QuestionI need to buy my first car and was wondering if I could get some advice. I'm 19 and am willing to get just about any car, but don't really want a clunker. I am able to put down $2000-$3000, have been at my current job a little less than a year, make about $1,100 a month working full time (thinking about getting a second pat-time job), have no credit history, and no co-signer. An example of cars I've been looking at is a '02 Honda passport in good condition. Any help will be appreciated!
AnswerZack,
It is going to be difficult for you to get a vehicle only because of your monthly income. Is that monthly income NET (after taxes, or take home), or GROSS (before taxes and before take home)? If it is Gross than you are fine. Lenders go off of your gross monthly income before taxes.
The second thing you need to consider is that most lenders that have what we call a first time buyers program, require that you be on a new entry level car. For example a Honda Civic, or Toyota Corolla. Both Honda Financial and Toyota Financial Services have a first time buyers program that you would qualify for by yourself.
Be prepared when you go into the dealership. You will need your most recent paystub, full coverage insurance, and Proof of Residence, like a utility bill, cell phone bill, etc.
That should get you taken care of.
If you have any other questions, please feel free to contact me.
Thanks -
Jeremy
