No one is co-signing for me?

Question

im 19 years old and im planning on getting a car within a few weeks. my parents can't co-sign for me because their credit isn't good. (i don't have any credit yet) what other alternative do i have if no one is going to sign for me? what are they going to tell me at the dealership?

i KNOW i can make the monthly payments! oh, and i plan on putting $1200 for a down payment if that helps any.

Answer 1

Get the least expensive car, something like a older Corolla or a Civic in the $2500-$4000 range and plan on paying it off as soon as possible. If you get financed it will be at a high rate, and if you keep the payments low you will never pay off that loan.

Answer 2

They are going to tell you that the interest rate is going to be sky high.  That's what.

Answer 3

The dealer will find a finance company willing to take you without a co-signer, but they will quote you a very high rate.  Do not discuss your credit rating with the dealer.  Simply tell them that you won't pay a high interest rate.  I think you will be fine.  I don't think you should be willing to pay more than 7% even with no credit history.  If you can't get financing at a decent interest rate, walk way from the deal because it isn't worth it.  There will always be somebody out there peddling cars at a future date when you are in a position to put more money down.

Answer 4

your interest rate is going to be high but a lot of dealerships have a first buyer prgram which is good. do you have any credit cards? i would start by getting some and paying off the balance every month even if its $20 just to show you can make the payments on time of course. having a down payment is a good idea it will make your monthly go down. just make yourself aware that your apr in going to be high and make a wise choice. if you can not afford the payments then DO NOT get the car. it will get repo then your credit will really be horrible

and to the guy belowe be thats not so true i am 21 years old and got mine financed at 5%

Answer 5

you can get a car loan without co-signing, there are many online sources who provide car loan without co-signer try to contact them and get your problem resolved, for your reference http://www.carloan123.net my one of friend had recently got a car loan from there without co-signer and also with minimum interest rates, you can try this source.

Answer 6

Wish you all the luck in the world...but isn't there an aunt/uncle/ grandparent that would help??

Contrary to what everyone believes, banks aren't writing loans aggressively now. And with no credit history, if you take Mr. 7 %'s advice, I'll tell you to walk right now. No one is going to lend a 19 year old with no history money for a car purchase currently at a low rate like that.

Had a young 18 year old man today looking to buy a car putting 7,000 down ( 2004 Mazda RX8) , he was putting down just about half the money. 8 banks later I am still waiting for an approval. This time last year with a STRONG down payment like this I would would have had banks crawling over each other for this business. So if he would have only put 1200 down, ... they won't do it with 7k, they not going to do it with 1200.

Tuff time for all to buy a car.