19 And Trying To Find A Car With No Co Signer?
Im a 19 year old male have a girlfriend and a daughter we are trying to get our first car. We are willing to put 1,500 down… But have no co- signer and a lot of places wont do it without a co signer… Where could I find a place in Logansport, IN or around like Kokomo, Valpo, Rochester etc. Can I find a place that will do 1,500 down with no co signer. And also only wanting payments to be no more then $150 a month.
Ashley S on Mon, 9th Nov 2009 6:48 pm
Unless you have steady and verifiable income, and a decent credit rating, it’s unlikely you will get financed without a cosigned. Try for something closer in price to what you have, and pay cash.
$150 a month is not very realistic. The average car payment is $378 over 63 months.
oklatom on Mon, 9th Nov 2009 6:52 pm
I actually live sort of around that area, i’m by merrillville and i work at the thomas kia in highland. Car dealers usually go through a LOT of different banks to try and get you a loan and most likely they are using the same banks for the most part and if you can get one somewhere you might have some trouble other places too! you could try a credit union or someplace like that. You’ll have a better chance getting a loan if you have more money down. Especially with how the economy is now, banks are tightening up with who they give out loans to. I hate to say this (because they are a competitor of mine) but mike anderson chevy in merrillville has had a lot of luck getting people loans, especially those who are young!
tifflici on Mon, 9th Nov 2009 7:06 pm
People in your situation usually end up at a buy-here-pay-here dealer, which is often the only way. However, know what you are getting into. The cars are overpriced, they don’t care about your credit, the interest rate is the highest allowed by your state usary laws, you are put on a strict weekly or bi-weekly payment plan, and the car will be repossessed with a single missed payment. Here’s an article with more details:http://www.firstcarguide.com/finance/sho…
.