buying a used car from a dealer at age 18?

Question

i will be 18 in march and i am wondering what it is i will have to do to be able to get a used car from a car dealership and be able to make payments on like a 12,000 dollar car or something like that

Answer 1

make your parents pay for it lol

Answer 2

You can probably get a car from a used car dealership and pay payments, but take it from me, you are making a huge mistake. I know a lot of people who bought a nice car when they were young, and it ruined their life. Look at it this way; if you are young and have no credit, you can get a loan sure. But you will be paying like 15% interest! Also, your insurance will be through the roof.

Having an expensive car when you are young is like having a kid when you are young, it will condemn you to poverty. In addition, you are in debt when you are only 18, and suppose you want to stop working and go away to school . Well guess what, you cant because you have to pay for a car and you gotta work full time! a 12k loan will cost you like $400+ a month at the interest rate you will get for 5 years. In addition you will HAVE TO HAVE COLLISION COVERAGE! This will double your insurance which at 18 is already astronomical. Suppose you make $10 an hour and work full time, you will end up with like 300 a week take home of which probably $200+ a week will go to car and insurance. This leaves you broke for 5 years and unable to better yourself because going to school and work full time will result in bad grades.

Then if you ever want to do something crazy like spend a year in europe lik I did, well cant do that either. I know you will not listen because I would not at your age too, but let your punk friends be perpetrators and buy stuff they cant afford, and you be smart and drive a POS and be driving the beemer in 5 years! I am 27 now and I have had a hot car since I was 23. Wait!

Answer 3

fabrat1 & Michael have some valid points here.
Your credit is something that you cannot mess up no matter how tempting it is to run it up to the sky and get stuff you've always wanted. Get a good used car that will last you for a little while and slowly build that credit up. Don't buy a bunch of chit with you credit card though. Just make it so you can cover any expenses in 30 days time. I would suggest getting a used car that you can really clean up nice and flip it to get some money back out of it when you're ready to change up.
I suggest a 95 or newer Nissan Maxima. They are very reliable and you can pick up a nice one for 3 k. I have one with 160k and I'm certain it will go well over 200,000 miles. Wanna buy it? ;)

Answer 4

if you have no credit history, you will end up paying a high interest rate. I suggest buying a $3000 dollar car and get a credit card. Make double payments on the car and use the credit card for everything but pay it off each month. In one year your credit will be good enough to get a nice car without being raped by the interest. Never forget this: Your credit is your word. It is the most important aspect of your financial life. Always make payments on time. A good credit score will aid you for the rest of your life as a bad one will haunt you.

Answer 5

At eighteen you have no credit history. The bank will probably require someone with good and established credit to co-sign the note with you. Usually this is your mother or father.

This is typical and if you pay the note off on time and the payments are never late the next time you need a car you will have established that you can make payments promptly and responsibly.

Answer 6

You can enter into a contract as an adult at age 18. I have no idea if your job, your income, and your credit history is good enough to get you into a vehicle or not. It would depend on those factors and the size of your down payment.

Answer 7

you might not wanna go up that high, because most states..anything over like 7500 you will need full coverage for. And 12000 your note would be high also. So if you cant afford it, my suggestion would be go to one of the lower dealers. they might not have the car you want but its better to get one that works rather than get one expensive..miss an insurance payment or get it repoed.

Answer 8

if you are buying a car from a dealership it has to be brand new. dealer buy cars and depending on what car they sell way over price. if your looking for a first car you should look around by owner seller not a delership seller.

Answer 9

make sure to set some(a lot) of money aside for ins.