SPIFIMAN1
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Auto finance is what I do for a living and anything short of 24-months is considered not enough time.
For some lenders it's even longer like 3-5 years. |
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Mel
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Play it smart and take the 17K to a Toyota dealer and get you a little Corolla with 5 spd. You have plenty money left for gas and the little thing will give you about 37 city and 42 and up for highway. Mine turns in 50 plus on freeway. |
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doodad
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No, three months is probably not going to do it.
Doodad |
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wizjp
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Most lenders would be willing to take a chance if you have no problems and 19K worth of security they will be holding onto.
Otherwise 9-12 months to build some kind of reliable history |
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Carli W
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Why get a car loan, if you have the 17k, just get something you can pay cash for. That is more than enough for a really good used car or truck! |
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Danielle
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no probably not they need to see you are earning money either every week or month but you will need proof of much longer than 3 months |
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periwinkleme
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Is that how long you have been working 2 jobs or is that how long you have had credit? The 17k will look great. As long as you can prove you have been at your jobs for at least a year I bet you will be okay. Why the heck don't you just buy a car out right and not have a payment? That seems wiser. |
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XoxoxoxoX
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No, it take at least 6 months to show some credit. On top of that, the length of your credit history is worthy 35% of the over all credit score calculation. why don't you just buy a 17K vehicle? Learn to spend within your mean would be a good money management skill to have. Good luck! |
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jpr302001
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If you have $17K, you should consider just buying a car outright. Just buy what you can afford. |
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♥ Embracing Optical Freedom ♥
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Building credit takes years. But make your car payments on time and it will build it up even more. |
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bdancer222
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A three month credit history isn't enough. But that $17K downpayment may make the difference. Congratulations on being smart enough to save up.
Remember you are going to have lots of new expenses for that new vehicle -- insurance at your age will be very high, plus fuel and maintenance.
You might want to consider joining a credit union now and building that 3 month history with them. Then get pre-approved for a vehicle loan before you go to the car lots. You'll have a better interest rate and probably get a better deal. |
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jameslankford
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yes you will still need a co-signer...you need more than 3 mos. |
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gromit1203
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From the internet:
Length of credit history accounts for roughly 15% of your score. This building block factors in how long your accounts have been active and how long it's been since you used each one. It considers the age of your oldest account and your newest account, and then the average age of all of them. You can't rush credit history, but even if you're new to credit you can get a good score depending on the strength of the rest of the information in the credit report. For instance, timely payments on a few young accounts can help offset a short history.
Read the full article here, as it relates to your inquiry about a car loan:
http://www.autotrader.com/creditcenter/credit/article-25353/the-5-building-blocks-of-a-credit-score.jsp |
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hockeyp1ayer14hockey
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no wya longer then that.... i was 20 and still needed a cosigner on my truck... |
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juggernaut
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nope. you need @ least six months to a year to establish good credit. |
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Dan S
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well.. for 17 to 25k you can buy a new car. what kind of a car did you want to buy? for an 18 year old to go out and spend his whole life savings on a car he cant really afford isnt the best thing to do. if the car costs over 45 grand your payments will be through the roof and dont forget isurance. |
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RomeyM
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3 months is not long enough to build a credit history, but if you are putting 17K down on that vehicle you will definitely NOT need a cosigner, that will make you a very good credit risk, the bank has nothing to lose if you default, they will reposess and easily get their money back. That is not my opinion that is a fact, you will have no problem getting in the car with that hefty down payment. |
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redplumbbabythumb
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no |
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vanbendegom
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When it comes to vehicle purchases, especially more expensive ones, like the one that you are talking about, it is usually either a higher APR or a lower APR with a cosigner. So if you do not do the cosigner, then the APR will be higher than if you had one.
And as far as the credit thing goes, in 3 months time you may bring up your credit a small maount, but not a big difference. Credit takes a long time to bring up. I would give it at least a year before checking it. |
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So Cute....
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I certainly don't think so at all.I used to work at a dealership and those sale men will make it happen if you put that much down.I sure hope that you talk them down and make sure you have someone who is experienced to go with you because they will take advantage of you.I suggest that you go to www.creditboards.com and become a member for free.Go to the automotive section and the forum leader is a manager who deals with sales and can actually tell you if and what you qualify for. |
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FAT DOG
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no/at least 3 to 5 years |
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$m¤¤v¥ £¤¢¤
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Usually it takes several years to build enough history. If you have $17K to put down on a car, you should try to find a cheaper car. Reason I say that is of two things: Insurance and Mantenance. With you being 18, regardless of if you're male or female, full coverage insurance is high, especially if you're male, which you would need to keep if you were finanacing a car. Also, the maintenance is important. There's more to just driving a car and making payments. There's scheduled maintenance: oil changes, brake maintenance, tune-ups, etc., which don't come cheap. You're better off, getting a much cheaper car, which would leave you some $ left over just in case you had a problem. You can't always count on the income from 2 jobs. Things can happen (like you losing one or both jobs, heaven forbid) which can put you in a bind if you're not prepared for it.
So, I would try to find a cheaper car, and put some of that money |
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kitkat_137
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Depends on the dealer and where you get your loan. When I was 20, I bought a used car with hardly any credit background because the dealer and my bank was willing to give me the loan. |
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JB
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A better idea would be to buy a car that costs 17k. |
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sos_fugitive
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Same thing here. Yes it is. You need to talk with you councilers and set up times that bend with you're schedule. Thats what they're there for. Try it out! |
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Ray2play
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To build better credit, put down 10k on the car and with the other 7k back a credit card through a financial institution. |
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rockstardom17
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No... it takes a long time to establish credit... I would say a year for you! but it is better to have at least some credit rather than none, so get started right away! and I don't know why you would need to put down 17k for a vehicle... even if you don't have credit! you should be able to put down anywhere from 2 to 4k as DP... |
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