 06:06:30 · answer #7 · answered by mommy2savannah51405 6 · 0⤊ 0⤋