I know this sounds insane, but i need info on whether i can buy a car with no credit. I have $4,000 for the down payment and i have estimated the monthly payments for the car which comes around $300 monthly. I estimated the APR to be 10% as well but is this even possible, and yes i will be able to pay off the car monthly and the insurance (which i estimate to be $400). I will have a job that will still leave me with $200 left over. Any clue if i can do this or have to be cosigned?
2007-12-25 18:40:48 · 12 answers · asked by Obsessed VQ and L28 Fan 2 in Cars & Transportation ➔ Buying & Selling
At 16, you cannot enter into a legal finance contract.
Not even as a co-buyer.
If you want to purchase a car, it will have to be with a person of legal age on the finance contract......sorry, but you can't even have your name on the contract until you're 18.
2007-12-25 18:49:44 · answer #1 · answered by Vicky 7 · 0⤊ 0⤋
it ll be difficult you wont be able to buy one from a dealership because of u not having credit they will jack up the interest tremendously and you wont be able to get that 300$ a month payment you best bet on what to do would be to look through the local paper or maybe on a few websites it could make it somewhat easier if you try going to lending tree or something and applying for a loan and depending on approval or not is what you ll know you can or can not get sometime you can even find a few good deals on eBay you actually might be able to find a decent car for around 4000$ but if you do end up doing a credit thing what would be the easiest thing to do is get a cheap car something that will last for a few years make sure you make all your payments on time and stuff and your credit score will go up and if you get it payed off early then your score will rocket up and you should be able to trade the car in at a dealership and purchase something else with a good interest rate
GOOD LUCK
TODD
2007-12-25 19:02:06 · answer #2 · answered by todd 2 · 0⤊ 0⤋
oo sweetie ure gunna be in debt before 18!! furst of all you gunna have to pay a down payment which can be any where from $1000 to $3000!
But really it comes down to this you THINK that you can keep up with the payments but you really cant bcus youre gunna have to pay for insurance & payments may not be the same every month.
Also you THINK that all your money that you make is gunna go to your car payments but when you go hang out with ur friends ur gunna spluge just a "little" on that slurpee which eventually is going to turn into just buying a shirt on the sale rack which you HAVE to buy because its on sale...sweetie i know i was in debt @ 18 with $1260!!
if you wanna buy a car have at least $2500 saved up b4 doing so
2007-12-25 18:54:15 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Your problem will be that you are going to have trouble entering into a legal contract being under the age of eighteen. The lender basically can not do much to someone under eighteen. That means you will probably need a co-signer. Think about one more thing. Insurance on a higher value car at your age will eat you alive. Find something reliable that you don't need full coverage on. You will have to have full coverage on a vehicle that is financed(to protect the lender).
2007-12-26 00:21:00 · answer #4 · answered by Jim 2 · 0⤊ 0⤋
really sweety u are only 16 dont rush into things, you need credit to get a car and you cant have a co-signer you are only 16, under law you need to be 18 at least to have a co-signer, 300$ a month for a car payment wont cut it and insurance for you will be way too high! and 200.00 a month free wont be enough for your needs..i mean gas prices are way too high and what about going out to the movies or taking your loved one out to dinner or having fun with your friends...the last thing you wana do is manage to get a new car and be the talk of the town but be broke cuz you cant afford anything. getting a car is a big responsibility its not just driving it and looking kwl in it you know? my best advice is to buy a car with the 4,000 dat you have saved up for the down pymt. trust me youll get a nice decent car for that price and u wont have to make monthly pymts and stress yoursef out at 16..
2007-12-25 19:42:27 · answer #5 · answered by mave 4 · 0⤊ 1⤋
you could buy a year at that age but I will recommend if you someone who has much and more experience on car buying so they don't ripped you off and be sure to get a car that will save you money on gas because I know how wilds are 16 y/o and you won't like it when you get into debt. so buy a car that will save you money on repair and on gas. good luck.
2007-12-25 22:26:11 · answer #6 · answered by ? 7 · 0⤊ 0⤋
I would not recommend financing a car at your age because it can ruin your credit before you even have one. I would recommend using your $4000 to buy a car that will last you until you go to college and don't need a car.
2007-12-26 01:19:35 · answer #7 · answered by Anonymous · 2⤊ 1⤋
I'm 16. I paid cash, thank God. I never have to worry about paying for my car.
2007-12-26 03:20:57 · answer #8 · answered by Jack B 3 · 3⤊ 1⤋
ya cant legally own a car until you re 18 .. so i guess it depends on what your parents say... but good luck and hope you find what you're looking for..
2007-12-26 01:20:45 · answer #9 · answered by Anonymous · 1⤊ 0⤋
wait 2 more years and then you can buy whatever you want to.
2007-12-26 02:00:14 · answer #10 · answered by Anonymous · 0⤊ 0⤋