2006-11-01 12:38:36 · 11 answers · asked by philly 1 in Cars & Transportation ➔ Buying & Selling
Open a credit card account ASAP. Then use it sparingly, paying in full each month. This will help your credit somewhat.
I bought my first new car when I was 22 and the only credit I had were credit cards that I had for about two years. I was approved without a co-signer by Honda Finance (bought an Acura).
I had initially wanted a Mustang but FORD refused to approve me without a co-signer and 50% downpayment. I am so glad they did because I got a far better car.
Don't worry about dealers running numerous credit reports on you while shopping for a car..... credit reporting agencies count these as just *****ONE***** inquiry if all fall within 2 weeks of the first. It's because they realize that this is a necessary step in the car buying process.
2006-11-01 12:58:07 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I also work at a Ford dealership but here in the states, Cincinnati, OH to be exact. You would be able to qualify for a first time buyers program and no you would not need a huge down payment. Having some credit in your name is a huge plus, like a credit card and yes you might need a co-signer if you have no credit score at all. Not sure what you are looking for but check out the different manufactures as see who has a first time buyers program and go from there.
2006-11-01 23:47:26 · answer #2 · answered by rlemontw 1 · 0⤊ 0⤋
It's possible you might still be able to get one, as long as you have a deposit. You just have to go to one and ask them to run it. Don't run it too many times though, each time someone looks at it, it lowers your score. If you don't have the score for it, then they'll require a co-signer. Other than that, you'll just have to save up for it. Good luck.
Additional: Oh and btw, it would be better for you to get a newer used one anyway. You can get a "program car" from a dealership and this will be a relatively new car with only a few thousand miles on it and it will be a LOT cheaper and it'll be easier to purchase.
Besides, when you buy a brand new car through financing, it will be a long time before your car's value will be less than what you owe on it because of depreciation. For example, I just bought a brand new Nissan Sentra in Feb. I still owe 16,000 on it, but I could only trade it in for 11,000. And you never can tell if you might not like it a few months after you get it...that's what's happened to me. DO NOT get a Sentra if you like to drive faster than a turtle...lol.
I would suggest to just get a great little used one, and get a new one once you get established in a job. I still have my first car, my husband drives it. It had 104,000 miles on it when I bought it 4 years ago, and it is still in good shape and it's beautiful. You can find gems even when it's not BRAND NEW.
That's just my opinion though, do whatever makes you happy. And GOOD LUCK!!!
2006-11-01 20:43:10 · answer #3 · answered by Laura 5 · 0⤊ 0⤋
When I turned 16 many years ago I bought my first used car. I knew then that I would one day want a new car. It is difficult to do without credit. I saved several thousand dollars from 16 to 18. I then, with my dad's help, asked him to co-sign the loan. The loan was for the amount of money I had saved. I then purchased another used vehicle with the loan. Then, within a 6 month period I payed the loan off with the saved money. I then established excellent credit. From there, I was able to purchase a new vehicle.
2006-11-01 20:46:55 · answer #4 · answered by bsnodgrass2003 3 · 0⤊ 0⤋
Without a co-buyer with good credit such as a parent, aunt, uncle, etc it should prove challenging but perhaps with some money down GMAC, Ford Motor credit, or daimler chrysler financial would give you a chance on something new. Time at address, on the job, and a track record are key. Good luck.
2006-11-01 22:28:00 · answer #5 · answered by Johnny 7 · 0⤊ 0⤋
THE THREE C'S OF CAR BUYING. 1. CREDIT
2. CUSTOMER. 3. CAR.............YOU HAVE NO CREDIT, YOU ARE YOUNG AND WANT TO BUY A NEW CAR..YOU NEED A HUGE DOWN PAYMENT....30 % DOWN.....CHECK ON INSURANCE FIRST TO MAKE SURE YOU CAN AFFORD THE CAR AND THE INSURANCE. WILL A CLOSE FAMILY MEMBER CO-SIGN FOR YOU ? YOU MIGHT CHECK WITH FORDS FIRST TIME BUYER PROGRAM.........TOYOTA MOTOR CREDIT HAS A PROGRAM AS WELL.....YOU MIGHT BE ABLE TO GET A NEWER USED CAR STILL UNDER FACTORY WARRANTY....I WISH YOU GOOD LUCK....MY E-MAIL ADDRESS IS ANDYANDY2525@YAHOO.COM
I WAS AN AUTO BUYER AND FINANCE MANAGER FOR MANY YEARS.....LET ME SEE WHAT I CAN DO.........
2006-11-01 21:56:55 · answer #6 · answered by Pamela L 1 · 0⤊ 0⤋
You can't buy without a co-signer, I hope you have a really good job cause your insurance on a brand new car will be out very costly at your age.
2006-11-01 20:44:44 · answer #7 · answered by Granny 1 7 · 0⤊ 0⤋
ima finance person with a ford dealership. in canada mind you but.... by going into a ford dealership you can qualify for a first time buyers program depending on what fits your budget even if you go to talk directly to a finance manager at a dealership they can tell you how to go about it. Its probably different in the US
2006-11-01 21:09:45 · answer #8 · answered by james d 2 · 0⤊ 0⤋
find a decent used car
2006-11-02 02:43:51 · answer #9 · answered by Robins 2 · 0⤊ 0⤋
DONT BUY NEW cars are one of the top ten things to never buy new
2006-11-01 21:05:41 · answer #10 · answered by mustang_silverado 3 · 0⤊ 0⤋