I'm 17, turning 18 in June and i have a question?

Question

i wont to buy me a brand new chrysler 300 next summer do you think there is any way i can get 1 without getting someone to co-sign with me if so can you please tell me P.S. i already have my licences and a year 2000 ford explorer but i wont a 2008 chrysler 300

Answer 1

Just turning 18 so there is NO credit history to be had.
The only thing the bank will be able to go by will be your job (how long and how much you make), a checking account (any outstanding checks etc will look bad), and how much you have to put down.

Any one can get financing - the catch is going to be how much you have to put down and the interest rate.
Your looking at a $25,000+ car and an interest rate of probably 15% (and thats being generous - I have seen car loans go as high as 20%).... if you do the math out, 20% of a $25,000 loan would be astronomical seeing as you would most likely be doing a six year loan.

My opinion - your best bet would be to get a credit card in your name when you turn 18. Give that CC 6 months of buying things and making on time payments (do not pay the full balance, but do not pay just the minimum each month). Again, do this for six months and at least then you will have some sort of credit history.

When I was 18 I bought a new 1993 Ford F-150 (base model) for $14,000 without a co-signer...the only reason I was able to do this is because I had had a credit card for about six months

Answer 2

If you pay for it all in cash up front they'll let you have it. haha. But if you're going to finance it, then it would be very highly unlikely you would get it on your own. Though you may have a great job and no problem making payments. Banks are scared of young people getting large loans, without some kind of co signer for collateral.

Answer 3

good luck, in order to get a loan for a new car you will need a good job, at least 2 yrs on the same job, good credit history. You have to show that you can afford the payments, your going out can not exceed your incoming money by a certain percent. Also before you make the huge mistake of fufilling your wants not your needs you need to check out the cost of insurance (full coverage), because the combined insurance cost and the car payment might kill you. If I were you I would keep what I have until I finished college, found a good job and was on it for a few years. By the way live with the parents its cheaper and if you are living with them you can save money to put towards that new car you want and then you can afford it alot sooner. dont mess up your credit just because you want something.

Answer 4

The only way you can get a brand new vehicle with out someone co-signing is to have good enough credit built up. If you have paid on the explorer long enough you might have enough. but the only way to find out is to go to the dealership and find out. Trust me they'll let you know right quick if you do or dont ha. good luck

Answer 5

You will need to come up with a lot of cash if you don't want a co-signer. I assume that you are still in school and are planning on going to college?

Talk it over with your parents, as they will be liable if you don't make the payments. Don't forget about the increase in insurance costs too.

Answer 6

If you can find a bank to finance you then you can buy one. Do you have a job? Do you have collateral, are you going to trade your ford for it? Do you honestly think you can afford a new car? Is it THAT important that you get a new car?

Answer 7

1. WHY

2. VERY LARGE DOWN PAYMENT

3. WITHOUT NUMBER 2 YES TO A CO-SIGNER

4. WHY

5. WHO IS GOING TO PAY FOR THE HIGH INSURANCE

6. WHY

7 CANT YOU JUST WAIT

Answer 8

sure you can get it by paying cash