Auto Loans

[angelbaby12]

I am 18 years old and I am driving around a care that is 23 years old and is falling apart every day. I make about 1600 gross pay a month currently, I have a down payment of 1000. I also have 2 credit cards but the longest one open is for about 5 1/2 months. I do want a 2012 Chevy Cruze to help save on gas to get to work and back. I found some that are 15000 yet I am unsure if that is too much to ask for. I can afford the payment up to about 400 because I don't pay for anything else besides gas. can someone help me figure out who to go to for a loan or what to do in my situation? Oh and I forgot I have a fico score of 699.

[TrishN]

I guess you have to save 20% down and look for Credit union near you,they'll work with you.Google for credit union and first time car buyer,i trust you can find out some information you need

[HoldingOntoHope]

Your income is going to be a problem for almost any new car. I know you are not paying bills now but banks think in the longer term. If you finance for 60 months in their minds it is probable that you will be paying rent and utilities within that time. As mentioned above you are going to need to come up with some serious down payment funds for a bank to even consider this loan in my opinion.

[blackie1]

Well if they are assuming all that would not they also assume her income would also go up in the next five years??

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HoldingOntoHope wrote:

Your income is going to be a problem for almost any new car. I know you are not paying bills now but banks think in the longer term. If you finance for 60 months in their minds it is probable that you will be paying rent and utilities within that time. As mentioned above you are going to need to come up with some serious down payment funds for a bank to even consider this loan in my opinion.

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[Dustink]

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angelbaby12 wrote:

I am 18 years old and I am driving around a care that is 23 years old and is falling apart every day. I make about 1600 gross pay a month currently, I have a down payment of 1000. I also have 2 credit cards but the longest one open is for about 5 1/2 months. I do want a 2012 Chevy Cruze to help save on gas to get to work and back. I found some that are 15000 yet I am unsure if that is too much to ask for. I can afford the payment up to about 400 because I don't pay for anything else besides gas. can someone help me figure out who to go to for a loan or what to do in my situation? Oh and I forgot I have a fico score of 699.

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Talk to the dealer. There is a chance they can get you approved at a high APR. Don't count on a refi down the road, because unless you make large payments you will have some major upsidedown equity.

[Mike360]

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HoldingOntoHope wrote:

Your income is going to be a problem for almost any new car. I know you are not paying bills now but banks think in the longer term. If you finance for 60 months in their minds it is probable that you will be paying rent and utilities within that time. As mentioned above you are going to need to come up with some serious down payment funds for a bank to even consider this loan in my opinion.

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I have purchased 2 cars on making $23K/year and I have to disagree. My last car was almost $22K OTD and i didn't even have to put a cent down or show proof of income. My score was top tier and I had prior auto history so i'm sure that played a part in it.

If you can find a co-signer that would help you ALOT. I know it's hard to find someone these day willing to do it but when i was your age (actually was 19) I had to have a co-signer. I had less than 1 year of credit history at the time and my income was about the same as yours. All i really can suggest is go in and apply and see where you stand. Dealers are pretty aggressive these days. I do like your car choice. I would suggest you stay around that price range because your rates aren't gonna be pretty if you get approved.

[SLR72689]

When I was 18 years old, I bought a car and my monthly income was less than that. I bought a 2008 Chevrolet Cobalt (brand new since it was 2008) with $1000 down. My interest rate was high but I NEEDED a car and my parents credit was too bad to even try to get it in their name. It can be done!

Edit: I had two credit cards opened that year.

[angelbaby12]

Thank you everyone! I just got approved at a credit union! 15000 for a Malibu LTZ 2011 with a 5.7 % interest rate! Im so excited! My experian is 663, my transunion is 683!

[SE7EN57]

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angelbaby12 wrote:

Thank you everyone! I just got approved at a credit union! 15000 for a Malibu LTZ 2011 with a 5.7 % interest rate! Im so excited! My experian is 663, my transunion is 683!

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Grats. What is your monthly payments and how many months did they finance you for?

[sccredit]

Congrats!! The LTZ is a nice ride!