What sort of interest rate can I expect to get?

[BHeemsoth]

I am 19 years old, and looking to borrow $15k or so for a car loan.

I make more than enough money each month to make the payments.

The problem comes in with the fact that I have never had a credit card, just a Debit Card.

What type of interest rate can I expect to get if my parents do not cosign for me?

Would it make any difference if I got a credit now and used it between now and the end of the summer?

I just really want a ball park figure of what I can expect to get for a rate. Perhaps someone else here has gone through a similar situation.

Thanks,
Brian

 

[Yossarian]

new car or used? there's a big difference.

 

[Baked]

Expect very very high interest rate for the fact that you have Zero credit record. Perhaps you can have your folks get the loan, and you can pay them back based on the interest rate they're getting.

 

[Ketteringo]

10%+

try to get in at a credit union, and maybe get 6%, with a co-signer.

 

[flamingelephant]

dealer financing is usually alot better than bank, espcially with all the 0% deals going around. Cant beat that!

 

[Smaug]

With a co-borrower it can be as little as 4.25%
Without, could be at least 15%

 

[Baked]

Originally posted by: flamingelephant
dealer financing is usually alot better than bank, espcially with all the 0% deals going around. Cant beat that!

0% is for people w/ perfect credit score.

 

[Smaug]

0% is for 680, far from perfect

 

[BHeemsoth]

It will be a used car.

There is the chance of my parents co-signing, but I don't know for sure.

I was just hoping to come in under 10%.

Would it help me at all to get a credit card now, and use it between now and the end of the summer?

 

[Viper GTS]

Please do yourself a favor and reconsider.

I almost did the same thing at your age, & I'm forever grateful I was talked out of it.

Viper GTS

 

[BHeemsoth]

Originally posted by: Viper GTS
Please do yourself a favor and reconsider.

I almost did the same thing at your age, & I'm forever grateful I was talked out of it.

Viper GTS

Yeah, I know, this is simply and idea I am entertaining at the current point in time.

I will probably buy something for $5-10k that I can afford without financing.