van3e

If i'm 18, walk into a car dealership and want to purchase & finance a used vehicle, say 12 Grand w/2-3 grand down payment. Would I need anyone to accompany me to sign with me, or am I ok on my own being 18 w/credit card, full-time job? Is there anything else i'd need?

imported_viper_2_4

for 12k, just hold off buyign and save the money up, saves you money and makes things easier....your only 18

van3e

Yes, that would be the better route, but @ this point it's not an option.

Connie

Your probably going to need a co-signer, how long have you had your credit card for?

Jay P

yup...as long as your credit rating is okay you'll be fine.

Double_B

More than likely you will need a co-signer, I can't see your credit at 18 being at a point where they would finance a car under you alone.

Connie

Thats what I was thinking, usually you have to have pretty good credit. And since your only 18, you can't have had credit that long, since you can only get credit once your 18.

If you go to a place that finances high risk lenders you might, but they are more interest.

Jay P

also...depends on what you are making...if your working full time right now, depending on what you are earning...that may help you be able to obtain the financing on your own...but..if not, even with a good rating....a co signer would be needed.

Double_B

You can also go here

https://www.econsumer.equifax.ca/ca/main?lang=en

Check what your credit score is. The chart will tell you if you are a risk or not. Because of your age, like I said before, your credit rating is more than likely going to be low. You need time and lots of credit purchasing to have a good score. That takes time. Talk to your parents and see if they will co-sign with you if the car is that necessary. If not, save your money and try to purchase one out right.

BTW, it will cost you 21.50 to do the credit score check to see where you rate on the scale.

Malarky

With the 20% down that you are talking about you should not have any troubles ... A good Finance guy will be able to do anything.

Double_B

Having said that, have you also factor in your insurance and maintenance of the car. I don't know what kind of job you have and you will be financing 10 grand with 2 or 3 down. I am assuming the 12 grand is before taxes? Even if you get the car on your own, are you able to carry the finances? Your insurance is on your own or through your parents?

I would hate to see you in debt when you don't need to be.

cibs

probalby not it's either going to be that you need a co-signer or you need to put more down... when i was 18 i think i put almost 50% down on a car and then they gave it to me with no co-signer

imported_Bruce Fee

find someone you know who works in a bank to check.. the easiest thing to do is just call up the dealership and ask. you'll get a better answer than "i think"

van3e

Well 12 grand is an estimate, I hope to find somthing a bit cheaper. Yes I'll be able to carry the finances, the car will most likely be paid off in 7-8 months. As for insurance, it is under my parents name. If I finance the car under my name w/my mother as a co-signer, does that mean I have to switch the insurance from my parents name and put it under mine, since I will be the owner of the car?

Malarky

You need to learn how to B.S. ... If you want the car and you have weighed out the pros and the cons then go get the car ... you are old enough to die in a war that we shouldn't even be fighting ... you are certainly old enough to have the responsability of a $10,000.00 car loan. Get an employment letter stating you make the money the dealership says you need to be making. If you are living at home with your parents I am sure you can afford to pay the $500.00 a month the car will cost incl. insurance. I can't see it being much more then that (total)... keep trying to save your money though ... don't spend it all on your car. If you can pay your bills and save 15 - 20% of your earnings then you are doing well ... better then most!

Malarky

How many licensed drivers are there in the house?
How many vehicles will there be registered to that house?

van3e

There are 3 lisenced drivers, me my mom and my dad. There will be two vehicles registered to the house. The same as now, but I will be selling my 95 Teg when I purchase the new car, so there will still be two cars.

van3e

The Teg is under my mothers name though, for insurance and ownership. When I purchase the new car under my name with a parent co-signer, can I still keep the insurance under my mom's name, even though the car is under my name for ownership?

Connie

The car would have to be under your mom or dad's name for it to be insured under them, or... you could have it under yours, but the rate will be higher because they will make you the principal driver on the car. So it would be alot still...

Cars suck, car loans suck even more...

van3e

Oh No, so what should I do? Do I have to have my parents sign the car for me? I want to sign to the car and have my mom co-sign, but I want to keep the car under my mom's name, is there any way?