Does my credit score matter when buying a car?

Question

I am 21 years old, live in Oklahoma, and need to buy a used car. (I'm a nanny, and I need a larger vehicle) I have never owned a credit card or had to take out a loan. I'm not sure I even have a credit score. Will anyone sell a car to someone without a credit score? I want to buy a car for under $10,000. How much should I use for a down payment? About how much would my monthly payments be? Any help on this topic would be much appreciated. Thank you.

Answer 1

Yes, credit scores are required to buy a car. To find out if you have a score go to www.annualcreditreport.com you will be able to obtain a report for free and for a small fee also get all three scores. If you have no scores I would suggest going to you're local bank or credit union. In regards to the car lenders will usually give the loan value of the car.

On average for every $10k financed you pmt will be around $250 a month plus insurance which will require full coverage. So your total monthly cost will be close to $500 to $600 a month. So over a 5 yrs that's as much as $30k for a $10K car. Sound crazy but people do it everyday. The number one reason for people being broke - their car.

Now what I strongly suggest is to pay cash for a car. I haven't had a car pmt in over 10 yrs and I buy dependable used cars. My last car cost $2k and is a Toyota Celica. Runs great and my insurance is only $35 a month. Bottom line is you don't want to become a slave to your car and being debt free is a wonderful thing.

So I will leave you with this question Other than saving the money what would you rather do spend $3600 every six months on a car or travel to Brazil, Europe etc?  

Answer 2

www.creditrepairuniverse.net

Learn everything about repairing and/or building credit

depends on what type of a car place you go to it is normal to pay $250 for every $10k but no credit is up to $360-400 if you get bad intrest. You should put down as much as you can but atleast $1000-2000.

Answer 3

the BESt down payment on ANY car is 2 pay cash 4 it knowing there's no liens on it. I bought 2 very nice cars that way & I can rest assured no repo man will ever visit me.