How to Start Getting a Car? I'm 19?
So I'm 19 years old, 20 August 8th and I'm wondering how I start getting this car I want?
http://www.edvoyleshonda.com/car/150942/2011_Honda_Civic_Sdn_LX
It's about $12,000, right now I have two jobs, together I get over 40 hours a week.
I can put $1000 down on it but I have no well established credit history. I did however get approved for a credit card at Capital One so I'll be building credit until I'm ready to buy the car. My question is, what do I do first? Do I wait to build up credit before I try for the car or should I go ahead and buy it and start making monthly payments. Yes I will be in school part time come this fall… Help?
Before you go car shopping, apply for an auto loan at a local bank, in person. You will get much better treatment than from a car salesman. If the bank declines to make the loan, they may suggest a less expensive vehicle.
A car dealer, on the other hand, will try to get you a loan with a sketchy lender, at a much higher interest rate. They will hide this, burying it in the paperwork, hoping you won't read all of it. They will try and sell you a car that you can't afford.
Until you sign anything, you can say NO! You have to remember this and be prepared to walk away if you are not comfortable. Not having a car is much better than paying too much.
Start saving money like a person possessed, The more you can put down the more a lender can take a chance on writing you a loan. Think about it for a minute and pretend you are doing the lending.
Someone asks you for a loan for 10k dollars for a car the car is being sold for 12k dollars but as soon as it is off the lot it is only worth bluebook private party sale and less at auction sale - 8k or 10k dollars.
The car breaks down, no warranty so the buyer decides to let you come and get the car (loan default), Now you are out 10k dollars, own a car that needs 2000 in repairs that is worth only 8-10k dollars in running condition. How much have you made on your 10k loan?
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