Tips for a student to get a car with no cosigner?

Question

I'm a full time sophomore in college, and I work a part time job making about 1100 a month. I want to get a small commuter vehicle for school this year, nothing more than like 10 grand. I have $1000 right now, but I don't know how to pay for the rest of the car. I have no co signer. I do have good credit (credit score 710), but since I'm a first time buyer no one seems to want to give me a chance without a cosigner. Any tips or ideas?

Answer 1

You said noone wants to give you a chance so i will assume you have been to multiple places.  It is a sign of the times, a year ago someone ( bank ) would have taken a chance on you, in these tough economic times, the game has changed. If you have been to 2-3 places and all have said you need a cosigner, you need one.

I had 1st time buyer buying 15k car with 1/2 the money down, not one bank out of 12 we submitted to would touch.

Good Luck!

Answer 2

the only way is to get a really good job or do what i did and try carmax.com there great and they'll try and work with you

Answer 3

You have to make at least 1500 a month , been on same job for 1 year and same residence for 1 year. You have to be 18 also.  Your credit score is good but you have to have at least a high credit of 10,000 to be considered.  It seems like you have to get another job and then if you were on current job for 1 year you may get a high interest loan on a car under 10k with 3-4000 down.  If you get another job and work 3 months  at 20 hours more a week then in 3 months will be able to have down pyment of 4000 and have over 1500 a month income.  Do you have student loan?  This may be included as income but still need to get down payment money or get a 4-5000 old Toyota that is more then likely serve its purpose.  Generally these are what you need for a secondary loan: 1 year on same job and same residence, 2 utility bills with your name on it, 2 recent pay stubs with YTD on it, 8-10 references with COMPLETE address and phone, 1500.00 a month income and 1/3 to 1/2 down payment.

Answer 4

Steal one.

Answer 5

Just save up your money and buy a cheap used car out right.