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Ok so there is a car that i want to get and it's selling for $12K, I am 20 years old, Make about $1,200 a month (I know not alot), have my license, been working and living in the same place for 3 years now, have NO credit (not bad or good), have $1,500 for a downpayment and will use a Co-Signer. My co-signer might have bad credit because of credit card debts BUT she makes $60K a year. Do you think this will be enough to be approved and get me on the road? Thank you
N answer was dead on the money, I could not have said it better, a cosigner with bad credit is totally worthless to you. The idea of using a cosigner, is to utilize their GOOD CREDIT to get you a cheap interest rate. mainly. they will likely be on your title too? is that what you want. I sincerely doubt you are going to get a 12,000 dollar car with a 1,500 hundred down payment, buy here pay here dealers do short term (12 to 24 months) high interest loans (19 to 33% ) that adds up fast, you will likely end up with a 2,500 to 3500 dollar car, so you better be dang good at picking good cars (I spent 6 weeks last time, because I had no credit, and I passed on a lot of crap, like a 3,000 dollar suburban (I knew what I was looking for, this makes it much easier in a way, but gotta find a GOOD ONE, THAT'S THE HARD PART) AND IT had like 2,000 dollars in body damage, (or the wrong engine, or no good tranny, or ripped to crap interior, always something wrong) I finally found what I wanted, payed far too much for it (that's what happens too!, but I paid the principal down as fast as I could, THIS IS LEGAL, AND IT CAN SAVE YOU HUNDREDS OF DOLLARS ON A SMALL CAR LOAN, THOUSANDS ON A LARGER LOAN. You need to do a lot more research, and with no credit, and a cosigner with bad credit, SAVE YOUR MONEY WILDMAN, ITS ALL ABOUT YOUR DOWN PAYMENT, and let me tell you why, if you want some dealer to trust you that does not know you from adam, and want him to just let you drive off in a expensive car, then walk in, and if you put 6 or 7 or 8 grand on a 12 or 14 thousand dollar car, you will drive it home. Or else, establish credit with a dealer for a 4 or 5 thousand dollar car, pay off the principal as fast as you can, which saves you tons of money in interest, THEN GO BACK, AND TRY TO WORK A DEAL, ONCE YOU GOT A CAR, PAID IT OFF, AT LEAST NOW THE DEALER KNOWS HE GETS HIS MONEY, EVEN IF YOU HAVE TO GET A SECOND JOB OK? It sucks to be poor, I know, I did what I just wrote, more than once, with low income, but it works good, just be damn good at picking cars, or take it to a mechanic first, and make sure you buy a good car, because the dealer, does not care.
For Credit and finance solutions I recommend this site where you can find all the solutions. :Financing for a car! Need opinions!? Ok so there is a car that i want to get and it's selling for $12K, I am 20 years old, Make about $1,200 a month (I know not alot), have my license, been working and living in the same place for 3 years now, have NO credit (not bad or good), have $1,500 for a downpayment and will use a Co-Signer. My co-signer might have bad credit because of credit card debts BUT she makes $60K a year. Do you think this will be enough to be approved and get me on the road? Thank you Follow 6 answers
Most banks I deal with require a minimum monthly income of $1800 per month, before taxes. You d on't make enough money to get a loan. Plus, the lack of credit is going to kill your chances. Someone with bad credit MIGHT help but I doubt it. I have seen approvals before in these cases but it is rare. Forget about a car loan for now. Pay cash for a cheap car and build your credit slowly with a credit card or small loan. In a few years you will be able to get a car loan on your own. In the meantime, make more money.
Well some Auto dealers dont even require credit at all, as long as you have a down payment they are willing to work with and accept then they will allow you to finance the car through them instead of you having to go out and take a Bank loan. They might ask you for proof of your current work position, even if you had a cosigner I dont see why they wouldnt accept you, their job is to sell cars at any means possible, they are just looking to make a profit. Bad credit usually accounts for a higher monthly payment but assuming the deal is closed for $12,000 with a $1,500 down payment with a Finance term of 36 months and at an interest rate of 6.0% you will be paying about $319.00 per month, if you decide to take a finance term of 48 months at 6.0% you will be paying $256.00 per month. Of course at a 6.0% interest rate you would need to find someone with an excellent & flawless credit score. In your case youll be looking at 20%-25% interest rate which now changes and increases the enitre monthly payment. I would save up another grand so you dont struggle paying off the car. Unfortunatley right now in the boat your in, your looking at a monthly payment of $417.00 a month at a 25% interest rate with a Finance term of 36 months, or $348.00 with a finance term of 48 months at 25% interest rate. If you had a larger down payment it would help you A WHOLE LOT!
Doubtful. A cosigner with bad credit is useless. There may be a first time buyer program somewhere that can get you bought on a much cheaper car. Otherwise, its a buy here pay here dealer for you. Here is how buy here pay here car dealers operate You will often get a car that is worth (At wholesale) not much more than your down payment yet you will owe many thousands more plus a high rate of interest. For example, if you put $800 down, you might get a car with a wholesale value of $700-1200 and your balance to be financed will be $3500-3900 or more. Plus interest at 21-29%. On somewhat nicer stuff, say $1500 down, you might get a $2500 wholesale unit Yet owe $5900-6900 more plus interest. And at 21-29% that interest can REALLY add up. Most cars are sold as is. Any "service contracts" they sell are usually worthless too. Often , the car will break down sometime before its paid off . That's your problem, not the dealers and you cant stop paying because of it. So, TRUST me when I say your best bet is to save up $1200-2000, shop around for a really good deal from a private party, have an independent mechanic check it out only AFTER you are sure you want it and have agreed on a price. Then have him make sure its a good car. There is no such thing as a "good deal" at a buy here pay here car dealer. And BHPH dealers often know nothing or do nothing to their cars. They go from Auction to their lot to you. They have no idea whats wrong or might go wrong soon. And they don't really care. With bad credit,(Or no credit or cosigner) you simply cant afford to borrow....for ANYTHING. Now, all that being said and knowing how many people are, they are going to ignore my advice and buy from one anyway. As I said, THEY ARE ALL BAD DEALS. But, if you have to choose one, choose one who demand the most amount of financial information from you and trys to "set you up to succeed". They make more of an effort to buy a car that will last the length of the note and they will insist that you pay exactly how you get paid....if you get paid weekly, your car payment is due weekly. If you get paid every 2 weeks, your car note is every 2 weeks. Why do they want this and why is it good ? Because they know quicker if you are falling behind and there is a smaller chance of an emergency or monthly rent taking priority over the car note. The "better" of the BHPH notes will also try to go over your budget with you so that they can see how reasonable it is that you WILL pay as agreed. The bad ones don't care and will sell to you just to repo as soon as you are late. If they can see from your budget that you cant afford the car, they are less likely to sell it to you where the bad dealer will just sell to you to get your down payment.
Bad idea. It isn't a god idea to start out your credit history with a co-signer helping you get into a vehicle you can't really afford. BHPH places are to be avoided at all costs. Save your money so you can buy a car with cash while you build your credit with smaller purchases.
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I was wondering the same thing myself today