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Discussion Starter #1
ok i have a 94 lx 3.8 bird with 120,000 miles on it and i took it to see how much a dealer would offer me to buy it and they said they would give me $1750 give or take...i was wondering if anyone has ever financed a $5000 car with a $1750 trade in with a $500 down payment? (or anything like this)

i would be able to afford the payments but i was wondering has anyone ever financed by themselves at the age of 18?
 

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Baddest N/A NPI in Canada
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I can't answer your first question about the $5000.00 dollar car, but I bought my first new car when I was 18, a 92 Tbird Sport. I financed the car for 3 years, so it is possible for an 18 year old to buy a car on credit. It depends on your financial situation on whether you can get the loan and whether you need a co-signer or not!
 

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Discussion Starter #3
did you have a co-signer? and what were you making per hour with your work and how many days did u work a week?...etc

also what was your down payment and interest rate?
 

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The Band, not the Disease!
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when your 18, its hard to get a low financing rate.. i mean when ANYONES 18, they can buy cars, but it will be a VERY high finance rate... if you have a cosigner with A1 credit, it wouldnt be bad... im talking about 20%+ interest rate for a person 18 with no credit. It doesnt hurt to go and ask what and how etc =) Go for it!
 

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Baddest N/A NPI in Canada
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I didn't have a co-signer, worked 6 days a week and made $15.00 an hour. I worked at least 40 hours a week, usually more. I don't remember what my interest rate was but the car was approx. $670.00 a month and I put $3500.00 down on the car.

I do agree with AnthraxBird a bit, and disagree a bit. When I bought that car, I had a good relationship with the bank I financed the car through. I do remember my interest rate was 2.0% above their prime lending rate. So I do disagree that an 18 year can get decent credit rate without any established credit. I did!
 

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Discussion Starter #6
yea ill go down tomorrow to talk to them see what i can do and how much i can get if any at all thanks guys
 

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Refrigerator Raider Hater
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I got my 96 v8 when I was 17. a $6000 loan for 2.5 years at 7%. My dad co-signed. When I was approved, I worked 24 hours a week.
 

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I was 19 when I got my car. It was 9 grand. (it only had 27K mile and no winters on it). I financed it with just me. I was working two jobs. I traded in a 90 tbird with 188K miles on it for $500. I also put 2500 down, I think.
-Shawn
 

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Formerly Fdawg97LX
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i was 19 when i financed my car for 4 years. The car was $7500 and i put down $2500. So i financed about $5000 with a 10.99% interst rate. My payment are $162 a month, not bad at all. Its a 97 4.6 and had 35k on it when i got it, it now only has 42k. My insurance payments are more than my car payments.

Frank
 

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When I was 18, I got my T-Bird ($6,6xx after tax, title, etc.). I got approved for it on a 3 year loan at 8% with $300 down. That was the first thing I ever bought on credit. So I'm sure it would happen for you.
 

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In the state of Nebraska, you have to be 19 to sign a buyer's contract without a co-signer of legal age. You might check that also. If you have no established credit, there isn't anyone that will give you a loan on your own, unless it's at ~18% or higher, which is something you don't want to do. If you do have some good credit established, then a large down payment will help a lot. Good luck!

Thomas
 

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I was 19, got a brand new 2001 Ford Focus financed on my own, 60 mos @ 6.9% through ford's "first time buyer" program, I technically put 5700 dollers down, that is 5200 for a nice old 96 T-Bird, and 500 doller rebate on the focus...but I wouldnt recommend doing that :)

Earl
 

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Discussion Starter #13
thanks for all of your experiences...i havent got a chance to go to the bank with all of my school, work and baseball games and practices but i dont have school today so i will take a trip to the bank and see what the nice ladies can do for me

ill post on what was said later
 
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