Hey, I've been wanting to get a car, but I don't know how to start, where to start. If I go to a bank (I have 0 credit) will they still give me a loan? And second, should I apply at dealerships for credit? I'm looking for a small vehicle around 2-6k just to drive to work. I drive my parent's truck but its a V8, gas is killing. And I work part time, how does all this affect me? Thx!
2007-05-27 19:09:00 · 2 answers · asked by Malix 2 in Cars & Transportation ➔ Buying & Selling
If you try and take out a loan, you will need a co-signer. If your parents are unwilling to do so try and explain to them that this is an excellent way to start building credit which is very important.
Your best bet is to look for a vehicle through a private seller as opposed to a dealership, since you will get a better deal. I would apply for a loan at a credit union with your parent(s).
Good luck!
2007-05-27 19:13:51 · answer #1 · answered by burberribunni 5 · 0⤊ 0⤋
If you've got proof of income you can probably get a loan despite your lack of credit, but expect a high interest rate. Apply first with your own credit union/bank and see what they'll offer you.
However, I think you should just stick with your parent's V8. If gas is the only thing you're paying for on it, you're very fortunate. If you get your own car the insurance, high interest loan, maintenance, and repairs will cost way more in the long run than the handful of dollars you save each time you fill it up at the gas pump.
Take the time now to simply build up your credit and save your money. Once you really need to buy a car, your patience will pay off.
2007-05-28 03:22:26 · answer #2 · answered by nevergonnaletyoudown 4 · 0⤊ 0⤋