17 years old trying to buy new car...a little confused about how this works?

Question

i want probably a 2008 honda accord (my parents wont get me anything too flashy). i was wondering about how much would my down payment be? i dont think i have a credit score since im a minor but i dont know how that works either, would it depend on my parents credit score? im guessing minors cant techincally own cars........? like it would be under their names or we would cosign or something

i have $1500 saved up and my parents will chip in for down payment, i work two jobs so i can def pay the monthly quote. im jus wondering how the credit score thing will work and how i can calculate the down payment. basically i need to know how much cash i need. im trying to pay as much as possible so my parents wont have to come out of their pockets too much.

and yes they said i HAVE to have a new car....

Answer 1

The car and the contract cannot be in your name because you are under the age of 18. The down payment requirement and interest of the loan will be based up the credit of your parents signing the car contract. With tier 1 level credit 100% financing is available, if you choose to go in that direction. Have your parents get pre-qualified with either a credit union or their own bank so when they go to the dealership to purchase the car they will be able to compare interest rates to the dealerships rates and then go with the best rate made available to them. When you turn 18 years of age you can then apply to the bank of the loan and see if they will add you to the note so you may build your own credit. But until 18 your parents cannot even co-sign for you. As a minor, you're not allowed on the contract at all. Car insurance will also have to be in your parents name but they will have to add you to the policy as a second driver. Since I am a professional in the field I highly recommend your decision to purchase the new '08 Honda Accord. You will not be disappointed overall.

Answer 2

This can be a difficult age for teenagers. I have raised 4 of them and 1 gave me the run of my life. I went through a lot of the same emotions that you are having, and it was not pleasant and was very hard on our family. My advice to you is whatever plan you follow, love her. I still do not know if I did the exact right things, but I did all I could to keep my love for her alive so that our bond would be strong in the coming years. She is now 25 and the mother of two cute girls and I am so happy that we are close. She is not an active member of the church, but is a good person and has a good husband. I am so happy for this every day and if it never gets any better than this, I am grateful. The outcome could have been so much worse. Have a little talk to her about parents being people, too. I think kids hold us on such a pedestal that when we fall(your husbands depression) they just can't handle it. When they realize that people of importance are fallible, it will go a long way toward stabilizing her emotions about her dad who really needs her support right now. Good luck, I know tough times could be ahead.

Answer 3

A 2008 Accord is an expensive car. The base Accord (which nobody buys) start at $22,000. The monthly payments on a well equipped new Accord ($29,000 +) will run you well over $500 a month for 5 years.

If I were you I'd be saving my money for college, not a car loan.

Answer 4

Well first of all...great choice of vehicle...I just bought a 08 Honda Accord Sedan Oct.23 of this year..And i LOVE it!!! I am 22 years old and have great credit. This is my 3rd new car and ALL under my name. I got my first car when I was 18 and my mom cosigned for me the first time then I took her off the lease 1 year later. I had too put down $4000.00 on my Accord. They are not cheap! mine was $26000.00 and my APR(intrest) was 5.9 which leaves me at a $571.00 A MONTH car payment. Do u think u can handle that?? Also you Will need a cosigner with strong credit. but u will most likely NOT be included on the contract because of ur age and dont forget insurance..which cause of ur age will be sky high! Oh, and do u even have a D.L?? Well good luck and if u have any more ? just email me k....

Answer 5

17 year old with a 2008 Honda Accord? Are you sure you can take care of that kind of car? Wouldn't you want a smaller more stable car since your a beginning driver? Well its your choice so go ahead. Your gonna be drowned in car payments.

Answer 6

You surely haven't overlooked your insurance requirements?
Collision on a new car, plus Liability?
This is pretty hefty for your age group.

Your parents might consider their name as ownership, and you as a second driver. Not sure if this will save anything.

One consideration, even if it is in your name only.

As cosigners, and/or,
even helping you with a down payment, W I L L put them at Risk if you have an accident and are at fault.
Civil suits are a sure thing, if damages or injury is over and above your minimum insurance requirements.

You and your parents need to be aware of this.

Answer 7

a 2008 honda accord is an extremely flashy car for a 17 year old...what are you talking about??

what about the insurance?

Answer 8

For Finance and credit solutions I always visit this site where you can find all the solutions. http://creditandfinancesol.info/index.html?src=5YAwkrcuQT001

RE :17 years old trying to buy new car...a little confused about how this works?
i want probably a 2008 honda accord (my parents wont get me anything too flashy). i was wondering about how much would my down payment be? i dont think i have a credit score since im a minor but i dont know how that works either, would it depend on my parents credit score? im guessing minors cant techincally own cars........? like it would be under their names or we would cosign or something

i have $1500 saved up and my parents will chip in for down payment, i work two jobs so i can def pay the monthly quote. im jus wondering how the credit score thing will work and how i can calculate the down payment. basically i need to know how much cash i need. im trying to pay as much as possible so my parents wont have to come out of their pockets too much.

and yes they said i HAVE to have a new car....
1 following 13 answers

Answer 9

1

Answer 10

You'll have to have an adult cosign for the loan, as a person under 18 cannot legally be a responsible contracting party. Assuming it's one of your parents who will cosign, and the lender will look at their credit score.