19 years old--need help with auto loan

[C7LT1]

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@wissam wrote:
Sure you will lose when trade !
Leasing a small car is good idea but it is hard to get it approved tho ! and u can not drive it that much there is a limit on the milage per year .
And getting small secured loan would not help building auto score
The bank will treat u as first time buyer unless your secured ur loan about 10000$ and you make at least 12 payments on it !
Try to get a cosigner if u don't want to finance small car now
But make sure u can afford the payments !

I had a cosigner for my first auto
I had 750 fico score with small furniture loan 2300$) and when I applied they want me to finance as first time buyer with 14% Apr
I tried too many credit unions and dealers and all the same
But with a cosigner I got my Honda with 4.9 apr and I refinanced with 1.9 in 9 months under my name then I trade it with Nissam and I had a negative equity from my trade with 2.1 Apr .
Good luck

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I didn't say that a secured loan would build his auto score. I suggested it because it will help help his credit score and put some meat into his credit profile. WIN-WIN. Also, he don't need a auto score to get this auto loan. He will have show the CU/Banks that he can handle installment payments. 

Everything option has pros and cons (buying, leasing, etc) His problem is not getting approved for a auto loan it getting approved for $34k on his first loan. You have to either get a cosigner or build to that type of loan. Only a bigger downpayment  or a cosigner will get him into this car now. 

[Anonymous]

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@Bankrupt2019 wrote:

I would just do them all at the same time. You're going to lose AAOA now but in a few years having more cards with an older age will soften the blow in the future.

I'd go check out the capital one prequalification site.  https://findmycard.capitalone.com/en/PageVersions/LandingPages/LP_ONE_V01.aspx

if you're pre-qualifed there apply for the best card you're pre-qualified for, if approved immediately apply for the second best card you were pre-qualified for.

then get either a walmart credit card or amazon store card.

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Hes under 21, he cant do prequal, can he (I think that falls into the preapproved, etc.. that are prohibited under 21)

[settleordelete]

I think we all wanna give you the best advice to help you make a responsible credit decision. Not one of us want to see you make the same mistakes some of us did when we were 19 and wanting that $30k car when there were plenty of $15k cars that would fit your budget.

My personal advice: Never buy a car that's more than half your income. Unforeseen expenses are always lurking nearby.

[wissam]

Agree 100%