its not cus u have a steady part time job bud its cus you put 12 k down on the car duhhhhh

 

great response

 

im 20 and just bought my ss/sc a few weeks ago for $22800(fully loaded, G85, and STG 2; gm employee price) and i didnt have any problems getting financed. i put $2k down and my credit score is 704. the interest rate is 7something im not sure. originially it was going to be 11% but i said no way to that so we worked some things around and got it down. so you may run into a few bumps along the way but i dont see why you wouldnt get financed if you go in there knowing a few things about loans so you dont get screwed. one thing i will say tho, see if you can get GAP insurance on the loan too in case you total it hah.

p.s. where are you young kids gettin $12k+? must be nice ha

 

You have no credit. Without a co-signer, you ain't gettin a new car, especially if you don't make much per month. Odds are yer fukt

 

lol yes i no im 16......but Bob Dylan once said " A times a changing" or sumthing like that, but you get it lol

 

Dood you ain't gettin the new car without a co-signer. Period...

 

ummm i already have it...check the sig

 

What did you do to get it? give the dealer dome/

 

haha no...i got 13 down and pay 200 every month...i work hard for it and im really proud of it too....and yes, BRAND NEW 06...with g85 and everything

 

So you had a co-signer?

 

ya my dad

 

Point proven ^ ^

 

To the original poster: When I went in to see about getting the car by myself they told me you cannot be financed unless you make over $1500 a month. No big deal if you do. I only worked at Target then, so there was no way I was making that much back then. I had my dad co-sign later. I'm 19, 20 in may. You should get a shitty car from when you're 16-18. You need all the practice you can get. Also, with only 7K down your payment is going to be through the roof. Mine is $270 a month and I put down way more than that...60 months too.

 

If low payments is what he wants, look at GM's SmartBuy. You do get a balloon payment at the end, but you can just keep paying your monthly payments until it is yours. And if something does happen where you want to get rid of it or trade, SmartBuy leaves your options open at the end for that.

 

Im 25, and just got a Cobalt SS 2.4. I'd have to agree with the people telling not to buy a new car for your first car. My first car was an '88 Grand Prix LE, this car was given to me by my parents and at the time I also wanted a Brand New car but for one I really didn't want to give all my money away for just to own a new car when I was so young and had so many other things to do. You should take advantage of not having many bills and get a used car that you can pay cash for, or take a small loan when you are 18 and pay it off to help build credit. Having a used car was great for a first car, I had alot of fun with it and didnt get too upset when it got a scratch or a dent. If I could I wish i could get another old car like that so that I didnt care when something like that happens.

I believe that any new driver should buy a new car, both for financial reasons, and responsibility. You should enjoy being young and spending your money on going out and having fun.... not on a car.

Anyway, enough of me talking, I know Im only 25 but when I was 18 I was glad I didnt go buy a new car cause it eats alot of your money. If anything maybe look into getting a deisel car, they get great milage. Im looking at getting a Deisel Jetta when I trade in my Dodge Stratus R/T next year.

Later

 

no i mean even though i put down 12k...188 is still a pretty good bill for a 16 yr old every month plus insurance...duhhhh

 

dude if you told them no way to 11% and they could magically lower it through the bank then they were taking you for a ride, and might be even still

 

you do realize that cash in hand is better than getting it over a long period right? you were better off to make money on your money and pay off the difference than give it away up front

 

When I turn 18 I'm going to work full time at my current job while looking for a different job. By the time I buy the car, I will easily be pulling in $400+ a month, supposing I keep my current job and start working full time, so I can pay whatever payment amounts necessary after a big down payment.

For those who don't already know, I cannot get my mom to co-sign, because she doesn't want me getting a car.

However, I'm not interested in the advice about getting a used car first. I understand I need to learn to drive and everything, however I'll probably save and go to a real driving school first. I'm not getting any car until I can get a new one, even if that means I gotta work at a fast food restaurant until I'm 25 and can pay cash for one.

 

so sadly ur set on a new car, if u like cars alot and want to get interested buy a shitty car, fix it and sell it for more! its quick easy cash.

also when ur 18 only making 400 a month .. what happened to 25k a year? 400 amonth is only 4800 a year ... kinda low.

Im 19 i bought my car when i was 18, yes it was new, but i owned other beaters b4 my redline. i went in with cash in hand and paid peanuts for it. even though it was a 04 in the 05 model year, i didnt care. maybe look into a lesser model year that might still be new? prolly get better apr since they are trying to get rid of it.

 

the 11% was with me just giving a salesman my info and letting him just give it to the finance manager to run a credit report and such real quick. the 11% is feasible because my own bank wouldnt finance me at all due to my credit history only going back less than 2 years, despite my score of 704. i got it down to 7% when i talked to the finance manager myself and he changed somethings around for me so i could get it lowered. ya gotta remember i work at the dealership so im not gonna get bent over, especially when i always hook him up with low labor when he comes in for service.

 

True you may have a 720 credit score but it's YOUNG credit. I'd say if your 16 wait until your 18 or so and try. But like said above start establishing credit now. No credit cards or anything like that. The lenders are going to look at your payment history (30 days late, 60 days etc. etc.) But they will also look at the total amount you borrowed from the beginning. Where if it's just a few thousands dollars you borrowed from the get go your going have a great credit score if you've paid everything on time, but it's still going to be YOUNG credit. A lot of lenders (GMAC, Nuvell, WFS etc. etc.) look at how much that total amount borrowed was. My two cents....

 

Heh, I made a mistake when I was thinking that. Turns out I get 400 a month now, and it would be 800 a month if I kept the job I have already, but went full-time. As for $25k a year, I can probably get that if I had a car, since I would be qualified, but would need to drive about 10 miles to get there.

 

im 19, i built my credit for 1 year on my first cobalt, since then i financed my wifes car, 2003 hydunai elantra, my 2006 SUzuki GSX R 600, and my 2006 Cobalt SS/SC
all by myself, so i dont know what banks you went through. I only put $1000 down on the cobalt, 0 down on the bike, and $1000 down on the hundyai.

Pay your payments on time and have good job history and there is always a bank that will work with you.

 

^^^ Oh I am sure if I went to a different bank other than GMAC I could get accepted. But I want smartbuy and I am very much satisfied with a 5% interest rate with my dad as a cosigner. I am sure once the car is paid off my credit will be fine and I could get another car on my own.