Tips on Buying Cars: getting a car for the first time, nissan sentra, full time job

Question
my question is this, i need to get a car pretty quickly and my only problem seems to be that i can't find a co-signer. Now i have ok credit for the time that i have had it, i've only had credit for about 7 months now i work a full-time job and have a town house with two friends that i got with my credit and theres combined, so my name is on the lease, so i know my credit is good enough to get a place but i can't seem to find any open doors when it comes to getting a car which is posting a big problem on getting to work and school everyday, so i was just curious if you had any advise to help out in which what i should do to getting a car

Answer
Christopher,

Thanks for your question.  Unfortunately in this credit environment, it is going to be very difficult.  Most times on a first time buyer, you are going to have to purchase a new car that is an entry level vehicle such as the Toyota Corolla, Nissan Sentra, Mazda 3, etc.  With that, you are going to have to have at least 10% down of the selling price, and the income to support the payment.  Even then it is very difficult.  You can't have any derog credit, and must be at your residence for a year and your job for a year.  This shows stability.  Like I said, even then it is very difficult.  The best way is to get a co-signer which you said you don't have.  With the credit climate like it currently is, it is extremely difficult to get a first time buyer bought, because historically and statically speaking, those loans do not perform very well at all, so most lenders will not touch a first time buyer, especially one that has only had credit for 7 months.  The only thing you can do, is put down a large down payment to give the bank little risk in the loan.  By large I mean 30% to 40% of the loan value.

I hope this helps.  I know it wasn't the answer you are looking for, but it is the answer none the less.

Thanks - JB