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First time auto loan?
Hello! I have some questions about getting a auto loan. I'm 18 and I'm graduating high school and starting college in a couple months. I just got a new job making $12 a hour, and it's full time. Also I just got accepted for my first credit card to help build some credit. But my dad is also talking about me getting some wheels. And I'm pretty sure I know what I want. I'm looking at a 2004-2005 Chevy Avalanche. And I know I can get one from $9000-$11000. I know they have some first time auto loans you can get with limited/no credit from the credit union. My question is what is the interest rate on it? I would like to keep my payment below $250. I'll make about $2000 a month so I feel with insurance and gas I can afford it. Everyone will say that the avalanche will suck gas but I know they get around 17mpg and I figured the cost in gas. I just don't know where to start or what to do.
4 Answers
- Anonymous7 years ago
You wont get a loan without an adult cosigner with good credit & a good job.
Or if you do, the terms will be really bad. Not just 19-29% interest but they will sell shoddy cars at 2-3 times retail.
Your rate with a cosigner from a credit union should be under 3%,
No cosigner ? Try again in 18 months with $5000+ down.
A full time job is generally required.
- ?Lv 47 years ago
To get started, concentrate on student loans first. Does your college even allow Freshmen to have cars on campus? The interest rate you would get is about 1 point higher than the one your parents would get since they will be cosigning and its a really bad idea to get a car loan during school.
- ?Lv 77 years ago
A loan interest rate, and thusly your monthly payment, will be based on your credit score, price of the vehicle and term of the loan. Without a credit history you will be hard press to find many lenders willing to talk to you. And the ones that are willing will only be able to offer very high interest rates, of 10% or higher. To keep the terms of the loan reasonable you would be best served by finding a co-signer to assist you. If that is not an option you may have to settle on purchasing a vehicle you can pay for outright while you are working on establishing your credit.
- PancakeLv 77 years ago
The only true answer to your question will have to come from whoever loans you the money after you have submitted your application for the loan. Some loan companies might turn you down because you haven't been working long enough. You might also need a co-signer since you are only 18. You won't find out until you contact the place you want to get the money from. Good luck!
