Question:
So, I'm 18, I've had my job for about 7 months and I dont really have that much credit. What I'm worried about, is that when I tried to get a loan for $600 a while ago nobody would give it to me because my job is only part time but I make good enough money. The only person I know that actually has good credit that would co-sign for me is my grandma and she works for herself cleaning houses and doesnt have proof of income. Do you think I could possibly get a loan or that a car lot would let me "buy here, pay here" given my credit and job situation?
Answers:
How can i get a good deal on a car?
If your grandma has good credit, chances are she will not be asked for proof of income. Lenders ask for POI when they don't trust someone. Try to have her cosign (be honest about what she makes) and if all else fails and they do ask for POI, you might be able to show her bank statements. But if she has really good credit they will never ask.What is the interest rate on a used commercial vehicle purchase?
Sure, at an interest rate that would go through the roof. Also at those type lots they will come and take the vehicle the minute you are late on the payment.If you can afford a car payment of $100 a month, put that into the bank for 6 months, and you will have $600 cash then.
Our 1989 truck is having lots of problems?should we get a used?
The only option you will probably have is a buy here pay here. The other option is going to your parents bank, if they have a good customer relationship with their bank, maybe someone would be willing to make an exception.Nissan is trying to make me sign a new contract with a new interest rate, can they do that in VA?
Also, I would just like to point out, that someone that is as young as you, and has only had your job for 7 months, probably shouldn't be making a $600.00 a month commitment. That is a LARGE car payment. Maybe if you search for something more in a reasonable price range and try the bank again, you may have more success.
How match a Hillman minx 1949 worth today?
OR if you meant the car was only $600 total, then try getting a credit card, you will be more likely to get that kind of approval with a credit line, than an actual car loan.
First of all, open couple of credit card accounts. Most banks have special program for students. Then pay cash for a late 80s Accord or Civic for around $1000.
So im a 17 year old trying to purchase a car...?
When you turn 21, you should have good enough credit and enough downpayment for a new car.
Selling my car from a family trust?
I bought my first new car (Acura) when I was 22 without a co-signer. The only credit I had up to that point were credit cards.
I recently purchased a car and...?
You need to establish credit first. You can go to a car lot and get a car but will pay 30% interest or more. Talk to a bank because they can tell you how to get your credit going. possibility of a prepaid debit card for example. DO NOT RUSH INTO DEBTNever buy a car from a buy here pay here lot. Most of them them sell JUNK! Most auto credit companies have a minimum income of $1600 per month. If your grandma has great credit, they will not need POI (proof of income) from her.
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