there are a lot of things in consideration....there is an issue with credit...if you don't have establish credit then ur interest rate would be high if ur dad's credit is in the 700 it's ideal.....and the rates you would get with him would be low....but if it not and below 600 you would get a high rates and 650 would be average.....(fyi each time your credit is ran it goes down a little).....next issue is how much your going to put down...the more you put down, the better apr u can get......my best for you is to do your homework before any MAJOR purchase...now how much a car is worth b4 buying and where is the best buy.....don't trust what other say as if ';oh the car runs great';....seeing is believe.....test drive and i would reccomend test driving on the freeway too...to check on accelerating at high speed...(so the engine doesn't fall out...LOL...) but good luck and have fun in school......Ok. i need a pro advice with buying a new car?
Get a gas saver, will save you lots of money that you can use on school
I have a 2007 Pontiac Torrent.. my payments are a little more then 300 but I got it because my father co signed for it. I'm still an owner but he is the main owner and that's how I got my payments to not be so high. Oh, and it also depends on how much you can put down on the car and like a 5 year payment term.
what u do is buy a cheap junk car for say $300.00 and fully insure it then after a month find some old decrepit lady in a nice car .....follow her until u can get in front of her and hit your brakes........Jut lay there in your car.......in your own fecal matter for realism and for its effect....do not move until EMTs arrive and extract you from the car and take u to the hospital inwhich will have lead to so many health woes,the loss of your car.....etc.....That the old saying....THE CHECK IS IN THE MAIL....rings true,.......Hope this helps......
buy a matchbox car
i suggest you find out your fico score by getting a credit report.......once you have that, there are first time buyer programs that all the major auto companies offer..... do not accept a high APR, the car dealers will try to get you to accept one by making you think you have no credit....my suggestion is get a entry level model with a/c and radio with an automatic transmission unless you can drive a five speed........ use your downpayment plus the rebate and buy a car at invoice or no more than $300-500 dollars over invoice.... with no higher APR than the manufacturers offered APR.... check the websites for Ford, Chevrolet, Toyota etc.. to find their APR's for each particular vehicle......in your budget for a new car do not forget that insurance will be higher....
get a new car, it will be less worries, come with a warranty, interest will be lower, and the upkeep will be cheaper.....
don't let the car dealers bully you.... as long as you have money and a job, little or no credit is not bad credit.........
Your APR is based on your credit. Since you're in school, I'm guessing you probably don't have a fantastic credit history. Your best bet is to get a loan through your bank or credit union and have your father co-sign for you. Provided, of course, that your father has a good credit score. If not, find another family member that does, and trusts you enough to pay back the loan on time. By the way - ALWAYS know your credit score prior to making a big purchase such a an automobile or home. If none of this is feasible, consider leasing.
it depends on what your credit score is and what your dads is. if you have pretty good credit, then go for it! if your dad has better credit than you do and you have no problem with it in his name, let him do that. if both of you have good credit, you can be the owner and have him co-sign...if you ever have a co-signer that gets approved, than your apr will go down some.
good luck with your car hunting!!!
First of all, buy a car that you can afford. A used car rather than a new car because it will appreciate the second you drive it off the lot. Second your insurance will be sky high since you are a new driver and own a new car. They see it as a high risk especially if you have an accident and they have to replace the new car. Third of all, you should be responsible enough to buy your own car and stop relying on your parents. APR rate is figured by factoring in your credit history. If you had no credit, yes your APR will be higher. If you have your parent co-sign you had better not be late on a payment or you can screw up their credit also. And if your parent is the owner of the car, who's to say that they can't take that car away from you if your grades are poor? When I was 18 years old, I bought my own car and paid it in cash from the money i saved from my summer job. It was a used car and I was proud of myself for accomplishing something without having to rely on someone else.
A honda Civic or Corolla be about $300 a month. Yes, your dad may have to be the owner. Also, I just bought my car a few months ago. Always do your car negotiations on the internet. Every auto dealer now has an internet department that sells cars cheaper as oppose to, if you were to just walk in without negotiating with their internet department. You go on the internet and request quotes from the dealers within 30 mile radius. Also if your dad has an excellent credit a lot of time the dealers are running interest specials also. Also end of the month, you get better deals. good luck
You can also call inetrnet departments of dealers and request quotes so u have an idea as to how much u should pay for the car.
You will want to at least have a co-signer with good credit, but I would keep the car in your name for credit reasons. It will allow you to build up yours when payments and insurance are made on time. You can get a lot of good vehicles for less than 300 a month.
It is possible to buy a decent dependable used vihicle for $300 to $1800 or more. You just have to have an experienced (preferably ASE certefied Mechanic check out the vehicle if you don't have years in the automotive industry as a Tech/Mechanic, I was and was also an automotive Machinist.
Example, I 6 months ago bought a 91 Mercedes Benz 300E online for just $1,400. It's black on black leather, %26amp; tinted windows. A/C Power everything (seats, windows, sunroof)and I have had no trouble with it driving it daily for the past 6 months. I did spend 1%26amp;1/2 or more hours inspecting the car and found only 2 or 3 minor issues that I found liveable considerig it was inexpensive, dependable, transportation that I was looking for, and I got much more than I expected.
The guy posted it (on one of those online classifieds) on a friday and I was refreshing the new posts on cars and trucks 3 times a day looking for a deal, and this guy posted the car I described above for $1,500 ASAP on a Friday morning I got lucky and was the first to see it, drive it and buy it (he even let me have it for $1,400 because he didn't have the spare keys and it needed a spare tire, really nice guy). That is only my latest deal using this above posted method, the last one was a BMW 90 (low miles)750iL for $3,200 (that's a 300 HP+ V12 5speed auto, power everything including rear seats and front heated seats, dual zone climate Flagship BMW loaded W/every option. I have also helped many friends do the same locally and online by inspecting the vehicles for them.
Good luck, and I hope this helped.
Oh, the $300 car I mentioned was a 91 Camry DX power everything, great mileage (34.5 HWY) but the A/C had a massive Refridgerant leak (the compressor was blown).
All of these vehicles served me well over the past 5 years.
It can truely be done just have to know Automotive or find a friend that does.
Good luck!
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