How hard is it for an 18 year old male with no credit to purchase a car?

M

Mad Jack

New member
Credit is hard for anyone to get now.

Try and put as much money down as possible. At least 20%. However the more money you can put down the better.

You have a good start with your $1000 you have saved.

You have a job that you have been at for a while which will also work in your favor.

Get a co-signer. Usually your parents if they have good credit.

When you buy, don't get in over your head. Don't buy too much car.

Don't get the loan for too long of a period. It is easy to get trapped into a 60 month loan and have the car be practically worthless by the end of the loan.

When you get your loan make your payments on time. You will establish credit making it easier for the next loan.

We all had to start someplace.

Good luck
 
I am 18, I don't have a credit history, I have a reliable job, and have held one for over two years now, but I make $1,200 a month at the most I'd say. I have money for a down payment of $1,000 or maybe a little over, and am looking for a monthly payment on a vehicle that is not over $250. Is there any advice I can get as to how to help my chances of getting approved for a low monthly payment?
 
you can do it and it looks good for you but since you don't have a credit history yet you'll need a co-signer with good enough credit most likely your mom or dad, your name will still be the loan and all just you'll need the co-signer, also you'll end up having to use your bank as the loan would be the best bet, what you could do is go up there and talk to someone that does loans and say you were wanting a car loan, you'll have $1,000 for a down payment and you can make a payment of $250 or less a month and they can do the math and probably figure out about how much of a loan you can get, i'd say about $10,000 give or take

also $250 is just right for you because they say not to have your car payment or all the payments added together no more than 1 weeks pay so at least you know what you can afford already which is good instead of trying to make a $500 payment when you only make 1,000 a month lol
 
Credit is hard for anyone to get now.

Try and put as much money down as possible. At least 20%. However the more money you can put down the better.

You have a good start with your $1000 you have saved.

You have a job that you have been at for a while which will also work in your favor.

Get a co-signer. Usually your parents if they have good credit.

When you buy, don't get in over your head. Don't buy too much car.

Don't get the loan for too long of a period. It is easy to get trapped into a 60 month loan and have the car be practically worthless by the end of the loan.

When you get your loan make your payments on time. You will establish credit making it easier for the next loan.

We all had to start someplace.

Good luck
 
you can do it and it looks good for you but since you don't have a credit history yet you'll need a co-signer with good enough credit most likely your mom or dad, your name will still be the loan and all just you'll need the co-signer, also you'll end up having to use your bank as the loan would be the best bet, what you could do is go up there and talk to someone that does loans and say you were wanting a car loan, you'll have $1,000 for a down payment and you can make a payment of $250 or less a month and they can do the math and probably figure out about how much of a loan you can get, i'd say about $10,000 give or take

also $250 is just right for you because they say not to have your car payment or all the payments added together no more than 1 weeks pay so at least you know what you can afford already which is good instead of trying to make a $500 payment when you only make 1,000 a month lol
 
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