I am looking to purchase a used Ford Escape or Mercury Mariner for $17,000 to $18,000. I am a nanny/personal assistant for two lawyers and make anywhere from $1500 to $2000 a month depending on the hours I work each week.
I found an awesome car yesterday and the dealer said that in order to finance through them I would have to have my parent cosign since I have no established credit.
I did some research and I found a lot of info. on a "No Credit Car Loan" Does anyone know anything about these and what is required to get one?
Thanks so much for your help!
Any info anyone has on buying a car for a new buyer would be greatly appreciated!
The no credit car loans are a really bad deal and I strongly encourage you to AVOID them at all costs.
A cosigner is a good bet and if you cant get someone with good credit to vouch for you, you shouldn’t except a for profit company that doesn’t know you do to so either.
What typically happens is you will need a LARGE down payment, $1000-2000, and they jack up the price of the car by 20-200% and charge you a very high interest rate on top of it. (21-29%)
Chances are you wouldn’t be able to afford a $17000 car, more likely they will sell you a $5000 car for $9500 with $1500 down. You could end up paying $12000 for a car that might be worth $1000 when you get finished. And pay for any repairs it might need.
If you cant get a cosigner, your best bet is save your money and buy something you can afford with cash.
And maybe get a prepaid mastercard to start building your credit. You are many years away from being able to borrow a large amount on your own at reasonable terms.
July 29th, 2010 at 12:51 am
that alternate source of credit will have interest and charges so hi that takes a long time to pay it off/and the payments will not be low/soooooooo the co-sign sounds like it or save and buy what you can afford
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July 29th, 2010 at 1:04 am
With the way that car loans seem a challenge to get these days. The web places are fast and often have easier approval sometimes.
My friend recently used http://auto.deal4-you.com
References :
July 29th, 2010 at 1:44 am
The no credit car loans are a really bad deal and I strongly encourage you to AVOID them at all costs.
A cosigner is a good bet and if you cant get someone with good credit to vouch for you, you shouldn’t except a for profit company that doesn’t know you do to so either.
What typically happens is you will need a LARGE down payment, $1000-2000, and they jack up the price of the car by 20-200% and charge you a very high interest rate on top of it. (21-29%)
Chances are you wouldn’t be able to afford a $17000 car, more likely they will sell you a $5000 car for $9500 with $1500 down. You could end up paying $12000 for a car that might be worth $1000 when you get finished. And pay for any repairs it might need.
If you cant get a cosigner, your best bet is save your money and buy something you can afford with cash.
And maybe get a prepaid mastercard to start building your credit. You are many years away from being able to borrow a large amount on your own at reasonable terms.
References :
August 26th, 2010 at 11:45 pm
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