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I just turned 18 and I’m looking to get a car loan?

Posted October 3rd, 2008 in Credit 7 Comments »

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7 Responses to “I just turned 18 and I’m looking to get a car loan?”

  • vasanthsingh says:

    LINWOOD

    Dear

    To get a car loan u must provide ur registration book ,

    You have to submit the bank statement for alteast 6 months

    And ur salary must be credited in the bank account

    and ID proof and adreess proof. thats all

    and u will get the 75 % loan from the present value of your car

  • P J says:

    HERSCHEL

    Your best bet is to go to your own bank and enquire into the rates etc. They have you banking history to go on. Some places will charge you higher interest without a history to go on. So shope before accepting any finance offers.

    Good luck!

  • Rebecca says:

    TREVOR

    DON’T finance a car! Save up your pennies and buy a second-hand car outright. Paying for something for five years or more will put a major strain on you financially, and if, God forbid, you lost your job for any reason, that missed payment or missed few payments will be on your record for the next seven years.

    If you want to build credit, get a secured credit card. They work just like regular credit cards, and they are accepted everywhere. No one but you and the bank will know it is secured, and if you ever have a financial difficulty, your card will be safely paid for because it is ‘secured’ against a savings account.

    Don’t buy a new car. They depreciate 50% when you drive it off the lot. Your insurance payment will be ridiculous, especially since you’re only 18. Also, taxes, tag and title will be astronomical, and registration fees with the state will be astronomical too.

    If you can buy a good second hand car for a couple thousand dollars and have it completely paid off, you will be miles ahead of so many other people financially, you can actually afford to put money aside for your future, rather than for your car.

    If I had had this advice when I was your age, I wouldn’t have a repo on my credit, and I’d be stylin’ financially.

    I had purchased my first car. I had an excellent job making about $32000/year. I was an executive assistant at a large accounting firm. I had dutifully paid my car on time every month. Should count for something, right? Wrong. One month a had a serious issue with my finances. I stupidly loaned money to my sister who was in dire need with the promise that she would pay me back. She didn’t. I was late with my payment. Blammo. Seven years on my credit.

    Two years later, I was in a car accident and was mildly injured. Couldn’t work for a few weeks. My benefits were late in paying by a couple weeks — that’s how those benefits work — and it was only 2/3 of my regular salary — enough to pay rent and buy food but nothing else. Ford repo’d my car in the middle of the night. Blammo. Seven years on my credit. That damn financed car made EVERYTHING more expensive for me, especially after it was repo’d. Couldn’t get credit for anything.

    Now I have two paid off cars in my driveway; a Cadillac DeVille and a Dodge Durango 4×4. Tags cost $40 a year (instead of $300) and insurance is $350 every six months (instead of $700).

    Just some things to think about.

  • Dzo says:

    EUGENE

    Hi,

    You can visit for some useful tips and finding the right lender for the car loan. Good luck!

  • spifiman1 says:

    SOLOMON

    Auto finance is what I do for a living and your best bet is going to be going to your own bank or credit union.

    The reason I say this is your monthly salary is well below the minimum amount required by any lender I know of.

  • lzc5wh says:

    ERICK

    There is a great place to go with this. I was in a very similar situation.

    This is getting help from real people without the use of banks or credit card companies. Good Luck!

  • Dewey K says:

    CURTIS

    Here’s a site that offers first time auto loans. Try them.

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