Show Breeders Sell Better Pups asked:
I am 17 and I am looking to get my own car in a few months time, after I have some paychecks from work saved up. I make about $400 a week and I want to have a good chunk to put down on a car that is probably going to cost me between $9,000 and $13,000 (thats my price range, anyway)
I am 17 and I am looking to get my own car in a few months time, after I have some paychecks from work saved up. I make about $400 a week and I want to have a good chunk to put down on a car that is probably going to cost me between $9,000 and $13,000 (thats my price range, anyway)
my mom says that without credit, I’m either going to have an interest rate that’s ridiculously high, or they will refuse to do one without a co-signer all together.
Would it be wisest to have my parents apply for the auto loan themselves? (my mom has excellent credit), and then pay my parents the monthly payment?
Thanks in advance!
Chad
Derrick
Auto finance is what I do for a living and your Mom is correct with no credit if you can find a dealer that has a lender that doe’s first time buyers your interest rate will be whatever your State maximum is.
What you need to do is have your Mom co-sign for you, that way your credit will get established as you make the payments.
If your parents buy the car and you pay them it’s called a straw purchase and this is a violation of the lenders agreement with the dealers.
Good luck.
Comment by SPIFIMAN1 — July 13, 2010 @ 1:43 pm
Jill
You can’t get a loan as a minor. Once you turn 18, you can apply for one but your mom is correct: they will require a cosigner as you have no credit history.
Comment by jlf — July 14, 2010 @ 10:48 am
Pamela
Your mother is right.
If your mom is willing to cosign on a loan for you, that would be the only route you can go once you are 18. You cannot sign a contract until you are 18.
Comment by My Take on It — July 17, 2010 @ 6:56 am
Colleen
at a very high interest rate were talking 30% per year you get a 10,000 car you will have to pay another 3000 per year for no reason.
why don’t you just get your parents as cosigners
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