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YACT: Financing

A

aplefka

Lifer
Okay, so based on stuff that has happened over the past 2 months and a statement made tonight I'm now (un)officially going to have to buy my own car. Problem is, I have to pay for other stuff already and there's no way that I'll be able to save enough for a car with other stuff. I'm wondering, is it possible to finance a car at 18? Obviously it'd be a pretty stupid thing to do, but if I don't have a car I'm limited to my job selection and if I'm limited to my job selection it's even longer before I can get a car.

I wouldn't be buying some brand new car, but just something reliable, definitely used, not sure if I'd go to a dealer or private, probably private. Can I go to a bank to finance or would it not even be worth it because interest rates would be too high for a young person? Or is it even possible to take a loan out at 18?

Thanks for any help guys.
 
As long as you're over 18. However, without a co-signer, they'll give you the shaft with high APR.
 
Originally posted by: MBentz
As long as you're over 18. However, without a co-signer, they'll give you the shaft with high APR.
Click to expand...

Hmmm... how much savings are we talking with a co-signer? 2-4% on the APR, or more?
 
without a co-signer you can expect to get 15-23 (depends on credit now) but with a co-signer? a LOT less.

really depends on the credit of you and the co-signer
 
Originally posted by: waggy
without a co-signer you can expect to get 15-23 (depends on credit now) but with a co-signer? a LOT less.

really depends on the credit of you and the co-signer
Click to expand...

Wow fvck that, definitely gonna get someone to co-sign with me. I'm not 18 yet, but I'm going to try to start saving so that when I turn 18 I've got some money already towards it that way the interest is semi-already paid for.
 
Do yourself a favor and spend the money on a college education instead. Not having a car in college will force you to stay in one place and that will help keep you focused on your studies. Take student loans until they overwhelm you if needed. I would rather spend the rest of my life paying off student loans while working in a white-collar job than working in any blue-collar job that does not require a college education. I spent six years enlisted in the navy slinging wrenches and fixing pumps and was hating every moment of the last five years while waiting for my discharge so I could go to college. If you, the OP, do not have the ability or motivation to go to college then join the military, find a position you will survive through your enlistment, and let the government pay your way through school afterwards. I guarantee that by the end of your enlistment you will either have the motivation to go to college or you will have a nice career started.
 
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