jsmth86

Ok Heres the Deal. On the 15th of this month I will be turning 18 and looking to buy a new GT. But I have some questions and maybe some problems I hope you all could help me out on. My parents have never bought a new vehicle from what I remember so I dont really know too much about buying a new vehicle. My parents have just bought a new house this summer and the fall of 05' they plan to refinance it. Well that means that they can not co-sign for a auto loan for me because ti will mess up their credit and they wont get as good of an intrest rate. So I am basically on my own. I was planning on ordering one mid to late Feburary maybe even first of march, but what are my chances of getting a loan. Being 18 and having no credit it will be hard to get a loan with an intrest rate that is not too high. I figured that the MSRP of the one I want is about 28,000. My grandpa gets the Z plan so what he tells me I will be able to get it around the invoce price of 25,000. I should be able to come up with 3,000 or so for a down payment but still I am looking at 22,000. Do I have a chance to be able to finance with Ford or any other Bank. I have not gone to talk to any bank or a ford dealership because I am not 18 yet but before I go I wanted to see what you all think. I have been with my current job for over a year now and have made about $10,000 in a year and next year will make a couple thousand more. Getting a second job latter this month to help get cash fast! Maybe a nice down payment.

Will any one give me a loan with no co-signer??!!


jsmth

Stangfriik

first time buyer program may be right up your alley

ustabawannab

Go to Car Buying Tips.com It is the ultimate website for first time buyers like you and thirty fifth time car buyers like me.

Take the time to read through it. It will empower you. :worship:

swingle007

Mine was the first new car i'd ever purchased and I got in at 5.9% through Ford, which used Bank of America as the lender. I'm 30 years old and not sure what difference that might have made, but would tell you to take your time and not rush into the first person who may finance you as you need to make sure and get the best rate you can......hope you enjoy it!

GTJeff

You probably will need a co-signer, maybe your Grandpa ...

RottenRonny

Do you have steady employment? I got my mustang 9 months out of university, through ford credit canada. The fact that I had little credit history didn't bother them. They just called my employer to verify that my job was perminate, and I was making the amount of money I said I was. I had to put 2000 down., but no cosigner, and I got a decent interest rate. (Plus the grad rebate too.)

RaGsHoCkEy88

im turning 18 in january and on my bday (the 14th) im ordering my GT. glad to see someone else this age doin the same but good luck man and the insurance is gonna be high since its in ur name but hey whatever u gotta do BEST OF LUCK

GhostTX

You can probably get a loan. You'll probably need a cosigner and at worst you'll get a higher interest rate 'cause of your non-existant credit score.

Don't forget to check how much your insurance will be on the GT.
18? Male? Mustang GT? Yeeeeesh....

RaGsHoCkEy88

same for me haha

Donna

You would probably need to be on the same job for at least a year and your chances are greater with the largest down payment you can come up with. Best of Luck to you.

lacrossekite

I agree with ustabawannab you should check out carbuyingtips.com
you will learn a lot of good information there. Since you are waiting a few months, why not get yourself one credit card and use it to help build your credit. Using a credit card isn't a bad thing as long as you can pay the complete balance off every month and don't have to pay an anual fee to have the card.

OSUstangfan

if you have a good job, you may be able to get a high interest rate without a cosinger. that high interest rate cannot be avoided in your situation without a cosigner, remember you can refinance after about a year.

MarStang15

Im 20 and even tho I have had credit cards and credit built up, they still wanted to give me a very high intrest rate of like 9% . . . and I put down 18K! . . . so my mom finally had to co-sign and I got 4.6% . . . for a 5 year loan . . . Im sure that they will get you a loan but you are looking at VERY high intrest rates . . .

302cid

It depends on your parents' credit rating. Interest rates are spread out in credit rating brackets. A FICO of 720 is what lenders consider 'good' credit, and they'll give you their best interest rate. Below 720 is where the interest rate starts creeping up. So, even if your FICO is 800, you can't get a better interest rate than at 720. If your parents can co-sign for you, their credit could lower a tad bit initially but it won't be "messed up." If their FICO is, say, 750, and co-signing your loan lowers it to 740, it won't affect their refi rate. They'll still get the best rate. If their FICO is borderline 720, then they might get bumped to the next higher rate.

My advice is to get your parents to co-sign your loan at about the same time they refinance. It takes 2 to 3 months for an activity to show up in credit reports, so if you get your car right before they refinance, it will too be early for the car loan to show up in their credit report.

Stubbies

Well, figuring that he hasn't even ordered his car yet, 2 week plant shut down anywho, he will already be a couple of months down the road before he even needs to finance in the first place.

RaGsHoCkEy88

yea my parents r co-siging. they have AMAMAMAMAZING credit

dannygat

can you afford the 60 month loan anyways with payments of $400/month?
If you can I still dont know how you will finance and get a decent interest rate, I am 26 and this is my first new mustang... if things dont work out get a 87-93, i had 4 of those and they are great cars to have as a first mustang... also the easliest to modify if you want to go fast

holderca1

I needed a cosigner at your age for an $8,000 loan.