David A asked:
I work part time at publix ranging from 28-36 hrs a week. I'm a single 19 yr old guy and I'm planning on going back to school. I'd like to buy a Nissan Altima between 2002 and 2006 if possible. I had found some real good deals but every bank I've gone to has either asked for a co-signer or to have at least $2000 monthly income along with a credit score of 800 or higher. And NOBODY will co-sign for me, my parents cant because they have horrible credit. Is there anything I can do to get a loan for the car I've been after for the past 2 yrs or do i really have to buy a $1000 junker and drive that for the rest of my life?
Make A Resume
I work part time at publix ranging from 28-36 hrs a week. I'm a single 19 yr old guy and I'm planning on going back to school. I'd like to buy a Nissan Altima between 2002 and 2006 if possible. I had found some real good deals but every bank I've gone to has either asked for a co-signer or to have at least $2000 monthly income along with a credit score of 800 or higher. And NOBODY will co-sign for me, my parents cant because they have horrible credit. Is there anything I can do to get a loan for the car I've been after for the past 2 yrs or do i really have to buy a $1000 junker and drive that for the rest of my life?
Make A Resume
car history
like everyone else in this economy you need to either lower your standards or save longer. your choice.
Archery Equipment
Most car lots are hurting to sell cars. Even though the economy is bad and banks are nervous to lend out money, you still should be able to get a loan if you have some credit history. Mind you, they will probably rip you off with high interest rates so be ready for that. If you have a good, solid credit history, no problem and can get good rates too. I just go an auto loan through my credit union at 4% but that’s a lot of years of credit and paying bills off and paying them on time.
Video Games
Hey the problem is that you are trying for a used car. Believe or not it’s much harder to buy a used car than a new car. I know you have you mind set on getting that model of a car, but if you try and buy a new one, you tell that you are a new buyer, they usually give you a better chance to get one.
Vintage Cars
To be honest, don’t go and get a car loan if you have a low income and short history. You will either get ripped off blind for interest or end up defaulting on it.
Start saving and buy something with cash. There’s nothing wrong with a $1000 junker if you own it outright! You can laugh when your mates loose their jobs and have their cars repo-ed.
Home Theater
Since every bank has turned you down you should face up to reality. The only way you can get a car is to pay cash. That’s it. You don’t make enough per month, you don’t have established credit going back at least 3 years and you don’t have a prior car loan paid off and in good standing.
Then there’s your FICO score, which has taken a big hit with all your turn downs. It will take a few years for you to recover from that. Then you’ll have to build it up to at least 721 after that to have any hope of getting approved for a car in the future.
You have a lot of company. A majority of people are being turned down for car loans. Over 70% can’t qualify for a new or used loan. We’re in a severe recession. It’s not a good time to try to get into debt. Pay cash for a car. It won’t be what you want. But it will what you need … transportation.