19 year old auto loan?

[Anonymous]

Hi everyone!

So today I went to the Chevrolet dealership and found a new $27,000 Camaro I was highly interested in. 

Here are some stats about me to help a solution: 

19 years old

Make $18,000 a year and been with employer for 1 year. 

Have one BoA credit card for 6 months with excellent utilization. 

I live with my parents, but they do not make me pay any bills, so all my money goes to my savings. 

Am willing to put $4,000 down. 

So talking to the salesman, he said most likely I won't be able to get an auto loan because I have no "loan history," I've only had credit cards although my score is great. 

So my question is.... What should I do? Having a cosigner is not an option.  Should I check with a credit union for this auto loan or build up some history with a personal secured loan? 

Thank you all very much. Any help is greatly appreciated! 

[RushXTC]

Wow, How much did you owe on the car? I've never heard of someone paying an auto loan for 19 years...

Look for a dealer that offers TD Auto Financing. Your credit history is short, But TD Auto Financial is very good with first time buyers, I'm sure you'll get approved.

Try to bargain the price of the vehicle with your down payment (Read the 2nd and 3rd post of this thread http://ficoforums.myfico.com/t5/Auto-Loans/down-payment/td-p/3387447 )

If they don't approve you, Try DCU.

[black_citi]

TBH its not a wise idea to buy a 30k car with you making 18k a year. Even if that 18k is after taxes you are looking at a monthly payment way north of $450. Your interest since you never had a car loan may be above 14%. Even with 4k down it won't do much good. Your insurance rate will also be high since you're 19 and you're buying a new sports car. Sports cars tend to have higher premiums and most banks, if not all, won't finance a car unless you have full coverage.

The best advice I can give is either take 2000 out of your $4000 and buy a beater like a corolla or civic and look for a better paying job or just save the 4k and not worry about a car until you get a better paying position. Hope this helps.