24, recent college grad, no job, thinking about applying for a car note?
I'm a recent college grad. I have no student loans. After graduation, I can't find a job despite my expiriences.
I recently just secure an employment but I would need a car to get there. I have no money saved up. I have about $500 for a down payment. I want to get a toyota or honda between the range of 5000-10000.
I've never finance a car and I have no credit history nor I'm planing on ruining my credit history with loan. I forgot to mention that I will be enrolled in graduate school in the fall so i'm expected to accrue around $30,000 in student loans. My questions are:
1) Would my bank give me a loan to finance my car with no credit history?
2) Which is best, dealer financing or bank?
3) What other options do I have
SN: I grew up in foster care, there's no way I can find anyone to co-sign for me and also don't have any close relatives to borrow from.
A lot of banks and other financial institutions will give you financing. For young people without credit they have programs designed to help you build credit using a car loan. If your bank doesn't offer it talk to the dealership you plan to buy from. I know GM Honda, and Kia all have these loan programs. I would like to believe it is a common practice given how important a car is for having a livelihood.
No job/no credit = no car loan, period.
With no job and no credit history, you will be unlikely to qualify for a $5k-$10k car loan, except at onerous interest rates from a "shark" or shady dealer. You have $500, so keep saving until you have about $2,000, then locate a $1,500 car and pay for it in cash (no loan). It won't be flashy but should get you around; the remaining money could be needed for things like tires, insurance and registration. If you need a newer or bigger car for a long trip, rent one at that time.
1) Haha. NO.
2) Although it doesn't matter now since you will not qualify for a loan, neither. Credit union rates are far lower.
3) Keep saving up. Again, you will NOT get a loan in your circumstances (unless it's at an egregious interest rate).
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