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Author Topic: young age auto loan?  (Read 2073 times)

elchanny

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young age auto loan?
« on: December 09, 2007, 07:49:51 AM »
hello. i'm 19 and have no credit. not bad credit. none. i would like to purchase a vehicle without a co-signer. i found a 2007 jeep commander for 16,000. if i put down 5,000 on the vehicle and have a high income job about ( 2,000) monthly.. well i think that's high income for a 19 year old... what are the chances of the dealership financing the car for me. i dont want to go through a bank. i kno that may be my better option but for me it's not so lets pretend that option doesnt exist. they finance vehicles for ppl with BAD credit these days. there has to be a solution.

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stoxbill23

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young age auto loan?
« Reply #1 on: December 10, 2007, 11:22:43 AM »
i just went through this a few weeks ago.. i'm 19 and tried to purchase a car, but had no such luck and had to have a cosigner...good luck
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joseo

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young age auto loan?
« Reply #2 on: December 11, 2007, 02:55:35 PM »
It is possible that you can get credit to purchase this vehicle.  Although you will probably be financed at a very high rate because the bank that finances you will have nothing to go on; they will not know, to any degree, whether your a high or low risk customer.  If anything, they will probably treat you as a high risk.  Just expect a very high rate if you don't want to use a cosigner.
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TheDude

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young age auto loan?
« Reply #3 on: December 12, 2007, 06:28:27 PM »
$2000 a month is not a high-income job -- it barely covers routine living living expenses, and certainly not a high-interest dealer loan on a car.  Ask your parents to cosign for you or buy a cheaper car.
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RoryR

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young age auto loan?
« Reply #4 on: December 13, 2007, 10:01:19 PM »
In general credit is a crawl before you walk, and walk before you run. The standards for a large installment loan are generally above those for a small credit line store card.



I would not expect you to find any reasonable financing.  Keep in mind, if  you go with some small shady finance company it will most likely cost you thousands of extra dollars. They find all sorts of ways to charge you fees, "lose" payments and charge late fees, or just make errors and report you as past due, lose your title after you pay off the loan, on and on and on.



The larger problem I have is that you do have a good income, but at 19 you should not be so eager to get into debt and take a risk. Remember all debt carries risk. There is plenty of time for you  to get into debt and be a miserable adult.



Keep in mind on top of the payments you will have insurance, and repairs.

Can you save up to 8k or 9k and buy a car for cash? That seems like a better deal. And with that much cash you should be able to shop around and get a good deal.

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kateperez

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young age auto loan?
« Reply #5 on: December 15, 2007, 01:34:11 AM »
I was once in your situation. I used these guys. http://www.nationalinsurancesite.com/loan/



They'll give you auto credit for a new or used car even if you have had bad credit. Good luck
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