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Thread: Buying First Car

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    #1

    Buying First Car

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    I am in the market to buy my first car. My husband and i are both young. (18 and 19). As of right now he is in basic training and I am trying to buy a car so that I can make it to his graduation. My credit is around 630. I've been trying to build it since my birthday. I have a personal loan I took out to build my credit for $568. I still owe about $300 and a store credit card with a CL of $200 and I haven't used it. Does anyone have any idea if I would be able to get a car loan or have any advice ? TIA
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    #2
    you can probably get a loan, but you might have a high APR. the best thing for you to do is to talk to your bank and get some advice.

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    #3
    Like PP said, you can probably get a loan, but your interest rate is likely going to be high due to your credit score. If you feel that you absolutely must get a car loan now to get a car before your husband's graduation, I would shop around for the best interest rate and look at Credit Unions. They might be able to work with you for a better rate than the bank or financing through a dealership. Also, consider a cosigner who has good credit. That could also help bring your rate down.
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    Quote Originally Posted by usafgf92 View Post
    Like PP said, you can probably get a loan, but your interest rate is likely going to be high due to your credit score. If you feel that you absolutely must get a car loan now to get a car before your husband's graduation, I would shop around for the best interest rate and look at Credit Unions. They might be able to work with you for a better rate than the bank or financing through a dealership. Also, consider a cosigner who has good credit. That could also help bring your rate down.
    Will I be able to get a loan without a cosigne because I don't realky know anyone who would cosign for me.
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    #5
    Do you have income? A car is relatively more expensive than your personal loan and your credit card limit. What is your budget? How much can you afford to pay towards a car loan, gas and maintenance, and insurance monthly?
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    #6
    Quote Originally Posted by Deifick View Post
    Do you have income? A car is relatively more expensive than your personal loan and your credit card limit. What is your budget? How much can you afford to pay towards a car loan, gas and maintenance, and insurance monthly?
    I agree. Along with credit, your income is what they'll be looking at.
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    #7
    I make about $500/month before my husbands income but I don't have bills or anything because I live with my parents so I really could put that whole $500 towards a car payment. I also have a $2000 down payment saved up.
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    #8
    Quote Originally Posted by tamidarleen View Post
    I make about $500/month before my husbands income but I don't have bills or anything because I live with my parents so I really could put that whole $500 towards a car payment. I also have a $2000 down payment saved up.
    Hmmm ok. Your husband won't be able to sign for the loan though, so I'm not sure if they'll take his pay into consideration. Not 100% sure though. While $500 might work for you, that's not that much. Do you want your full income to go to a car? You probably won't have the job much longer either if you'll be moving to your DH's duty station when he graduates. Does your DH have a car that you can use to go see him graduate? I'd hold off buying in your situation if I could.
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    My DH does not have a car and his A school is 9 months so I don't plan on moving until he's finished. I've had my job for a year.
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    #10
    I agree with a PP, $500/month is not much to put towards car payments, gas, and car insurance. Have you considered getting a used car that you can buy with the $2,000 you currently have saved? DH and I both drove used cars that we owned for the first few tears we were married while we were saving and trying to build credit. Hey, as long as it gets you from point A to point B




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