FIRST TIME CAR BUYER TIPS/ & HELP?
I drive a old 1991 Saturn which I was found very cheap a year ago and jumped on it, it was my first car, and it's been in my name since. The car has been great and served it's purpose to the fullest extent, in the way that it's gotten me from place to place, but it's had problems since I drove off in it.
The cradle is bent which creates 4x wear and tear on the tires because it causes the wheel to pull to the right screwing up my alignment. It's missing valve seals or caps or something like that, so I have to put oil it at LEAST 2 times a week. Now it's starting to overheat at red lights and when i make stops, and when it starts to overheat the air turns off, but as soon as i start going again it cools back down. It's just all around a piece of junk
I'm 19 now, I have a job, steady income, and I go to college 2 days a week. My college is an hour away from my house, so I really need a more dependable vehicle. I have no financial help. I do live w/ parents for free. But I have car insurance to pay, cell phone, credit card, tuition, books, and fees for school, monthly medicine and many other misc. unexpected expenses, so I am responsible and am capable. I just felt the need to explain why I want to buy a new car first because what teenager doesn't want a new car? And I can imagine adults reading this thinking, "yeah, she's young and doesn't know what she's thinking." And that’s usually true, but not only do I want a new car I really need one. I could pay to have my car fixed but I've been told by the last mechanic who looked at it that fixing it would cost more than it's actually worth so why not spend the money on something that's going to last. . So, obviously, I have nothing to trade in, so what's the best way for me, an independent 19yr old college student, to go about purchasing a new vehicle?
Should I go ahead and buy a brand new car? That way I'd have warranty and all, and wouldn't have to worry about it always breaking down.
How do I go about getting a loan?
Should I go through my bank? Should I go through someone else? Car dealer? What would be a good deal as far as interest?
How much is my insurance and taxes going to go up?
Is it possible to get low payments a mo? like 150?
What's the kind of things. places, people I should avoid?
What will the dealers not tell you?
What can I expect to pay up front?
I’ve heard the newer the car the more the taxes and stuff will be, BUT the older the car the lower insurance is. So doesn’t it all eventually even out?
Well, without either a cosigner or a substantial down payment, a new car is not really an option. Since you’re only 19, your credit limit and lack of history will cause you the most frustration.
As far as getting a loan, the first place I would check is your bank or credit union. They will sometimes offer pre-approvals, however most will still require a cosigner. A payment of $150 is extremely low even for someone with an 850 FICO, however all payments are based on the amount to finance, the term, and the rate.
Dealer financing might be the only way to get a car if you have no other alternative, however the rate will typically be pretty high and many won’t report your loan to the credit bureau’s unless you default.
I would really try to find someone willing to help you because if they do so, it can really raise your chances at being approved as well as give you more options. Good luck and you can email if you have questions. You’ll probably get a few good answers, so hopefully someone is able to help you
http://www.dealertricks.com/
you can buy a ten year old car that will perform just as good as a new car and it’ll cost about $3k for cash.
But if you are 19 and have an image to keep up then get a loan..
But perhaps you may first look at these very pages and see how many desperate people there are out there, most of them with new cars and insurances they can’t afford, looking for loans to make more debts to pay debts bla bla bla bla it’s just depressing. And for what? for a new car that’ll lose 25% off his value as soon as you get the keys, a car that you MUST pay fully comprehensive insurance for.
Trust me, get something mechanically good and L i a b i l i t y ONLY, pay CASH and be D-O-N-E. There’s spiders webs out there looking to catch 19 year olds, they are all over.