I need a bank loan help only 18?so i am turning 18 this august and my parents wont lend me 5k i wanna buy a gti or audi and i need a loan but i dont have a credit score i have a debit card but i do now know if that goes towards credit score i work i make 200$ a week and i live in nj please help me out is there anything i can do |
Chances of you getting a loan right now are between 0 and you have to be kidding me. You need to build your credit first and then have a deposit for either of these types of cars at your age. They will probably want you to have 20% - 30% as a down payment at your age, even with just a little credit history. You realize with such a car your insurance will go up very high at your age? I imagine that if your parents won't give you a loan for such a car, then if you do buy the car and they are paying for your insurance now, then they will drop you with such a car! (Their insurance will increase at least $3000 a year if you have such a car.)
Financing for an Audi is more difficult than financing for a Ford! You will probably need 3 years of good credit history for such a car at reasonable financing from the dealer. Salespeople don't care what you spend on the car or the financing, they only care that they sell you the car.
Even if you are planning on getting a used car, your insurance will jump. If the $5000 is not the down payment, but the amount you plan on spending, then you will probably need $1000 to $1500 as the down payment. I would be very careful of a used Audi for $5000. I am not saying it isn't worth it, depending on the year and the shape of the car it could be well worth it. Look I am not telling you these things to piss you off, but you need to consider some other factors. You need to build your credit first to make getting the loan better. This will take at least a year! Oh yeah, there are ways you can get financed now, but those ways will cost you way more than you can truly afford!
A debit card does not increase your score!
You should definitely save up and you need to open up a credit card. Even if you go the secured card route you need to start establishing your credit. Your parents could possibly cosign on the loan for you instead of lending you the money if they have good credit.
Not going to happen. Plus, you won't be able to make loan payments and keep the car on the road. (gas, insurance, repairs; plus dating money, etc)
debit cards do nothing for your credit score bc you are using your own money
200x4 = 800/mo
Save it all for at least 7 months and then you will have the $5000 you need.
Try 24 month vehicle lease
