Can I get a car loan with bad credit, But a large down payment?
I'm under 18 and Ive saved up a lot of money for my age in the past 6 months, 15,000. I will be using my moms credit and I will just give her the money for the payment each month. Now my moms cedit is bad...Recently went through a divorce and it basically just destroyed it. It's okay credit, but its still on the bad side. So the car I want is 32,000 USD, Please don't post answers saying you can buy a Kia or Honda out right. So even with his poor credit score, can I get a loan?
PLEASE NOTE: My mom will be taking out the loan NOT me. I'm just worried about her credit.
- nascar88gyrlLv 79 years agoBest Answer
It's very unlikely your mom will qualify for a loan, and if she does, it will be at an extremely high interest rate.
You don't need a $32,000 car for your first car. Purchase a mechanically-sound used vehicle for about $10,000 to $13,000--that will leave you $2,000 to $5,000 for insurance and repairs.Source(s): LIFE
- D JLv 79 years ago
You need to take your money & pay cash for a car. If this is your first car don't spend too much for it. You will tear it up getting experience as a driver. So get maybe a $5000.00 to $7500.00 on the car, then you will have money in reserve for insurance, gas & repairs.
- JudyLv 79 years ago
You can't get a loan if you're under 18 without a cosigner.