Can i get a car with my credit score? PLEASE ANSWER!! no1 answers my questions!!?

First off, I know I am getting a 2008 Scion TC-- I am not asking for opinions if I can afford it etc. I do not have much of a credit score, I have only had a credit card since September 2007 and have only had one late payment, on fault of the company. Would i be able to finance a car? Also, around what precentage would my APR be? I would get a co signer, but I do want to build my credit and both my parents do not have amazing credit either so it would not make much of a difference. Any help? oh yeah- i am putting down 5500-6000 for a down payment, if not more. Also, I can prove I can afford the car that is no concern. My only concnern is I want to build my credit and try doing things on my own! I did this is Scion.com i built the car how i wanted for just less than $20,000 then put my credit as fair (as if i had a co signer) and the interest rate was around 10%. I am sure i have SOME credit, and i dont understand why it would be BAD credit, it just isnt ESTABLISHED credit. Both of my parents have offered to co sign, and i could easily afford $400 a month on a car payment.. not including what i would spend on gas and my insurance is paid for. The reason I want a new car now is so I can have something reliable or more reliable than what I have while I have no bills to pay no expenses at the time other than a car. I am not dealing with another used car! My main concern is my mom in 2006 bought an 06 altima and my dad just bought a 2008 harley, so they were not sure if the could co sign so soon after buying theirs....?

Public Comments

1. You definitely will need a co-signer to get a loan. Even with one you're going to pay a high interest rate. Having no credit history is almost as bad as having bad credit history...especially now. The finance company wil also make sure you make enough money to be able to afford a car like that. So be prepared to prove your income as well. Your parents co-signing should be fine...my parents have a house and two cars and they were able to co-sign for me when I bought car a few years ago. as long as you have enough income you should be able to get a loan. It takes time to build credit...usually a year or more of paying everything on time. As long as your interest rate isn't too high you should be fine. Just don't take out a loan for more than 60 months...anything more is a mistake.
2. okay you might be able to finance around ten grand with a not so great credit score you could pry get a tc with about 50,000 miles on it and no sunroof or anything if this what your loan can be then your apr might be about 8% or more now i do not know your credit so i cannot give you exact answers so ya good luck
3. You are going to need a cosigner and your intrest will be through the roof. I got a car when i was like 16-17with a cosigner and it was somthing like 20%. You will have a better chance with a good down pmt. But if your going to try getting it on your own,i doubt it will happen.
4. I knw someone who has 2 repo's on his credit less then 5 years apart and he has a nice whip... he did not need a co-signer at all! All depends on how much cash you put down and the total amt being financed!
5. When a car is financed, there are several factors we consider. One, of course, is overall credit score. There is also another score called a Fair-Isaak auto score. We look at income, time on job, etc. Now, in your case, you have essentially no credit at all. One credit card, with a presumably low balance and line of credit, will not be enough justification for a $20k+ car loan. Banks need to know that they are loaning money to someone who will repay it. When they see no history, they will not be eager to jump out there and hand you papers for over $20k. You might very well pay it back and never miss a beat. But a loan officer has to have some prrof that you are good for it. Unfortunately, one small line of credit is not going to do it. You will likely need a cosigner, and some cash down. Even if you have a cosigner, you are still building your credit. The loan gets reported on both your credit, and the cosigner. So, you will be doing yourself some good. Talk to your parents, or other relatives, and see if someone is willing to sign on with you. By yourself, this is not likely to happen. You will need someone with an established credit history to stand with you. As far as APR goes, it all depends on the co-signer's credit. If that person is a strong 750+ then you will be around 9% (ballpark). Co-signed loans are always higher APR. If the cosigner has weak credit, you will be much higher, if you qualify at all. I know you have your heart set on an 08 TC. But maybe you should consider a certified pre-owned one. They did not change much in the last 5 yrs. And you will be starting out with a lower loan, and lower payments
6. sure you can here how http://www.adviceontime.com/weak%20credit%20auto%20loan/Weak%20Credit%20Auto%20Loan.htm
7. Why don't you ask the finance company? However, if you are young, I would advise against getting a new 2008 car - you will lose so much value on it. You'd be much better off with one a couple of years old?