I am 18 years old and I want to buy a car that I can pay for monthly. My old car broke and I just want a safe and reliable car that will last me through college. The problem is that I do not have any credit (with the exception of my student loans that are taken out in my name). I have a job, and bring home a decent amount of money weekly. What are the odds that I could get a car from a dealer without having to have my parent's cosign? Thanks!
2007-03-20 15:12:10 · 6 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
I live in Massachusetts if that helps at all!
2007-03-20 15:12:45 · update #1
Pretty slim. You might check out one of those dealers that say "no credit checks," "your job is your credit." However, they may charge you outrageous interest rates.
2007-03-20 15:20:27 · answer #1 · answered by Joel S 3 · 0⤊ 0⤋
Try and not get an expensive model and try to keep the balance as low as possible. Instead of your parents cosigning, see if they would loan you some money for the down payment. When I was young, I wanted a new car and was told I needed a cosigner. I told the salesman that I couldn't do that. The next day, Sunday, the salesman drove the car to my apartment and said I didn't need a loan and to come on down to the dealer and sign the papers.
If they want the sale, then they may work with you. A bigger down payent helps them decide.
2007-03-20 15:43:12 · answer #2 · answered by Fordman 7 · 0⤊ 0⤋
long odds...and even if you could find someone to finance you without a cosigner..the interest rate would be obscene. Your best bet is to use the cosigner and make your payment on time for six months to a year and then ask the lender to let you refi the car into your name only. This way you build your credit.....don't mess up and your next vehicle should be easy for you.
2007-03-20 15:20:49 · answer #3 · answered by malemute1 4 · 0⤊ 0⤋
from my experience with any large purchase, you will need your parents or someone to cosign simply because you do not have any credit. your job doesn't count so much unless you have established credit most of the time. the dealership wants to know that you can make your payments reliably which is what having credit tells them.
it's not the worst thing in the world for your parents to cosign. it's still partially in your name and will still build your credit given that you make payments on time.
2007-03-20 15:21:32 · answer #4 · answered by nc_strawberry 4 · 0⤊ 0⤋
Try this site listed below, it might be of help for you. It's an online loan state
2007-03-20 15:21:00 · answer #5 · answered by Wolfmanscott 4 · 0⤊ 0⤋
If you have been at your job for at least a year, you can possibly qualify for a first time buyers program.
2007-03-20 15:21:38 · answer #6 · answered by Anonymous · 0⤊ 0⤋