Well I'm just begining to plan things,but I'm about to get my 1st part-time job soon and I'm almost 17.I know I won't be able to afford a new car,but if I wanted to go to a used car place and pay for a car weekly or monthly would I be able to do that?
2007-10-21 08:37:33 · 2 answers · asked by *G 3 in Cars & Transportation ➔ Buying & Selling
I don't want to take out any loans or anything like that either.
2007-10-21 08:40:06 · update #1
Have your parents buy you a car and you're responsible for the gas, insurance, maintenance, tickets, etc.
2007-10-23 07:25:31 · answer #1 · answered by Anonymous · 0⤊ 1⤋
First of all, you can not contract to purchase a vehicle until you reach the age of majority. This means you have to be 18 in most areas!
Second, if you are on a payment plan at a dealer, you have taken out a loan from that dealer. The purchase and finance are two transactions, even if done at the same time. You are borrowing money, and using that money to buy the car. You are also giving a security interest in the car to the dealer or bank that loans you the money!
The best thing to do is save your money, and when you turn 18, you will have enough to either buy an older car for cash, or have a large down payment on a newer car!
Good luck!
2007-10-21 15:46:01 · answer #2 · answered by fire4511 7 · 1⤊ 0⤋