When can I own my own car?

Question

I am 19yrs. old. I just started working and I need a car. How long can I work until I can buy my own car?

Answer 1

You can buy a car just as soon as you have money. So, I assume you mean to ask how long until you have enough credit. If you can get your parents to co-sign for the loan, there should be no problem, (assuming they have established credit). If you are going to do it without them, then you can also do it right away if you are willing (some would say stupid enough ) to pay extremely high interest rates. This is because the lender is taking a gamble on an unknown....You.
The best bet would be to save and pay cash. The next best would be to establish some credit history. Take your first pay cheque to the bank and tell them that you want to borrow money to buy a GIC or bond and that they can hold it for collateral. Then pay off that loan ASAP. This makes you look like a responsible young person . Repeat if necessary with a larger amount. Then you will have some assets and a history of paying your debts.
Then ask about the car loan. And once you have the car, don't let anything slide because you will be using this credit history for the rest of your life.

Answer 2

New car dealers are going to want to see not only employment history, but also credit worthiness. Unless you have credit currently established, a new car loan will require a cosigner.You can probably purchase a used car now, from a dealer that finances, however, the interest rates will be very high, so saving some cash for a down payment, may be better.