Car buying - recessive

[ArchivalUser]

Whatever the OP does, they are going to get hosed, simply because of the interest rate, no credit especially without a cosignor is

Get money for a down payment and secure a co-signer.

Expect to pay anywhere between 10% - 18% interest with no credit.

If you want me to break down the math, top tier credit can easily secure 3% on a 72 month loan financing 20K that is about 300 dollars. With no credit, if you're lucky for arguments sake lets say you get 13% at those rates you are paying 400 dollars a month, over the life of the loan well that's close to 7grand extra in interest that you will pay.

You will get hosed if you go for a new car. It is what it is. Good luck

[ArchivalUser]

if you buy a used car, invest in AAA free towing, jump start etc. You'll need the peace of mind, if you want to go for new, do not expect a good deal in any shape or form. it won't happen in your wildest dream you will be paying for the new car peace of mind

[ArchivalUser]

yeah see what happens i read a post on fb of a new resident from out of the country getting a toyota on a 3 yr lease for ~200 a month with 1k down so I guess you need to push for the right deal

[ArchivalUser]

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