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Originally Posted by vash_241987
Yeah thanks for the advice!! Well I went and left the dealer in the same car I drove in. Well my credit is at 648, but there was something I didn't have which was no auto loan history. I didn't even ask my mom to co-sign cause I know she has a not so great history.
Their APR was stupid high around 18%  they bumped it up to $31k asked $2500 down and $741 a month (guessing 60months) So I decided what my credit union would say. They said about the same thing as the dealer, but here's what they suggest. I need to be with my current job for 6 months (been only working for 1.5 months) and have a co-signer w/ good auto loan and they quoted me at 7.25%. Or if I wanted to do it by myself, get a loan for a used car between $5k-$10k and have it for a minimum of 6 months.
Suffice to say it was a learning experience. Oh we'll there will always be another car. Now I know what I need to do 2nd time around. |
I was in a similar situation. I had no credit history what so ever. I went into the dealer WITH a co-signer (step dad) who has very good credit, but they were still asking for 17% interest. That wouldn't made the payments around $690 for me. I walked away.
I went and got pre approved at a credit unionion WITH NO co signer and they approved me on the spot for 4%. Being 21 years old with no credit history I thought that was a great deal so I took it. Hence I've been with my job for 2 years though.
My advice would be to wait it out and keep saving. By then you'll be with your job for a longer amount of time, and you'll probably have saved up a good portion for a down payment.
The dealer told me to buy a used car to build my credit. Keep it for a year and make payments on time. But I didn't want any other car except for an FRS. I already had a beater. So you're choice if you want to purchase a used vehicle and go that route. But I decided not to.