Ok, so my current car is dying (parts are falling off I hit a bump and lost 2 parts to the car NO EXAGGERATION) and need a newer car now! This is the financial situation I’m in
1. I make about 1,300 a month
2. Don’t have any money to put down (as all of it has been put into my car to ATTEMPT to keep it on the road, probably have put 5,000 into it since last year.
3. I am 18, but thru some other bills like a cell phone my credit rating is very good, just not a long enough history behind it.
4. I do NOT have a cosigner available as everyone else has their own car they are trying to pay off.
Does anyone have any ideas on what I can do???? Again I don’t have money saved up due to trying to fix my car so anything pretty much other than financing is out of the question. PLEASE HELP!!!!!!
Oh yea, and my registration is due this month and I really don’t want to have to pay for it just to have the car break for good in a month (if i’m lucky.)
my car is a 1992 nissan stanza…the new epa combined is 20 and the requirement for it is 18. BUT i only can seem to squeeze 17 out of it if i’m lucky. What do i do.
Doris
Maurice
What type of car do you have now?? you may be eligible for cash for clunkers which would give you 3500-4500 (a nice down payment). Buy a Hyundai Elantra you can get in for 10-16k so that would make the financed amount 5500-12500. which means monthly payments of $90-$275 a month which I believe would fit into your budget. By the way the elantra is an excellent value trust me.
Bryan
Well, good news and bad news. Your cell phone is not building you any credit. Those bastards won’t report. I know it is being addressed in congress though.
Your car should give you a little bit of trade it value. They may need a little bit of cash to gt you in to the car for tax and license fees. You can always try to sell it and take the cash in for a down payment. Just don’t tell people parts are falling off. That price range, people will be glad to get something that runs and drives.
Depending on where you are, you should be able to get some financing. Reliable Credit, American General are two options. You may even find a credit union willing to establish a relationship with you. I would get on the phone and call. If you get your financing approved before buying, you can get a better car as you will be in better bargaining position.
Good luck.
Lance
Your car probably isn’t worth enough to qualify for a loan with no money down, your age and lack of credit also don’t help.
A cosigner doesn’t have to PAY for your car, just loan you their credit. (and of course be responsible if you aren’t)
My dad cosigned for my first mastercard. He never paid the bill and after a year, they removed him from the account and it was all mine.
You don’t have much to work with here and your hard luck story doesn’t really matter when it comes to getting a car loan.
Get a 2nd job, save up more money ??