Will i be able to get an auto loan?

If you need a cosigner, you can't afford the loan.

It's not just about the loan, it's also about the insurance - and at your age, it will cost MORE than your monthly payment - and the interest rate for the car. With bad credit (think overdraft), you're looking at a double digit interest rate,

You're looking at a $600 a month payment for a five year loan, for the car. Probably damn close to that, for insurance. It's going to be a DUMB financial move, to take out a loan on a car, especially considering that the second you drive it off the lot, you've lost AT LEAST $4,000 in value, as it's not new any more.

Much wiser choice - take your $3K, and buy a car for cash. It will cut your insurance in half, or even more, by not carrying collision on the car. Take your $600 a month car payment, and put it in the bank. After a year, you've got $7,000 in the bank. Sell your $3,000 cash car, for $2500, and take $9,000 and buy the SAME car you would have financed, but a couple years old, FOR CASH. No loan payment!!!

Borrowing money for depreciating assets, is "voluntary slavery". You'll NEVER come out ahead. You'll ALWAYS stay poor.

Due to your age and lousy credit history, this would be a very bad choice. Any loan you get, would most likely be double what someone with good credit would pay. How would you pay for this loan? Since no checking account, would have to either pay cash or by money order. This may stick you with a dealer of buy here/pay here, which will overcharge you on interest and overcharge you for the car that you purchase.

You need to hold off and establish a credit history. Open a new checking account and do not do any more overdrafts. Open up 1 credit card and only use when needed and pay off the balance every month. To rely on income taxes every year is a bad idea. In this economy, there is no guarantee that you will not be laid off, and if so, most likely will not be able to afford to make payments on unemployment.

Until you reach age 25, auto insurance is expensive. On any new car with a loan, you must have full coverage. If you were to total your car w/in 2 years, could find that you are upside down on the loan and still owe the loan company for a car that is totaled.

Use the $3,000 and buy a good reliable used car while you start over and establish credit.

good luck

1

Normally a job for 2 yrs or more would be enough to get a loan but you do have a credit history with the bank because of the overdraft so you may need a co-signer unless you have some collateral to use against the loan.

Hopefully you paid the overdraft which would dissolve that negative history and not prevent the loan, if not it could cause a denial.

Everyone starts out with no credit history, the minimum to get a loan is 2 yrs working but they will give you a very small amount on that alone, probably not enough to buy a car.

The amount of the loan they would give you would be based on a percentage of your disposable income and collateral without a co-signer.

Good Luck!

You are trying to live beyond your means by getting a 20-25k new car. You cannot afford it, have no credit, and have a limited employment history. 2 years with one employer does not guarantee that you will be employed next month or even next year. Putting only 2-3k down on a 20-25k car is ridiculous. Do you understand that you are not going to get zero percent financing anywhere? You most likely would not qualify for a 20-25k loan to begin with. Any loan you do get is going to cost a lot more than it's worth due to your age, limited income, no credit, and limited employment history. Would it be worth it to spend $20,000 to get a $12,000 loan? You are not being realistic. You should either get a used car or a lower priced new car. You will also need to consider the cost of insuring any car that you buy. Obviously the more expensive the car, the more it will cost you for car insurance. I do not recommend going into debt for a new vehicle at your age. You should save more money for a down payment and look at more economical cars.

1. If you promptly paid the bank what you owed them after the checking account went into overdraft, and your cosigner has good credit, then you could get a loan.

2. If the debt to the bank went into collections, or if the cosigner has bad credit or no credit, then you cannot a loan.

3. I do not think you should get a 20-25K new car. I think you should get a 10-15K new car or get a used car.

4. Before you get any car, make sure that you can afford the insurance, which could be more than 2-3K, because you are under 22.

You will be able to get a new car loan "if" your co signer has good credit,good work history and good income/debt ratio. I have all of those things and would never consider co signing for anyone as that is the fastest way to get poor credit.

1-what is ur income...

2-what is your debt....

3-a cosigner is a horrible idea for that person...

4-you should be ashamed of asking anyone to be a cosigner...

5-taking on debt of 22k, at your age, at any age for a car is a horrible idea

6-you can't afford a 25k car...

Will i be able to get an auto loan?

T.R.Y

T.H.I.S.

S.I.T.E

W.H.E.R.E

Y.O.U

C.A.N

F.I.N.D

T.H.E

B.E.S.T

S.O.L.U.T.I.O.N

F.O.R

Y.O.U

it depends...