Question:
Im 19 just moved to california, from London so have no credit established. Im new on my job like 3 weeks and plan to start school in august. I have a 10, 000 dollar down payment and im looking at a new honda civic coupe or a scion Tc what are my chances of getting financed if i walk into the dealership next week? also my income is around the 800 mark and i have no expenses.
How do you sell a wrecked vehicle?
Thanks.
Answers:
When you are looking at used cars and they say it has been retitled, what does that mean?
Very unlikely you will be financed. Even though you have a substantial down payment, you haven't established a credit record in the states, you have low income, a very new job that you haven't been through a probation period yet, to be certain you will retain the job. You would be far better off, using that 10,000, and purchasing a used Honda or Toyota, paying cash for the entire purchase. You will not need full coverage by purchasing this way, you won't have a car payment, and you will still receive a very reliable car, possibly one with a guarentee if you buy a certified used Honda or Toyota. The Scion isn't worth any dollar amount, very low resale value. Paying cash for the used car will leave you money to furnish your home, take a vacation, or put it in a interest bearing savings account, to save for another large purchase. Getting yourself upside down on a car loan is one way to ruin your credit rating, and you are stuck with a car that you can't sell for profit, because you owe more than it's worth. Any car dealer is going to try to sway your decision, that's the job of the saleman. You need to be more savvy than the dealership, when purchasing from them. Buying from a private party saves you money, and you are not easily talked into signing something that you know you can't really afford. Why sign a contract and risk getting the car repo'd, buy only what you can affordBuying a car from a private owner?
What is 800 mark relating to in American money?Regardless, a dealer can always put you behind the wheel of a car.
Generally with no credit and being young its kinda hard to get a loan for a car. But considering you have 10,000 dollars to put down and a job, without a doubt they will get you financed. Hell, i wouldnt put all that down, if i were you i would tell them i have around 5000 to put down, that way you can keep the other 5000 for hard times and emergencies. When i purchased my last new car i only put down 2000 dollars as a downpayment and didnt have any problem getting a loan.
I dont know what car dealers are like in London-but here in America they CANT BE TRUSTED (no offense to any dealers out there). Take someone older who has bought several cars already with you just to give you a few pointers and to warn you of things. Seriously.
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Take the $10k and pay cash.More Questions & Answers ...
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