Is it possible to buy a brand new car with out a cosigner if i am only 18 and have NO credit?
xxmotocrossgurlxx asked:
The car i want cost 18000. My mom cant cosign for me because she filed bankrupsy and its not final yet..but at my job i can make about 1200 a month. Do you think this is possible?
The car i want cost 18000. My mom cant cosign for me because she filed bankrupsy and its not final yet..but at my job i can make about 1200 a month. Do you think this is possible?
probably not
Comment by happygolucky — November 27, 2009 @ 12:19 am
If you have a bank account with savings, this is a form of credit. Go talk to your bank.
Comment by CCW — November 28, 2009 @ 10:13 am
You could get a used car a lot easier and start building up you credit.
Comment by me — December 1, 2009 @ 11:47 am
I would think that you could. You are probably going to have to pay very high interest rates.
Comment by snowmen1976 — December 3, 2009 @ 3:48 pm
there are a lot of first time buyer programs, you might look into something a little cheaper and decide if you will be making a lot more in two or three years or if you will still be living with your parents, because that will not be enough money to live on your own, pay for an $18 car with insurance, so think about it first…don’t be a sucker at the car lot..LOL
Comment by misj — December 6, 2009 @ 6:37 pm
I think you need a cosigner for it and specially of you have no credit.
Comment by Marques — December 8, 2009 @ 11:31 am
no it’s not posible because of the ratio of income to expense for your situation will come NEGATIVE, and beside that you still young just save your money use a smaller car and accumulate your money and build your credit bythetime you reach 20 you can drive a much better than what you want right now.
Comment by nileri_1 — December 11, 2009 @ 7:17 pm
only if you have been working for at least a year. and even then it’s extenuating. other than that, no i don’t really see it happening. what do you need a new car for anyways ? go buy a junker for $300 like the rest of us when we were 18
Comment by Gunslinger — December 12, 2009 @ 9:53 pm
You’ll have to provide proof of your employment and show them check stubs. It would probably help if you have a savings or checking account. If you had a decent down payment for the car I’m sure that would help. Good luck! What kinda car is it?
Comment by emt_jennijo — December 14, 2009 @ 7:59 pm
Yes where is ur area be more specific i help all my friends get cars there are lots of places willing to work for their sale trust me just use a lil chunk liek 1000 down and ask for 300 paymenst they can help try dogge dealerships.
Comment by maria r — December 15, 2009 @ 12:43 am
How long have you had the job, and why do you say you “can make” $1,200/month? If you have not been working long and have never had any utilities (telephone, gas, electricity, cable) in your name, you will have to come up with a large down payment, because otherwise there will be no equity to protect the lender for at least two or three years. You are always better off buying a used car, just to avoid the huge loss of value as soon as you drive a new car off the lot. You will also have a better chance if you bank at a credit union and are a member.
Comment by thylawyer — December 18, 2009 @ 12:58 am
You would need a large down payment to be able to get the monthly payments to a range where you can afford them!
With $3000 down, you will be looking at financing $15,000 plus tax & tags. Your payment will be at least $400 a month and you do not have the imcome to qualify for that!!
Buy a cheaper used car to start out!!
Comment by fire4511 — December 20, 2009 @ 1:37 pm
Yes. Pay cash!
Comment by top-down — December 20, 2009 @ 3:12 pm
The car dealership can usually work out a loan, you would just pay higher interest because you have no credit. Hopefully because you are working you have a bank account and the bank can help you. If you can get a bank loan think about a used car that is still under warranty that will cost you less and take fewer years to pay off. We buy used cars on ebay that are still under warranty because it is much cheaper than buying a new car and if something is wrong you can get it fixed under the warranty. If there is still at least 30 days and 1000 miles left on the warranty you can extend it. We got good deals on three used cars under warranty through ebay. Check the blue book value before you bid to make sure you are getting a good deal. Also, check the vin number with the service department of the dealer before you bid to make sure there is still lots of time on the warranty. Read all the feedback comments on the seller to make sure he is ethical before you bid .
Comment by kadel — December 20, 2009 @ 5:56 pm
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