Can i get an auto loan at 18 years old with no credit?

by admin on Apr.04, 2010, under finance

Hello everyone. I am an 18 year old college student and im looking to get my self a car. I work in a department store making $250 a week. Im looking to get a Nissan Maxima. Its $9,000. Would i be able to get an auto loan from my bank? And would i be able to handle paying the auto loan monthly payments and auto insurance?

:18 Years, Auto Insurance, Auto Loan, Credit Auto, Department Store, Hello Everyone, Insurance, Loan Payments, Maxima, Monthly Payments, Nissan, Nissan Maxima

6 Comments for this entry

lady gaga
April 4th, 2010 on 11:56 pm
As long as your income is high enough, it shouldn't be an issue. You have to start building your credit sometime, right? Apply for the loan regardless and see what happens. You may get approved and you may not, but it's better than not knowing!
selena gomez
April 4th, 2010 on 11:56 pm
Lindsi is right. And I agree, go ahead and research it and apply. If nothing else, it's good, free experience. They will probably look at your other monthly expenses like rent to determine if you qualify for that amount.You may need to get someone to co-sign for you, especially to get a lower bank rate. That's not a bad thing. Parents and relatives are good bets to co-sign. Whatever you do, don't go with high-rate lenders. Don't put ANY of it on a credit card. Get the cheapest money you can, even if it means getting someone to co-sign.
miley cyrus
April 4th, 2010 on 11:56 pm
No.
selena gomez
April 4th, 2010 on 11:56 pm
down Payment will be required! you will at lest need 4,000 down paymentbe careful as the lender may rape you on the price of the car and charge you full blue book value this is something to watch out forauto insurance rate will be high! as you need full coverage maybe 200 to 300 per month for just insuranceyour car payment will be 200 to 400 per month depending on the apr rate most likely to be 18% to 29% apr ratei also cleaned out all the scammer spam from you post
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