Buying a Car

Discussion in 'Motorized Vehicles' started by YorkerBH, Jul 31, 2009.

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  1. YorkerBH

    YorkerBH Notebook Evangelist

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    Well, I've got a job and am saving up for my first car. What I'm buying is a Nissan 300ZX TT between $2500-$3000. I'm not in it to make it a "ricer" type, like other punks, but a decently modified car for going to school, work, etc. Unlike my other friends who are getting Scion TCs and bragging about it, I'm unique. ;)

    Anyways, even though I'm a minor at 17, am I able to get a loan from my bank? Reason why I'm asking is because I don't just want the car but I need it. My Dad is going on to run his new gas station for a month or so and all our cars are being used. I had opened my bank account with Bank of America around a week ago and have around $500 deposited.

    Kind of in a rush, more details later.
     
  2. coriolis

    coriolis Notebook Nobel Laureate

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    Need a car? For...?
     
  3. narsnail

    narsnail Notebook Prophet

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    You will need a co-signer, like your Dad, or they wont give you anything, I got 10k for school, and they wouldnt even give me $1000 if my Mom didnt sign, and im 19 with a slightly built up credit rating.
     
  4. D-EJ915

    D-EJ915 Notebook Consultant

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    You should probably get your dad to buy it and just pay him for it, you'll get better everything pretty much.
     
  5. Muscle Master

    Muscle Master Notebook Consultant

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    If your able to get a loan, look for a nice 2002 Chevy Camaro SS or Z28 ... LS1 345HP

    you wont regret it
     
  6. YorkerBH

    YorkerBH Notebook Evangelist

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    I need the car for mainly going to work and for school. Plus, when college is on the way and I will certainly need it.

    Oh yes, I don't really like too many American cars except for then newer Camaros and Challengers. If it was the first generation older American Camaros and Challengers, then I would consider it also.

    I thought I would need a co-signer. Anyways, I have a checkings/savings account with a Debit card...so am I still qualified for a loan or do I need a Credit card with built up credit? If that's the case, then I have to wait 2 more months for when I'm 18 to get the Credit card.

    My Dad can't pay for it now as he is investing over $25K for the new gas station.
     
  7. Lithus

    Lithus NBR Janitor

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    With your lack of credit, you're going to either get outright rejected for the loan, or you're going to get a horrible rate.
     
  8. Clutch

    Clutch cute and cuddly boys

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    I would get a credit card and hold a debit card for backup, because if a credit card gets stolen you can fight back but if a debit card gets stolen the money comes strait from you account.
     
  9. YorkerBH

    YorkerBH Notebook Evangelist

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    Wow, this sucks...looks like I have to do it the old fashioned way. :rolleyes:
     
  10. Shyster1

    Shyster1 Notebook Nobel Laureate

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    Generally speaking, as a minor you won't be able to get a loan because, technically speaking, you aren't capable of forming binding contracts. The exceptions to that rule have probably almost swallowed the rule in many states, but banks will still generally not lend to minors on the minor's own personal credit, period. To do that, you'll need to have a co-borrower or a guarantor (guarantor of payment, not of collection) who will agree to pay up if you don't.
     
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