Lourie Mcroberts: You're not financing. Understand that lenders require no less than six months of full-time employment history, and a minimum verifiable income of at least $1700-$2000 per month, in addition to sufficient credit/credit history. Not meeting income requirements is going to get you denied automatically. Applying with a bank will do you no good, as you have no income at all. They won't consider you at all. They won't even go through the effort of telling you what they will do if you had income. You could look at cars, and and have a parent cosign, but the lender will likely decline it anyway, as only one person on the loan is able to make payments. In addition to a car payment, you'll need to obtain full coverage insurance, which will be just as much as, if not more than, your payment. You'll also have maintenance, upkeep, and gas to pay for. No sense looking if you can't even put gas in it though. Sorry it's not what you wanted to hear....Show more
Gre! gg Hagge: Your parents credit union would be best, their bank 2nd best.Never finance with a dealership. They are not your friends. They are not there to save you money. Their objective is to charge you as much as possible.And never buy an extended warranty or service contract, they are ripoffs designed to make the dealership a ton of money....Show more
Maria Devenney: See what your bank has to offer then when you find the car you want see what the selling dealer can get you. If you have no credit rating then you will more than likely need your parents to help you out with the loan. The best one is the one that offers the lowest annual percentage rate (APR).
Terrell Voltz: A NEW car - *if* you're lucky, they are running a financing promo. Otherwise, you'll typically do better through a bank on your own. ESPECIALLY if you are a credit union member!
Delmer Pectol: Unless you are buying a new car (with an advertised promotional rate) from a pure finance point! of view you are always better going directly through a bank b! ecause you usually get a better rate and fair terms. From a convenience point of view the dealer is better. The dealer does go out to multiple banks, but they always add a few points for their own profit on the loan. It's impossible to negotiate the rate with the dealer if you do not at least have quotes from a local credit union (usually the lowest) or bank. My credit union rates are so low the dealers choke on trying to match it so I don't bother with the dealer loan since it becomes such a headache once they have you in the finance office with the car keys dangling in front of you....Show more
Loise Mausser: Whenever someone attempts to finance an automobile they are wise to first check with their bank or credit union to see the total amount of the loan they are willing to extend and at what finance percentage rate. With that information in hand they can then compare at rate to what a dealership is willing to offer. Regardless of where you seek automotive fi! nancing you will need both a strong credit history and long term employment to qualify. The only lender that will even consider extending a loan to you without having strong employment history is one which will charge you an astronomical finance rate....Show more
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