So I’m looking into buying a brand new car. Something like a Chevy Equinox or GMC Terrain. I need a crossover truck that gets good gas mpg and those are looking pretty nice. I’m only 19 with no credit except for my student loans that I have for my first year of college. I have a job where I make about $1400 a month and I have no other expenses.
What are my chances of getting a car loan in my situation?
How long have you been on your job and pay history on your loans?
I am sorry but at 19 you will
not qualify for much more than a good used Ford. That is with 10-20% down and a co-signer.
But you want look kool and hot driving a used Ford will you.
Slim to none.
References :
Your 19?? So why buy a new car?? These are expensive cars ranging between $15 to $25k depending on features…your car payment would probably range from $400 to $650 with no credit, not to mention you’ll need a co-signer…Not to mention that the car loan would probably be about 3 to 4 years out….DON’T DO IT UNTIL YOU HAVE A STABLE JOB FOR AT LEAST A YEAR OR TWO BEFORE BUYING A CAR ON LOAN…
I recommend you saving for 2 or 3 months and buying a car for cash. This way you wouldn’t have the car payment + insurance + gas + maintenance…This can get pretty expensive and you can end up paying up $700 per month just to have a car…it is not worth it when you’re only bringing in $1400 per month.
Good Luck!!
References :
You won’t
How much do these cars cost? Almost 30k? maybe a bit more?
It isn’t even about how much the car costs really at this stage. Being 19, it is going to be near impossible for you to get credit without proving income ($1400 is not much per month) or having your parents cosign.
You will not be getting an auto loan. How much money do you have saved for a down payment?
References :
With no co-signer, in today’s credit industry? Not a snowball’s chance in Hell.
Why do you want a vehicle THAT expensive? Why not start out with a used car, something 1990′s or 2000′s that will run you only $200/month. A $20,000 car will run you over $350/month over 5 years. Without maintnance costs. Without gas. Without insurance. Without accessories.
This credit market is tough! Unless you have a very reliable job I would go with the used car. You can find plenty of good Chevys used, that had only one owner. Check out the VIN on CarFax, and take a friend with you to look over the used choices. And don’t forget Craigslist or a ton of other sites.
My second car was my dreamcar, and I had a great job that paid well. If I could change things, I would have waited 2 more years to buy it. That would have helped me get into a better home, which is personally more important than ‘my ride’.
References :
It’s going to be difficult and you’re going to need a co-signer, possibly a hefty down payment as well. If you’re not in a huge hurry to get the kind of car you talk about, why not find something you can pay cash for right now while you work on building a credit history? You can establish credit by applying for a secured credit card, making purchases with it and then paying off the amounts on time. It may take about a year to establish your history but when you’re done you should be able to qualify for a loan.
References :
Establish credit: http://badcreditfixup.com/how-to-establish-credit.php
How long have you been on your job and pay history on your loans?
I am sorry but at 19 you will
not qualify for much more than a good used Ford. That is with 10-20% down and a co-signer.
But you want look kool and hot driving a used Ford will you.
References :
spoiled punk opinion
It can be actually wearisome to get an auto loan when you have bad credit. Some things you can do to find a lender for an online car loan for which you are going to get approved are mentioned here. Anyone can buy the car they need and the car loan they value, even with bad credit history. Lenders that approve get a car loan with no credit are many. Being aware of a few things about the car loan process can help you get quick and easy approval. You will need to prepare research online and do a few things to get organized.
References :
http://mokanautos.com/articles/things-to-consider-when-needing-a-car-loan-for-bad-credit
With your low monthly income and your lack of credit history and your age, you will not qualify for an auto loan without a cosigner.