first time buying a car?

Question

okay so i got a job that raquires me to have my own car... i dont have any money or anything to trade or any credit... so i dont think im going to be able too. once i start my job i will be making $400 a week so i could afford a payment, but how do i go about gettting it so i can make the payments? i dont have anyone to co-sign with me, im on my own. im also a girl, who is 19!!! help me!!! im really responsible and will make the payments! the company i'll be working for pays for my house and gas, so the $400 a week is for food and my car payment, i dont have any other bills...

Answer 1

While building your credit rating, it's hard to secure a loan. You may want to explore leasing a inexpensive, possibly used, vehicle. Check with your local car dealers and see what they can do for you. Also, lease payments can be less than loan payments. After three or four years, if you like the car, you can buy it outright. By then, you will have a proven credit rating and there should be no problem getting an auto loan.

Answer 2

First off, congratulations on your new job. Secondly, yes, at 19 it will be hard to secure an auto loan. I have been a manager in the car industry for 10 years, and have seen many 19 year olds get approved for a loan, though. The lack of a cosignor may make it more diffucult, and most likely, you will get a higher interest rate. The best advice is to not overspend. Dealerships may try and take advantage of you, but for the most part, I would look for something under the 10,000 range. Sounds like a lot, but works out to the 200 a month payment range. I know, that without bills you could pay more, but what you need is transportation, not an expensive payment. There are many cars availalbe at this price. Go onto AutoTrader.com, or Cars.Com, search in that price range, and go look at these cars. Bring someone with you!!! Especially anyone knowing anything about cars. If you are looking at a used car, bring it to a mechanic that is a third party from the dealership. If the dealership does not allow this, find another dealership to go to. Make your payments on time, and your next loan willl be much easier. Start out small. Do not get over your head. What happens if that job goes away, at least you will have a low payment to work off of. Good luck, and I hope you find something!!!

Answer 3

I'd suggest looking into getting a loan from a bank or private loan company (pick one with a good reputation) for approximately $15,000 or less with an interest rate of 10% or under if you can find it. If you are currently with a bank they may give you a better deal. Then take that money order check to the car dealership and negotiate that way. If you get a loan from the dealer it will cost you more and won't be worth it.
Also, look for a cheaper used car that is still good quality like a Honda civic or Toyota corolla. These cars get good gas mileage and used can come in under $15,000. They will last you a long time if you take care of them. I'd also suggest, if you can get that bank loan, looking on something like www.cars.com, www.craigslist.com or in your local paper to try and find a private seller. Make sure you look on carfax and take the car to a local mechanic before buying but by getting the car from a private seller, you won't have to pay the taxes on the car.
Good luck!

Answer 4

well here what i think on,, their a lot of cars, out their, that been park ,up eather to no inc, an need to be fix, some you can get for almost nothing, an with a wittle work, make a good first time car,,,,my boys an i have bought cars like this some for al little as a 100,, an all some need was, like spark plugs,,,,, now too they got some car comp, that look for new driver, an are willing to go out on a limb, for you,,,,but i stay a way from these comp,,, now if you willing to do the looking, an got a little money, you can find something,,, rember, you need a starting point,,, it not what it look like as much, an it get you their an back,,, some of the car i bought, was in great shape, just ,the owner, knew nothing a bout how to fix them,

Answer 5

Usually what I tell people in this position is, get something used...maybe 5-7 years and try to pay it off quickly. When the banks see you pay your vehicle off, it'll boost your credit quite a bit. It's better to have a loan you can pay off in 2-3 years quickly and establish some credit quickly.