Car payments at 18 no credit?

May 2021 4 36 Report

Car payments at 18 no credit?

I'll be 18 in less than a month and have a little over 2000 saved up but don't want to buy something cheap outright that will need a lot of work or possibly die soon after I buy it, I was wondering if anywhere will let me make a down payment and do payments monthly on a car without any credit history. I do have a job and can afford 200-250$ payments a month. I don't have anyone to cosign... Is this possible to get a decent car that is a few years old? Thanks

Cars & Transportation / Buying & Selling

SPIFIMAN1

Verified answer

Auto finance is what I do for a living and there are 10 things that go into making up a car deal weather it's a purchase or a lease and all can effect the interest rate.

1. Term of loan. Shorter the better.

2. Age of vehicle. Newer the better.

3. Miles on vehicle. Lower the better.

4. Amount to finance compared to book value. Lower the better.

5. Credit score. Higher the better.

6. Credit profile. Deeper the better.

7. Down payment. More the better.

8. Monthly income. Higher the better.

9. Time on job. Longer the better.

10. Time at residence. Longer the better.

As long as all of the above are in line with the lender guide lines and you make enough income to budget for the payment you should be approved. As you can see from the above list there are way to many things that go into making up a car deal to guess at your interest rate.

Just so you will know this is a breakdown of F.I.C.O. scores used by one of the largest credit unions in my State.

FICO system scores from 300-850.

Elite-740-& up

Prime-700-739

Preferred-660-699

Standard-625-659

Sub-prime-624-& under

From what you have said you will need a co-signer. There is no way you can have the score, history or profile needed to be approved on your own.

Good luck.

Anonymous

You are exactly what buy here pay here dealers love to see.

But, DONT DO IT !

Their cars are sub par and their prices WAY too high. Most of their customers don't pay as agreed and the ones that do pay for all the others. That means you'll overpay by thousands. And probably get a sub par car to boot.

Get a cosigner with good credit or pay cash for a car. Otherwise, you will be screwed, royally.

TiggyWiggy

You can use a "buy-here-pay-here" used car dealer who doesn't care about your credit. However, be aware that they sell older junky cars that are usually overpriced, and they charge an outrageous loan interest rate. If this is the ONLY way you can buy a car, just know what you're getting in to.

Because these cars nearly always have problems (don't let the sales guy tell you "it runs great") you should have it checked out by an outside mechanic (not the dealer's mechanic) BEFORE you buy.