Can you finance a car making 14 dollars an hour?

[Anonymous]

My credit isn’t good

[zeitgeist057]

You might be able to, but that is a really, really BAD idea financially.

Signing a contract to pay installments for 5 years or more, ending up paying even more than you borrowed, is not a smart move. Especially for an item like a car that loses its value. It's not an investment, it's a loss. They get you either way, though. Finance a new car, they offer lower interest like 5%-7%, but you lose thousands just driving it off the lot. An older car, they raise the interest rate.

A much smarter move financially would be to save for a used vehicle that you pay for completely. Save around $5,000.

I bought my 2001 Ford Ranger with 150K miles on it for $3500. I put in a Bluetooth stereo/backup camera and it's been a great little truck for the last 5 years. Costs about $1K/year for maintenance, registration, and insurance.

Buying a more expensive vehicle comes with higher registration fees, higher insurance costs, higher maintenance costs. Not to mention you can't even afford it, so you're paying some finance company above and beyond the regular cost by making payments. It's a scam to take people's money and it's a billion+ dollar business.

[BoopBoopBeep]

Depends on the cost of the car. You could probably get a 5k beater or something. A new lexus not so much. Also depends on your other expenses. That's 28k/year full time. If you live with your parents, maybe. If you pay 700/month in rent, what money did you plan on using for the monthly payments? With bad credit you'll get crap interest rates. How much per month were you looking to pay?

[Apple1996]

You'll probably need a cosigner because of your age and bad credit

[Iron_Man]

How much is the car worth? I don’t think a high price car you can afford that you’re better off just saving cash and look in the local newspaper or Facebook for a $4000 truck or something like that

[Avicenna]

It will be hard. Do you have a potential co-signer?

[Asker]

If I get one can I get one?

[Avicenna]

That depends on the lender. I would get a loan offer from a credit union before showing up at the dealership.

[Avicenna]

Are you really under 18? If so, you can't sign a loan agreement.

[Asker]

They rejected me once

[Asker]

Na I’m older than 18.

[JacobJordan]

Hmmm probably not. Do you have a credit card?

[Fireguy17]

not a great or expensive car.
It comes down to your credit rating.

[Wiredone]

Not likely. You would definitely need a cosigner. I highly doubt you would be able to do it on your own.

[Redstang88]

With bad credit and making very little your options will be very limited

[Anonymous]

it would depend on the car but might be challenging on a budget

[Twalli]

Probably not. That's not much more than a state's minimum wage.

[Anonymous]

Finance a car... I'm debt free and make far less than you

[Anonymous]

I wouldn't recommend it. Work on upping your earning potential first.

[Anonymous]

You're probably gonna need a co signer, and your interest rate is gonna be high.

[gorydetails]

Maybe a car that's worth about $5k

[AngryCarl]

Don't finance a car. Buy one, it's cheaper.

[jahaims]

Not without a bigger down payment

[OddBeMe]

Probably not. Why can’t you get a better job?

[shortster]

I was able to