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Geoff | 18 never had credit ever. Mom has bad credit. Can i get a credit card and get a CAR? |
i just turned 18 on the 18th. i dont have any previous credit and my moms credit is pretty bad. i just am tryin really hard to find a way to get a nice car. |
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Kickin' Dirt
 |
Find someone other than your mom to co-sign the car loan.
Make sure you make enough money to cover the car payments first, otherwise it'll get repo'd. |
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Brian J
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nope. |
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DESIREE T
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You would have to check out some car dealerships around you. Some will finance you if you dont have any credit or anything on your credit report because you would be a first time buyer. Check out where you are and see. You really dont need a credit card to buy a car. Just a job to keep up with the payments and insurance. Wish you luck |
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jrhd
 |
Since you're an adult, they're not going to base your credit rating off of your mom's. You basically have no credit whatsoever. If you do get a card to begin establishing credit, you will not have a limit large enough to purchase even a bad car. It will probably be $300-$500. |
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sir_blunted
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Do you know how to hot wire? |
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K L v
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I work for a bank and I would advise against a credit card to buy a nice car. Two reasons:
1. The interest rate on a credit card is roughly 17%+. A secured car loan is roughly 12 - 13%. The reason is because they are using the car as fallback security if you default on the loan.
2. With a credit card you do not have fixed payments. It is a revolving line of credit. The banks only ask of 3% of the balance each month. If you pay this and only this then you will be paying off your car FOREVER.
As long as you have stable employment and residency and can afford the repayments I would apply for a car loan. You can usually even do this through the car yard. Motor Finance Wizards for example will do car loans for people with bad credit etc.
You have options for loans if you earn regular money however I would strongly advise against using a credit card to buy a car. |
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Tsunami
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first of all you get a job or two part times and work hard for 6 mos and then youcan buy a car. it may take abit of time but if you save some money for down paymnet it would also help and remember dont' mess it up its your life and takes time to work it out and if you get a card well then if gas just (discover( you charge a tank of gas and then when pay day comes pay it off and then do it agian and again and that is what helps build credit but pay it off each time one time of gas at a time so you can learn to pay it off and that is what builds credit in 6 mos would be good for you. |
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Jeff
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It is possible to drive a nice car with no credit.
It's called "pay with cash".
A new car costs about $20,000
The payments are about $400/month for 5 years.
If you buy now, you won't be finished with the payments until April 2013.
Here's what you do instead:
Take that same $400/month you were going to give to the dealer, and put it in a savings account instead. Start right now (May 1)
Then, in October 08 (5-6 months from now) you'll have enough cash to buy a used beater for $2000.
A 1995 car with 130,000 miles.
Not fancy, but it'll get you where you need to go, and you won't have to worry about the repo man.
Continue making the "payments", and in about 12 months (Oct 09), spend the $4800 you saved, and trade in the beater for a $6000 car.
I'm doing a search on Yahoo Autos:
Price: $5,000 - $6,000
Location: Within 50 miles of LA
Sort: by mileage
Scroll to the middle of the list.
97,000 miles is in the middle, and that's a 2001 Toyota Camry, a 2002 Honda Civic, or a 1998 Cadillac.
Now, we continue making the "payments".
It's October 2010. Your $6,000 car can still trade in for about $5-$6K, and you have another $4800 cash (that would have gone for your car payment).
For $10,000 to $11,000, we have:
Some used 2006 and 2007 lease-turn-ins.
Which, in 2010, that price range will be the same 2008 and 2009 turn-ins that you were looking to buy new today.
BUT, doing it my way, in two years, you have the same car, PLUS, you avoid three years worth of car payments!!!
Here's where it really gets crazy:
Finish up the 5 years of car "payments", but put the 3rd, 4th, and 5th year's payments into a mutual fund.
Hey, it's the money that would have gone to the car note anyway, so buy a risky fund (13% growth, average of 1% / month gain.), and if you lose some of it, remember, you've lost all of it if you were making payments.
At the end of the 5th year, you'd have a 2008 car plus $16,000 cash.
