Can i get an auto loan?

DON'T use your college fund for collateral. Have a look at the news right now and see the turmoil in ALL the financial markets BECAUSE banks loaned to people who couldn't pay it back. Do you really want to trade your college fund for a car you might wind up losing?

1. As for someone extending you credit, you are under age 18; no one can legally extend you credit because you are a minor. You don't have a credit report because you have zero credit because you are under 18 years of age. Be happy for this. Credit has destroyed the American family's finances in ways that you can't begin to imagine.

2. You don't need an $8,000 car. I'm not trying to be crappy.
I speak from experience. When I was 27 I bought a car with 100% financing. I had a job that paid close to $36,000/year and I was doing well. Until my division got laid off and I was no longer able to make the car payments. My creditor didn't care that I had been laid off. All they wanted was their money. They took my car in the middle of the night and that repo was on my credit for seven years.

And don't forget. You're not just paying off a loan for $8,000, you're also paying off the interest. You're young and this is your first car. They're going to give you a higher interest rate because you have no credit history behind you.

Furthermore, your insurance rates are going to be through the roof. With a car loan comes full ride insurance. Not just liability, but comp, collision, theft, damage, etc. And your rates will be very high because you're under age 25. ONE minor little fender bender and your rates just went up. This insurance is REQUIRED because you don't actually own the car; the LENDER owns the car until you've made the last payment. And we're not even talking tax, tags and title yet.

And this loan will carry with you for the next five to seven years. Are you 100% POSITIVE that you can make full payments for your car loan AND your insurance for the next seven years? If you're not, then don't do it.

Take a loan from your folks and buy a beater. Or better yet, save up some money and do it yourself. Your car only needs to get you from point A to point B. It doesn't have to be an ugly car, it just has to run. You can spend $1000 and get a good car. You can spend $2000 and get a great car. It will be totally paid for, 100% yours. This will make your insurance less as well, because even though you're under 25, you won't have to carry anything except the minimum the state requires.