Ok, so here is the situation. None of my family members can co-sign for me, not even my parents. I'm in a situation where my mom is a **** up with financial ****, and I'm not ashamed to admit it...

So now that you all know that none of them can co-sign, here is the deal. I ordered a credit card for myself so I can establish myself credit (I am 18). I really need a car, and it would help me with co-op (leaving school for a job), but I can't do that because I do not have a car. Until I get a car, I can not get a job for auto body and collision or even a different job at that, until I purchase a car.

So the deal is that either I wait till June of next year to purchase a car thats in the price range of 19-21k, or once I get my own PERFECT credit, I could buy myself a Cobalt LS, which would probably be around late December, early January.

If I was to buy a car next june, I would look at a Cobalt SS, MazdaSpeed3, Sentra Spec-V, or maybe a truck.

If I was to get a car December/January, it would be a Cobalt LS, 5spd.

What should I do?

 

wait it out, i wish i woulda waited for a better version or better car.

i got a 2.2 g5 btw.

 

Im in almost the same situation... wait it out.

 

i would say if you NEED a car immediately buy a an older reliable car thats cheap, and then save up for a newer one.

 

Just a heads up I am dealing with ALOT of credit **** right now and no perfect credit comes from just owning one credit card. All I can say is be smart with it but if you want more info pm me. I can atleast give you some good advice and point you in the right direction so you are not a 22 yr old with 22% intrest on a 17000 car that will pay over 40 grand by the time you pay off the car.

 

You don't need a new car. Look for a fun older car. If you really want a turbo...

Shadow - Turbo
Lebaron - Turbo
Ford Thunderbird SC - Supercharged
Mercury Cougar - Turbo

All could be had for under a grand

 

the only other way is to get a job walk or ride a bike. Gmac has a 1st time buyers program but u need to be on the job at least 6 mnths and make around 1800 a mnth gross b4 taxes and they could sell u a cobalt or something.

 

I was the same way. Last year i wanted the ss/sc at 19 i had a 720 credit score from a loan and a couple credit cards so i got the car signed and everything. by this time im thinking bad ass i got the car i wanted for pretty cheap 350 a month not so bad anyway then they told me to call my insurance company this is why im driving the LS now they wanted 1000$ deposit and 737$ a month. so if you want the ss or others id wait with no co-signer that insurance on a car like that is killer.if you go with the LS you will get your moneys worth i didnt get the ss but i still have a hell of a time.

 

dont settle for less when you want more...besides establishing your own credit will take some time, even with a CC now you will have such litle credit experience it wont be the best help. buying a car young sucks, i sold GMC trucks in palmyra last summer, there were plenty of ppl who couldnt afford anythin with no credit, always remember bad credit is better than no credit. anywho, getting a loan with a part time job will be tough with no down payment or trade and lil credit history, not impossible tho. try to establish some credit and save for a down payment. i bought my car in december, i was 19 with one credit car and two school loans, i was paying school loans for about 3 months and i had the CC for just over a year. i just bought small things and paid it off right away, my credit limits went up, but my credit score wasnt anything amazing, trick is to spend about half your limit and pay the minimum or a lil more than that over about 5 months. anyways, my car stickered at 26k i had 1500$ in rebates and the dealer gave me 5k for my trade(suckers), my APR was pretty steep, and i still needed a co-signer(thats where the bf came in). problem was, limited credit history and a low annual income with a part time job. i still managed to get approved prior to my bf cosigning, but thats because my salesmen said i made alot more money than i actually did. moral of the story, its alot of testing the water before you jump in. apply for credit online on car websites, the worst that will happen is they will say no, if not they'll tell you how much you could possibly be approved for and for what rate and term length etc. and on top of that, every response you get from a bank will give you a reason why you were denied. i had gotten like 10 "insufficient credit history" letters in the mail. however do it all at one time, when you check your credit score it drops about 5-10points, but only once every 3or6 months, something like that. ex, you apply for credit via chevy.com, when they do your credit check your score drops a little bit, however for the span of that time period, you can go to every other car company and bank for credit applications and it wont drop anymore than the first time. just feel it out, keep your options open, and do some research. there are alot of websites that have all the secrets to credit scores, invoices, incentives, etc. or just talk to an ex-car salesmen who didnt like his job
and the best time to buy is end of year or end of summer or around major holidays, typically durning the buisness week, like a tues or wed. not many customers on weekdays compared to a saturday, they'll work harder to sell a car and make some $$ and there are better incentives...

cobalt15.7 has a great point, new car means you need full coverage, my insurance went from 149$a month to 1137$ a month with a 1000$ deductible.