Car Down Payment Question ??
Hi, I was wondering do you need your license before you can put a down payment on a car? Im 16 and I still dont have a learners permit either but Im going next week to get it (Hopefully). I was thinking, save up all of my checks for 3months and I should have about $1500 and the car I was wanting is a 2003 Honda Civic for $2877. I did the "calculate monthly payments" thing and I put this......
(Joe Cooper Ford)
Our Price - $2877
Down Payment - $1500
Trade In - 0
Interest Rate -15% (I put it at the max)
Term - 12months
Monthly Payment - $124.29
oh and I would have to pay taxes for it right? like when you buy things at the store, how would that work and how much do you think it will be?
And how much do you think car insurance will cost if it all works out, Im a 16yr old male
I googled a little bit about buying a car without a license and some said you could but you cant drive it and some just said NO.
If that dosent work could my mom use my money to buy the car then transfer payment to me once I get a license?
and im in Oklahoma if it matters.....
Thanks Justing, Plain and Simple
- BillLv 71 decade agoFavorite Answer
A minor can not enter into a binding contract unless he is an emancipated minor. In other words a dealer won't sell you a car. Your parents will have to buy it, finance it and register it in their names.
- ?Lv 51 decade ago
down payment is fail.
get a cosigner, your intrest rate will be around 7-10% (depending on cosigners credit)
you pay taxes on the price of car when you register it, or at dealer when you buy it, roughly 3-7% sales tax
insurance for a honda for a 16yo will probably be reasonable, but still expect to have a high rate due to no credit, and full coverage. i would roughly estimate 100-150 a month for insurance
yes your mom can buy it for you outright then transfer the title for you later when you pay it off
- Master ChiefLv 71 decade ago
You can buy a car with no permit required.
What you cannot do is insure, register or drive it.
Keep saving, a better car is still in the future.
What you cant afford now will be available later (plus you will have more money anyway).
Otherwise you are buying one expensive yard decoration.