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Should I buy a car now or after I start my job?
I'm graduating from college and starting my new job in a couple months. I'm looking to buy my first car, and I'm wondering if I should buy it before I start my job or after.
If I do it now I'll have more stress-free time to make a decision, make the purchase, register the car, get insurance, etc., and I'll have a car ready to use when I move to my new place. After I start my job I'm sure I'll have plenty to deal with, like finding a new apartment, getting used to my new job, etc., and the car will be one less thing to worry about.
The problem is that I won't be able to put any money down, and I'll have to deal with moving the car to a new city (I don't know where yet, might be across the country). Also I don't know if I'll be able to get a loan since I'm not employed yet. In fact, I don't even know how to get a car loan.
Any suggestions regarding this, or buying cars in general (since this is my first time) will be greatly appreciated!
Well I'm hired but haven't started yet... Is that good enough for lenders?
7 Answers
- VerucaLv 48 years agoFavorite Answer
Job first. As tempting as it is to get the car now (I know you want to) it is simply more practical to wait. You'll have a better time with lenders, you won't stretch your finances, and if you prolong it you can pay in cash or have a great down payment.
- PMackLv 78 years ago
You aren't hired until you start the job, getting and accepting the offer isn't good enough for lenders. You won't get a loan until you start making money.
Wait - buying a car and then having to pay to have it shipped is silly, if you find out you are moving far away buy the car after you get there.
- TJLv 58 years ago
Most lending institutions require 3-6 months (if not more) on the job with paystubs to prove it before they will authorize a loan.
- BillLv 78 years ago
You need proof of income, not just a promise of a job! You will probably need a co signer even after you start work. Good Luck on you career!!!!
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- Anonymous8 years ago
You need to show proof of income. You haven't earned a dime on that job yet.
