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    Falconsallday's Avatar
    Falconsallday Posts: 1, Reputation: 1
    New Member
     
    #1

    Nov 3, 2011, 09:02 PM
    I'm 18 and I need a car loan for $6000
    I do have a job, I make around $3,000 a year, but soon I'm getting another job where I'd make $10 per hour. I just turned 18, would I be able to get the car loan?
    CliffARobinson's Avatar
    CliffARobinson Posts: 1,416, Reputation: 101
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    #2

    Nov 3, 2011, 09:17 PM
    Very difficult without a credit history and/or not a sizable down.

    Can you get a co-signer?

    Do you have any credit history? If so, is it good? If not, start with department store credit card, make small purchase. Pay it off same month. Repeat every month. Then, apply for a regular credit card. Same thing. Only make one small purchase a month and pay it off that month.

    Build a good credit history over a year's time while saving 20% down, and your chances should be real good.

    The problem, at that point, will be avoiding sharks, liars and charlatans. Is there anyone in your life who is savvy when it comes to financial matters and dealing with used car dealers? The first few times are always the roughest.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
     
    #3

    Nov 4, 2011, 05:28 AM
    How much down payment ?

    But a tradtional loan, with no other previous history, not till at least you have the other job at 10 dollars a hour and most likely have been there at least 6 months.

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