Whereas, buying it new today, at the end of the 5th year, you'd have a 2008 car, and just finshed paying it off. |
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blcohen529
 |
Absolutely but be careful what you wish for.
First establish credit at a local clothing or department store. Look for local or regional businesses like tire stores or gas stations that provide credit cards.
Obtain (2) to (4) cards carefully without placing significant amount of debt against you.
In 30 to 60 days you will have "built" a reasonable credit picture. If you are financing a car, make certain you are actually receiving an actual interest rate of between 8% AND 12% PER YEAR (APR)
The reason you check to see the APR is within this range is because most auto loans state they are between 8% to 12% but the real APR (real interest rate) is 18% to 26%. You are best off buying a new car with the car manufacturer's interest rate. Even if you do not love the car as much, the cost difference will be equal to a few hundred gallons of gasoline per year. Good Luck |
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Freethinker
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I would get a secured credit card (where you put a certain amount of money on the card and that is your credit limit). You are essentially borrowing from yourself in order to establish your trust with the credit bureau by showing you can pay your bills on time.
I'd highly recommend avoiding building up a lot of debt. Get a decent used car and save up your money for a few years. Otherwise, you will regret it later. |
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DAS
 |
The only thing you can do is try, and you could also try to get a secured card, and as far as a car, they may let you purchase a car. |
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Helen Scott
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Your mom's credit is not your credit....so it doesn't matter if she has bad credit or not. You want to have four sources to help establish credit....a couple of credit cards (look into a secured credit card first, if you don't qualify for a regular one), overdraft protection, and a loan. Once you start establishing credit, you can buy a car...unless you find someone to finance you (dealerships will)...but be careful of high fees. |
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babymalai
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yes you can as long as you have had your job for over a year, and i know you might be better trying to get a car loan from a bank, as they sometimes have lower interest rates. You are probably going to have to get a credit card first.
Some creditors and credit card companies require you build your credit first with a secured visa or master card. All this is is a card that you get by putting down lets say 500.00. It is your money. You have to do this first and pay it off a few times before they will actually give you credit. Start by asking for a limit of only 500.00. You really don;t want to use that credit card for anything ANYTHING. Actually the credit card should only be used for emergencies like fixing the car that you aim to get. First of all, you dont want to get a brand new car, you can get like new cars that have very low mileage. I don;t know what kind of job you have but it should be a good one, if you are working part time i guarantee you will not get a loan for a car. You also can;t just be working there six months and get one either. DON;T GO TO THOSE CAR PLACES THAT SAY YOU DON;T NEED CREDIT TO GET A CAR!!!!!!!!!!!!!!!!!!!!!!!!!!!! THEY CHARGE EXTREMELY HIGH INTEREST, AND YOU WILL BE CLIMBING THIS LADDER THAT NEVER ENDS SERIOUSLY!!!!!!!!!!!!!!!!!!!!!!lListen actually, now a days you can get really good used cars, especially the older ones, seriously the older cars have cheaper insurance, and they are way cheaper to fix, like in the new cars you have fuel injection, and in the old ones there are carbourators, so really fuel injection is like over a thousand dollars to fix and a refurbished carbourator for sixty bucks, so if you have your dad or grandfather help you find a small older car that is good on gas and they are way way cheaper to fix and to insure. Take the driving courses they cost a little but your insurance is cut down considerably. Plus you can get really good ones for under a thousand dollars even. Your first car doesn;t have to be worth over 10 000 dollars does it ? No, as long as it gets you from point a to b in a safe manner. Of course you want it safe, and you can get really really really good older cars be patient and look everywhere, it sounds stereotypical, but an older couple selling and older vehicle is usually a gem as these older people usually take really good care of their vehicles and keep up on the maintenance. that is the most important thing, maintenance of your car. Take care and good luck but it doesn;t happen overnight getting credit, be patient and do it right, and you will get your credit, but DO NOT USE THE CREDIT CARD FOR SHOPPING FOR CLOTHES, OR EATING OUT AT RESTAURANTS, USE IT ONLY FOR EMERGENCIES!!!!!!!!!!!!!!!!!!!!
take care i hope this helps a bit
baby |
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