2007-08-04 06:58:42 · 13 answers · asked by gower2352 2 in Business & Finance ➔ Credit
You won't need one even if you have bad credit. They won't loose money if you don't pay they can take back the car sell it for $10K pay themselves the 4,000 you owe plus fees and give you the difference. So for taking no risk at all they will give you the loan.
2007-08-04 07:16:23 · answer #1 · answered by shipwreck 7 · 0⤊ 2⤋
Just because you've never owned a car before does not mean you need a co-x. It's gonna depend on several things: credit (680 should suffice), monthly income, down payment ($2000 down on a $15,000 car is approx 13%, that's not bad), and the vehicles value (normally cant exceed 115% of trade in value, but your downpayment should solve that problem). The norm is to have a car payment not to exceed 15% of your gross mothly income. As long as all that is in line, you have a much better opportunity to have the loan just in your name. You shouldnt need to finance any longer then 48 mons on $13,000 to achieve a $400.00 dollar payment
2016-04-01 19:16:08 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It really depends on your credit. Despite the fact that you are putting a large sum down on the vehicle, you will also have to fill out forms showing HOW you received this large sum of cash. The large down payment usually is a red flag to car dealerships (to prevent laundering etc). You may be able to get a loan for such a small amount from your bank at a lower fee. Just keep in mind again, have the backup to show the suffice amount of down payment. Good luck!
2007-08-04 12:55:27 · answer #3 · answered by lovelyrj7 4 · 0⤊ 0⤋
You might get the car for $15,000 ...
Tell them you have $15,000 in cash ...
Find someone that can help you negotiate with the dealer ... Have your friend or relative go with you to make a deal ...
But you do need extra money for registration and car insurance...
Good Luck!
2007-08-04 07:08:56 · answer #4 · answered by Little J 4 · 0⤊ 0⤋
In the US, this is highly likely to apply until you are 21. If you really need to get finance, ask your parents to arrange it for you, through their bank as the interest charges will be much lower than they will be with auto finance. In the UK, this isn't a problem as once you are 18 you can have your own credit cards, loans, mortgages etc.
2007-08-04 07:08:38 · answer #5 · answered by kendavi 5 · 0⤊ 1⤋
I searched all over the web and discovered a bunch of scams. Nevertheless the webpage that helped for us: financial-care.info-
RE I'm 18 and if I put $15,000 down on a car that might cost $19,000 will I need a co-signor for the $4,000 loan?
#EANF#
2014-09-04 12:07:15 · answer #6 · answered by Anonymous · 0⤊ 0⤋
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RE I'm 18 and if I put $15,000 down on a car that might cost $19,000 will I need a co-signor for the $4,000 loan?
#EANF#
2014-09-04 11:35:35 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Possibly. Much will depends on your credit file's history which might show your ability to repay the remaining $4,000 to the lender.
2007-08-04 07:01:11 · answer #8 · answered by acermill 7 · 0⤊ 0⤋
Auto finance is what I do for a living and as long as you meet the lenders guidelines as far as monthly income, job time, residence time & credit profiel/score you should not need a co-signer.
2007-08-04 07:26:04 · answer #9 · answered by ? 7 · 0⤊ 0⤋
No because the car itself will be the collateral. Any bank would
know that with 15,000 down you would not walk away from it.
2007-08-04 08:47:35 · answer #10 · answered by Dewey K 2 · 0⤊ 0⤋