im in the market for a new car..i work part time and student part time and have no co signer. i need to be financed but keep getting turned down do to monthly income and i cant even take out a loan from the bank for the same reason....what do i do? i need a new car because mine is a ticking time bomb...any advice for first time buyers??
2006-11-09 07:47:04 · 10 answers · asked by yourmygoodfeeling 3 in Cars & Transportation ➔ Buying & Selling
Considering your lack of funds, I suggest you buy a motorcycle until you can afford the car.
2006-11-11 06:57:44 · answer #1 · answered by techno84723 2 · 0⤊ 0⤋
Unfortunately you will most likely need a co-buyer.
Some manufactures do have a first time buyer program but they often require 30% down payment. Try Kia or Hyundia '06 model with rebates to help with the down payment.
You may be able to get into one of their entry level new cars with the help of the factory incentives and these have 100K warranties.
2006-11-09 08:57:56 · answer #2 · answered by MalcolmRacerX 2 · 0⤊ 0⤋
Yeah, that is a tough question. I was in a situation like you at one time....Let me honestly tell you that all cars are crap! BMW, Merc., ford, honda. I have owned everyone of them. To replace a starter on a bmw is $650. NEVER buy used cars, all used cars have problems, or people wouldn't be selling them and getting different cars. I don't know how old you are, and what your studies are in, but I really think the best thing you can do is to continue to go to school part-time, but you MUST go to work FULL-TIME. Work full-time and buy a BASIC, BASIC, small, commuter car with a 5 year warranty that covers everything. Trust me that is the only way it will work. You are about to get caught in a vicious cycle...You will work full-time and make more money, but you will have to pay your car payment, insurance, gas, along with your personal spending, so you are going to live from paycheck to paycheck and no savings. So, you must stick with school until you finish so you can get your $60k per year.
Good luck to you, you will be fine as long as you don't buy a used car.
2006-11-09 08:08:26 · answer #3 · answered by Anonymous · 0⤊ 1⤋
You really need to take a closer look at your needs if the banks won’t give you a loan because of your income. Banks are in the business of lending money (that’s how they make theirs), they want to give loans. If you have decent credit but they still feel that you do not have the resources to make the monthly payments, than you really shouldn’t get the loan. It’s also in your best interest.
2006-11-09 08:02:31 · answer #4 · answered by Walter D 3 · 0⤊ 0⤋
well you won't like this but you will probably have to take the bus until you can afford a good down payment, there are people that " finance anybody " but they are usually sharks , get a charge card , use it and pay it off monthly , this will build you credit , then in time get a basic car with a great warranty and maintain the heck out of it and drive it till it drops , good luck
2006-11-09 08:43:11 · answer #5 · answered by sterling m 6 · 0⤊ 0⤋
the only way to qualify for an auto loan based on what you are saying is with a co-signer. first time car buyer programs require full time employment and sufficient income to cover payments, insurance, etc. think about it maybe someone in your family can sign with you.
2006-11-09 07:57:52 · answer #6 · answered by SKYDOGSLIM 6 · 0⤊ 0⤋
try asking your parents on one of your relatives to co-sign for you. or you could open an account at a local clothing store and make payment of the same amount every month on the same day of the month eg:$50-$100 on the 2nd of every month. do that for 3 months then go get your car after a further 3 months cancel your acc. with store. and continue the payments on the car. that should also add to your record for purchases made in the future.
don't go open to many acc later on in life try to pay cash where you can. Thats how the rich get richer o the poor poorer.
2006-11-09 08:05:23 · answer #7 · answered by joe pilot 2 · 0⤊ 0⤋
Get a cheap used car in good shape. You can find it. Take a friend or a relative who understand about cars with you. Make some repairs on it. A new car will cost a lot of money and you will have to pay a lot of insurance and it will depreciate very fast.
2006-11-09 13:03:10 · answer #8 · answered by wazup1971 6 · 0⤊ 0⤋
You know...you can buy a really good car for about $3,000.00 that will last for years. Why don't you work as much as possible, save some cash and BUY one?? The ticking time-bomb is a financed car!
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2016-12-28 17:22:03 · answer #10 · answered by Anonymous · 0⤊ 0⤋