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I’m new to this buying a car terms ,I’m barely 19
and I wasn’t really taught anything. Am I able to
finance a car without credit ? If so, what would my
estimate of what I will be paying monthly ? And
what will be my APR and all that ?
If I had to do it all over again from your age, I'd skip trying to buy or finance a dealership car and just find something used I could buy off a friend or family, or possibly leasing a car. At 19 with no credit, you are going to get raped with a high APR loan, not to mention a really expensive insurance premium for anything remotely sporty. To finance a car at your age and with no credit they are likely going to demand a cosigner, such as a parent. You may want to look into leasing a small car for a few years, they will need a couple thousand down, but payments can be fairly low (even below $100 a month), do that for a few years til the lease ends, by then you should have some money saved and some credit established, that will help you avoid getting railroaded into high APR scammish loans. Anything over 14% is to be avoided. I've seen people in your situation get sucked into "buy here, pay here" 24% APR loans with all sorts of BS dealership fees tacked on. That can add THOUSANDS to the cost of the car over the course of the loan. Just so you know, dealerships that steer young car buyers into these high APR loans often get a kickback from the loan originator, that kickback is build into the loan, the "reward" the dealership gets for sending a gullible buyer to that loan originator.
Save up your money and buy your first car cash.
What if I were to get a co-sign ? Do you think I should do that or just buy a car with straight up cash ? Because I’m looking to build my credit , for the future when I do want to buy a new car.
If you want to build credit, go to a good new car dealership, you'll almost certainly need a cosigner, and some type of proof of income like a paystub. You should be able to buy a decent new or used car or lease a new one. Try out a few dealership, get a feel for the process, in fact DO NOT buy anything in your first few trips out. If you make several trips to various dealers, you'll see a pattern emerge, where they talk you into a used higher mileage older car and a loan with ripoff terms. You really have to stick to your guns, salesman can be predatory.
AMAZING!!
