Im a college student who is trying to build up credit from scratch
by getting a credit card with small limits. ( secured if worst case )
I need a car for a college If I were to commute to college.
I have no credit nor co-signer. and I’ve heard from multiple people
saying that Dealers will get you the loan. but with high % APR
paying 10~20% apr. Im ok with the high interest . because I know my situation
Im trying to get a loan for $10000, and downpay about $4000 to buy a $14000 car.
Does the “lender” which dealers find you. apply the interest rate for $10000 ? or some
randomly ridiculously high $ amount ?
It will be really helpful If somebody with an experience like this could answer.
Thank you
I’ve heard that dealers get people with no credit/bad/no-cosigner/
a loan from one of those “scam-looking” loan company ( looks like a retail store) with
Enormous and Ridiculous Apr %.
and
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You probably won’t get a loan, and I really worry about your cavalier attitude about having a car loan with a 20% interest rate. That shows you really have no clue about money, and it will be a blessing in disguise that you won’t be getting a loan. The chances of you defaulting are so high that you are setting yourself up to fail before you even get out of the gate.
Having said that, if you have 4k cash to put down, do yourself a favor and take that 4k and go buy a car with cash. Do not finance one. First, your insurance will not be as high because you won’t have to carry full ride insurance unless you want to and, you won’t be paying a monthly payment for a car.
Also, do you have a full time job? How long have you been at your job if you do have one? To get credit now if you are under 21, you have to prove income or have a cosigner.
hi
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