Im making $8.00 and hour and work around 35 hours a week im 18 years old and i was wondering if i can get a car loan for $9,000 to $11,000. I dont have any credit history and i DO NOT want my parents to co sign for my car becuase we have a troubled relationship and then they might have some say in what i do and i…
There’s probably no way you can get a loan with all those cercumstances. The only thing I could think of is if you knew someone older, who has good credit, that can trust you to get a co-sign with. Get yourself a credit card asap! Regardless if you want the loan now, get one to dtart building credit for later.
Short answer, no you would not be approved by a conventional lender, like your local bank or GMAC, Chase, etc.
You are right, it is a good idea, to never enter into any co-sign agreement regardless if you have the weaker or stronger credit.
I would also suggest you avoid any buy-here pay-here lots. That is very good to make your first credit experience also your first default, and ruin your credit for many years.
Often times they overcharge for low quality cars, then find all sorts of fees to charge you, and of course the rate is high as the borrows have bad or no credit.
Best solution is to just try to save up enough money for basic transportation. Forget style. With 2k you can find a Chevy Lumina, Ford Escort, or Dodge Neon.
Keep in mind, if you do not have a payment that gives you funds to pay for maintenance and repairs.
If your wanting $10,000 for a car with no credit, you will be forced into one of two situations
1. High down payment required (like $3000-$4000) and still get around 10% apr
2. Low Down payment (around $1000) which will give you around a 18% apr rate. which means you will pay for the car 3 times over in interest before the car is paid off.
Just get a cheap, durable car like the majority of the other 18 year olds.
You don’t want to have the financial responsibility that comes with car loans at the age of 18.
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Probably do able, you might need a cosigner and having one will lower your interest rates and probably payments. If you cant get one, try one of the bad credit places like http://www.carloan.withtips.com they usually have something to be of service for this kind of situation. Just be honest and up front with them when they call.