 CoderedplPremium
join:2003-03-13
Valley Stream, NY | Car loan for college student? Help Hello there,
I'm looking into purchasing myself a car and im currently 18 and a college student. Ive been working at my job for over 2 years but recently started working full time.
I'm looking into buying myself a newer NEW or used car. I have something in mind already from pontiac but now i need the actual loan. I know i can put about 4-5k down and im comfortable with paying up to 475 or so a month. Just want to see if anybody knows what my options are?
a dealership and bank (chase) i went to both told me i need a co-signer with loan history, but then how does someone with no loan history get a loan? |
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 lilhurricaneCrunchin' For CuresPremium,Mod
join:2003-01-11
Purple Zone
kudos:49 | Would your parents co-sign? (They have credit history) |
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 CylonRedPremium,MVM
join:2000-07-06
Bloom County | reply to Coderedpl
One of the benefits of a credit card is credit history. See if a local credit union can help you out more and see if a parent will co-sign.
Personally - I would look at a good used car for the amount you have available to put down as a down payment. Then work on obtaining a credit history with a credit card and being smart with it.
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Brian
"It drops into your stomach like a Abrams's tank.... driven by Rosanne Barr..." A. Bourdain |
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 MaggsPremium
join:2002-11-29
Woodside, NY
 ·RCN CABLE
2 edits | reply to Coderedpl
Buy a used car. A car loan on a new car is insane. For $5k you can get a decent car, with no debt.
Check it out here. »www.bankrate.com/auto.aspx
36 month loan is 7.77%, definitely check out Personal Loans from a credit union. It might be cheaper to go that route. My local CU has a decent rate if you secure your loan with a deposit in the bank.
»www.melrosecu.org/loanrates.asp
Also consider taxes, registration and insurance when you take out the car loan, they will easily add $3,000 to your yearly cost.
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Hello, is anyone out there. |
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CoderedplPremium
join:2003-03-13
Valley Stream, NY | said by Maggs:Buy a used car. A car loan on a new car is insane. For $5k you can get a decent car, with no debt. Check it out here. » www.bankrate.com/auto.aspx36 month loan is 7.77%, definitely check out Personal Loans from a credit union. It might be cheaper to go that route. My local CU has a decent rate if you secure your loan with a deposit in the bank. » www.melrosecu.org/loanrates.aspAlso consider taxes, registration and insurance when you take out the car loan, they will easily add $3,000 to your yearly cost. The car i want to get counts as a used but has very little miles. Going to give that union a call either tomorrow or tuesday.
Thanks |
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CylonRedPremium,MVM
join:2000-07-06
Bloom County | It maybe used but - you really should see about used for the amount of the down payment - just in case. |
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MaggsPremium
join:2002-11-29
Woodside, NY | reply to Coderedpl
You can fill a membership application online, just pay $1 to be a member.
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Hello, is anyone out there. |
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DodgePremium
join:2002-11-27 | reply to Coderedpl
Did you find out how much insurance you are going to have to pay? Getting a loan on a car forces you to carry comprehensive and collision. Considering that you are 18 and live in brooklyn, depending on the car, you are looking at a pretty penny for insurance. |
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 MEDIAN2k3LocalhostPremium
join:2002-12-04
Bronx, NY
kudos:1
 ·Verizon FiOS
| reply to Coderedpl
Trust me when I say DO NOT BUY BRAND NEW!!!
You will end up paying more per month for the insurance then the car payment.
I strongly recommend buying a decent used car either from a certified dealer or possibly a private party.
Lately I have seen 1999~2003 cars for roughly 2500~6800
You would only end up needing basically liability.
Lets use myself as an example.
I am 22 turning 23 in September.
Clean and spotless driving record.
I am a male of course.
I live in the Bronx (10462) a low crime area per say (according to my local precinct)
For a mid 90s car I would have to pay around 350 a month for basic liability with my %10 discount from taking defensive driving.
So like I said before you would probably be better off paying the car in full and saving up at least around 4k.
Hope this gives you some detail as to how much it costs to own and operate a car in NYC.
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Have a look at my life as a cab driver in the bronx! »bronxcabbie.blogspot.com |
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