Currently I'm 16 and I've got a job, and I've started thinking about a gameplan. I LOVE the Cobalt, definitely want one, and want an SS/SC to be my first car.

Supposing I save everything I earn until I'm 18 (which I'm going to do), I should have at least $8,000.

Supposing that I put $7,000 down and keep the other $1000+ for my first few payments (since when I get a car I won't have to keep a low paying job that's in walking distance) while I look for a new job, do you think I would be able to get financed?

I can't have a co-signer, since the only way I can get a car is waiting until I'm 18 when my mom can't tell me I can't have one

Please let me know what you think.

 

you are young so you haven't learned this yet..... you should never put most of the money you saved down on anything.... yes your payments will be low but after you turn your car in you just lost all of that money... put 2k down..... keep the other 6k for much more important things... if you are 18 with a steady job for at least a yr and a bank account you should be just fine.... also to take into consideration at your young age is your APR ( annual percentage rate ) it will be wildly high without a co signer so what may be a $400 payment for most will balloon to a $460 payment for you....

 

See the dealer...get them as low as you can on the monthly payment, decide how much you can pay per month, *then* decide how much you want to put down. The down payment should be your last bargaining chip when you're running numbers.

 

Establish some credit first. Take a small loan out, and pay it back on time each month over 12 months or so. Once you have some credit established it will be easier to get financed.

 

I am 19, have a credit score of 720 and watch my credit very carefully, also have a nice paying job. I have my 2.4 cosigned.

When I went to trade up for the 2.0 I told them I was putting 7500 down to cover the cost of what I owe on the 2.4 and then some. I figured since I have pretty good credit now, plus im a year older, and also putting a lot more down, that I would be able to get the 2.0 on my own. Well I got denied.

No worries for me though, my dad is cosigning for me. But with that said I doubt you will get financied without a co-signer unless within that 2 year span you finance something expensive and pay it off with no late payments or anything.

 

Just find a nice used car for 7k and and have no bills. Then have the 1k for whatever you want.

 

large lump sum down payments are not in your favor..... also the best way to get good credit is to get a credit card and only get gas with it... then at the end of the month pay it off completely... you have to be very disciplined however.

 

Turn the car in? I wouldn't trade it in! Not to mention I'd be getting one after the '08's come out, which is when they're supposed to be completely revamped, it's not like I'd have any higher to trade up to.

Also, I don't want a used car, I want a new car, and I want it to be a Cobalt. I love cars and I don't want my first car to be junk.

Keep giving opinions please =\

 

I think you'd be doing very good to get financed at that young of an age for a 27000 or 20000 ( US) car without a cosigner. Plus insurance will likely rape you, i'm 23 and have bought quite a few expensive things on credit have had a credit card for over 2 years and still would have had trouble on my own getting financed likely. I don't see it being really plausible for your first car , not to sound like a mom, but what about school? after highschool ? thats dam expensive too ... I had to wait till i was done college... ummm check out the used market, u can get some sweet older , quick little cars for around 10 grand... and its going to work out for you so much better and then after that allow you to walk into an SS/SC or whatever you want easier after that. Just my two cents. Doesn't mean it won't work out for ya, just its A stretch. Good Luck Bud.

 

I wanted a brand new car as my first one too but I am happy I got a used car first instead, I wasnt a crazy driver but **** does happen, Me being 19 I was in your situation not too long ago and I am very happy that I drove a used car before I got my SS/SC because you learn a lot with seat time that you dont want to learn on a brand new car.

 

If you dont want to get raped on interest put as much of a down payment down you can.

 

Yeah, like repairs for fixing your used car.

 

The reason I don't want to get a used car is not only for reasons of wanting a sweet ride and having the feeling of accomplishment, knowing it was my first car, but also because I hear they're totally revamping the Cobalt for '08, and incase I don't like it, I want to be able to get an '07 while they're fairly the same in style, interior, features, etc. And furthermore, I don't want to buy a used Cobalt because that would suck :P

Financially, I'm not worrying about payment amounts, interest rates, insurance, etc. Since with my typing speed of 120 words per minute, I can EASILY get a data entry job when I'm 18, and they pay about $25k a year. (Yes, I plan my future thoroughly)

So, I'm just wanting opinions on why and why not you think I would get approved trying to do this.

Thanks.

 

step 1) get your mom to co-sign a low limit credit card (ie. $500)
over the next two years build up your credit by paying off the balance in full at the end of each month. Then you stand a chance at being able to get a loan for a car.
step 2) goto your credit union and try to get a loan with a cheaper interest rate than what the dealership would give you (which shouldnt be hard)

 

25k a year isnt a whole lot, perhaps you should look into furthering your education instead of looking for a "sweet ride" then you would truly have a sense of accomplishment

 

I was upside down 3000 on my 2.2 and i had a cosigner. I then traded it in for an SS 2.0L put 5k down (3 paid off the debt) and other 2 went down on the car. I got approved by myself, i have no credit. Im paying 9% but its worth it.

 

the interest rate should be the first thing you worry about, if you get you monthly payments low they will just jack up the interest behind the scenes

if you have a loan from a credit union then worry about the monthly first

 

If you get your payments low and they jack up the rate behind the scenes as you say, then your payment will no longer be low, and you walk away because the dealer's trying to screw you.

The credit union is a good idea, but with little or no credit history, it will be very hard to get approved for anything more than 10k. That will still get you a solid used car, though...

 

by jacking up the rate behind the scenes i mean they take the lowest rate they can get from 30 some odd banks and inflate it by a % or 2, and they make extra $$$ by volume

well if he gets a 10k loan he can wait a few extra months and save the extra 2k...

 

Aha, I see what you mean. I did not even think of that...good call though. I was under the impression that a dearship, once you've signed off on the deal, just sends it to banks and goes with the first that accepts it.

 

DUDE!!!!!!! WE HAVE THE SAME GOALS!!!! I am 16 as well and bought my car about a month ago and am getting my license on monday. Check this out, I too have a job, and love the ss/sc. So my dad co-signed and i put 13K down (dont worry about how i got that money lol), and honestly it is the best move i can do. Putting that much down i only pay 200 a month for like 3-4 years, which is easy. As for insurance, have your parents put you as a part time and you'll be pushing 150-170. SO I WISH YOU LUCKY BUDDY!!!!, and if you have any questions PM ME, ide be happy to help because buying your own new car is better than getting laid......in the long run lolol...anywayz, let me know how it turns out ok?

good luck...peace

 

You're only 16.. how much experience in either area could you possibly have to make that claim? Funny none the less, LOL!

 

i agree with this.... i had a cavalier, 97, that i picked up for 4 grand when i was 16..... i beat the **** out of that car..... raced it, did 180s on dry pavement... stupid stuff, stuff i would never ever do in my cobalt, not saying you would bro, but like darth said, its valuable seat time....

 

some do, some dont, all depends how crooked the finance department is

 

well for what its worth i am also 16 with a steady paying job..part time of course...and i put about 12k down and my payments are 188 a month plus insurance...and so far i have had no problems making payments...october will be a year...so, even though people are going to say i dont know anything..as long as you have a steady paying job when you hit 18 you shouldnt have any problems making paymetns with a nice down payment...o and i will say it all depends on the bank you go through