Buying new car with no credit?
"I work. And make around 1700-2000 a month." The first thing you should know is that this is the minimum amount of money you can make to even be considered for an auto loan. Keep this in mind, as this will be a factor later. "The car I want is $29.000- $35.000. I would put $6000 down and pay $90 monthly payment." Assuming you want $29,000 vehicle, after your down payment, you're looking to finance $23,000 plus tax, title, and license. This will likely bring you up to almost $25,000 financed. Keep this in mind as well. By the way, you will NOT get a $90 payment. At 72 months, you'll have only paid $6480, leaving you with a balance of $16,520. "But can I finance the car with no credit. If not how do I get the car?" No, you cannot. Listen closely, as I'm about to give you some information that you NEED. First and foremost, a bank will NOT finance you for a loan that is more than what you make in a year. Not going to happen. Second, you're 19, so you have no real credit/credit history to speak of. You WILL need a cosigner to even be considered for this vehicle. Your income is too low, and you have no credit. You also need to be real about what the vehicle costs. A 2015 Jeep Wrangler Unlimited Sport has a base MSRP of $33,147, not $29,000. IF you put $6000 down, and IF you have a strong cosigner, and IF you can qualify for a prime rate, at 72 months, your payments would be in the $430-$440 range. Even a 36 month lease would be in the $270-$280 range. "PS no need to tell me its a bad idea. I have enough money." No, you don't. Aside from the payments (which will likely be higher), you have full coverage insurance (which will likely be close to the amount of your payment), gas (let's be honest, Jeeps don't have great gas mileage), maintenance, and incidentals. "I'm 19 live with my parents" You will continue to do so for the next 5-6 years if you buy this Jeep. You'll be 25 years old, living at home, and you'll be right where you are now, except then you'll have a 6 year-old Jeep. Word of advice: Don't bury yourself in a car payment this early in life. Save some money, buy a beater for cash, and drive it until the wheels fall off. When you're in a better place in your life (done with school, financially stable, on your own, with no reliance on your parents), then consider buying a new vehicle.
Should I buy a new or used car?
You can purchase a car that is maybe last years model or the year beofre which has very low mileage and still a full warranty at the time of purchase. This car will still be just like new, but will not lose thousands of dollars in value the second you drive it off of the lot. This way you pay less and get the best of both worlds so to speak. Another thing is you can find someone you know that knows about cars preferrable a mechanic to look at the car before you buy it. You can also make sure you are not getting ripped off by checking what it is worh in the Kelly Blue Book online. Finally, you can run a vehicle history before to be positive the car has not been in any accidents before and simply repainted.
Buying a car with no keys!!?
I'm looking at buying this 1993 red BMW E36. The car was left by some old tenants, will be able to get it for like $150. I plan on using it as a project car, something to work on and get running again, but here's the kicker. It has no keys. I know it could probably be hotwired, but I heard that if i took the VIN to a dealership and get a new set of keys, is this true??? I don't want to have to hotwire it everytime I use it LOL. Thanks!!!!
Buying a new car with NO credit?
It is actually easier to finance a car with bad credit than with no credit. Now, as for fixing your buying issues, I can offer a few suggestions. Since you have a good down payment, you may be able to get financed even without credit. If you have a checking or savings account with a bank, start with that bank. Talk to a banker about your situation. Explain that you have no credit but you would like to buy a car. Have the information for the car with you. (have the VIN number, the price of the vehicle and tell the banker how much you intend to put for a down payment.) Also be sure to tell the banker that you have no credit history. Be sure to ask the banker not to run your credit report unless he (or she) thinks they can actually get you approved for a loan even with no credit. The banker will either say yes or no. If the bank says no, then go to the dealer that has the car you want. Talk to the sales person there. Tell them which car you want. Tell them how much you intend to put down for a down payment. Be sure to tell them you have no credit history and ask them if they have any loan companies that would finance you. Beyond that, you could look for a co-signer who has good credit to co-sign a loan for you. The loan would be in your name. It would be building credit for you. But, the co-signer would also be responsible if you do not pay. Just make sure you tell them not to run your credit report unless they really think they can finance you. Once you start trying to build credit, it can hurt your credit slightly to have too many inquiries for possible loans.
Should I buy a new car if I only have $16,000 in my savings account?
New cars are a waste of money, I recommend a used car between 0-5 years old to keep things safe, I also would go for a vehicle that’s been certified and have a clear agreement with the seller incase of any issues. Never buy “as is” and thoroughly check the vehicle over to make sure there isn’t any issues. Ask to look under the hood, always check the floor to make sure it isn’t rusted out, test drive, listen closely for any unusual sounds and check for leaks. You could also take over the payments on someone’s vehicle as well. Be safe
How can I buy a new car with no credit and no cosigner?
Auto finance is what I do for a living and there are 10 things that go into making up a car deal weather it's a purchase or a lease and all can effect the interest rate. 1. Term of loan. Shorter the better. 2. Age of vehicle. Newer the better. 3. Miles on vehicle. Lower the better. 4. Amount to finance compared to book value. Lower the better. 5. Credit score. Higher the better. 6. Credit profile. Deeper the better. 7. Down payment. More the better. 8. Monthly income. Higher the better. 9. Time on job. Longer the better. 10. Time at residence. Longer the better. As long as all of the above are in line with the lender guide lines and you make enough income to budget for the payment you should be approved. As you can see from the above list there are way to many things that go into making up a car deal to guess at your interest rate. Just so you will know this is a breakdown of F.I.C.O. scores used by one of the largest credit unions in my State. FICO system scores from 300-850. Elite-740-& up Prime-700-739 Preferred-660-699 Standard-625-659 Sub-prime-624-& under There are lenders that have first time buyer programs, they require a minimum of 12-months or your job, a monthly income of at least $1,600.00, a down payment of at least $1,000.00 or 10% of the price of the vehicle and a maximum amount financed of $10,000.00. if you don't meet these requirements or the vehicle you have chosen cost more then this you will have to have a good qualified co-signer to get the loan. Good luck and I hope this helped.
Can I buy a new car with a suspended license?
You do not need any license to own a car. There are many people who, for whatever reason, own cars but are not licensed to drive. An elderly person may own a car, and have others drive it for them, leaving them with some pride. A disabled person may own a wheelchair lift equipped van, so that it is easier for someone to tale them places. You can buy a car without any problems as long as you are of legal age!!
Should i buy a car without a engine?
You are looking for a daily driver. If you bought this car, you would still need a daily driver--to go back and forth fetching parts and advice on it. The cheapest you could hope to get a used engine ( from a self-service pick n pull would be about $400. (Keep in mind, you don't have a core.) So then you've got a car with unknown problems, and an engine with unknown problems, plus problems created during installation. In order to consider such a car it would have to show every evidence of being a low mileage, like new car in all ways except the engine. This of course includes cosmetic appearance. In that case, I would offer the guy $100. It's a question of whether he wants to sell and also a question of whether you want to buy. No great deal either way. If you got it on these terms.in that case you could hold on to it as a project car until a deal on an engine presents itself. You can afford to be out $100 and get on with the search for a daily driver. Even on these terms you might end up regretting it. He did! If offering $100 seems to you like highway robbery then forget it altogether. The engine mounts are a joke compared with the magnitude of the project. Another issue is how carefully the old engine was removed. Is every connector on the wiring harness there and in good condition, or was the old engine crudely yanked out leaving problems for the installer? At any one time, the used car market is crowded with project cars and loser deals and like a needle in a haystack someone who happens to have a reliable old car they don't need and will part with at a fairly low price. In the current market it is even worse. The answer is not to buy a project car when you need transportation.