ok I just turned 16 and want to geta car (yes i did learn how to drive) and I barley know anything about buying car because i want to buy it by paying monthly for it, i have no credit but i do have a co-signer and i just want to know exactly what i need to have with when i go to the dealer and how this will happen....THANKS ALOT FOR THE HELP GUYS!!!
2007-03-06 13:35:45 · 7 answers · asked by roger c 2 in Cars & Transportation ➔ Buying & Selling
and also i somtimes i here things like loan and finance and that stuff scares me i mean what the heck is all that about (if there isnt really anything about that kind of stuff then never mind)
THANKS AGAIN!
2007-03-06 13:37:05 · update #1
i live in michigan so i think you can be 16.....
2007-03-06 13:43:08 · update #2
i dont really want to take any loans or finances...just pay monthly.
2007-03-06 13:45:52 · update #3
Whew, you need a lot of info...lol
Ok, first thing, is you understand what a co signer is? And do you understand the responsibility for making monthly payments on the car? And I hope you have a good job to actually make those payments. Best thing to do, is sit down with someone who can actually walk you thru this, but I will try and give you some of the bare bones of it.
A dealership, used or new, will almost always want some form of down payment... this is an amount usually around 5 to 20 % of the overall price of the vehicle. Some places offer lower down payments, usually the "buy here pay here" kind of lots, which will also charge you a lot more interest for your vehicle. This results in you paying more in the long run for the vehicle. The place will also want proof of income (usually a pay stub) proof of residence, and finally, when closer to choosing and actually doing the deed, proof of insurance. In your situation, it may be very difficult to get a vehicle, as you may or may not have much time on your job, and very little cash saved up for the down payment. Perhaps in your situation, you need to consider discussing with your co-signer about the actual means and cost of your vehicle, since this is such a big financial step.
Good luck.
2007-03-06 13:46:25 · answer #1 · answered by Unforgiven Shadow 4 · 0⤊ 0⤋
Your first car you do not want a 5 year payment plan. Save up enough money to paid cash if you can. The interest on a loan will be to much and this does not include the insurance on the type of car you are buying. Try to buy a one owner and take a mechanic with you. You want to establish credit so start with something you can pay for being that you need a co signer.
2007-03-06 21:42:17 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Finance and load just means your getting money from a bank to pay to the dealer ship for the car. The bank then owns the car until you pay it off. The car is yours to drive, but you cannot sell it until the loan is fully paid off. The dealer will give you templates. But you will eventually need to go register the vehicle at the DMV with the Title. Then you Need to take the title to the bank for them to hold, you'll get it back when you pay off the loan. When you have a loan on the vehicle you will need full insurance. You most likely will need some type of paystub stating that you can pay for the car, you can also put money down. Hope this helps.
2007-03-06 21:42:33 · answer #3 · answered by Stephen 2 · 0⤊ 0⤋
You've got two more years (if you are in United States) of waiting before you'll be able to legally enter a contract (car loan, employment agreement, etc. ...) with or without a co-signer; three more years if you are unmarried in some states. Ex.- In my state, Alabama, the legal age for entering a binding contract is 18 if you are married and 19 if you are not.
2007-03-06 21:45:37 · answer #4 · answered by acesfourpal 4 · 0⤊ 0⤋
First off in most states you have to be 18 to get into a legal binding contract. If you go by yourself it is actually illegal in my state to discuss pricing with anyone that is under 18. If you do have a co-x (hoping a parent) I would imagine that they have bought cars before and know the ins and outs. The best thing to do is call the dealer and find out if you can enter into a legal contract at your age. Otherwise it really doesn't matter what you bring with you...you won't be able to buy.
2007-03-06 21:40:46 · answer #5 · answered by matchiowa 2 · 0⤊ 0⤋
ya gotta be 18 to enter a contract in america. your co-signer at this point would simply be a signer. good luck to ya, and drive safe!
2007-03-06 21:39:59 · answer #6 · answered by michael_oxgood 4 · 0⤊ 0⤋
You'll be a lot better off saving up your money and paying cash. Trust me.
2007-03-06 21:39:08 · answer #7 · answered by Anonymous · 0⤊ 0⤋