Can You Really Get That New Car Loan

Can You Really Get That New Car Loan?

You have decided its time to buy your first car, and though you are listening to mom and dad’s advice, but you want to go about the financing on your own. Can you do it? Is there a way you can get a new car without having your parents to co-sign?

Well the first question has to be, how long have you been thinking about this? Is this just a whim or have you really researched into buying your own car. If you have done your research you know what your credit is like and have checked out how much the monthly payments are going to be. If not well then maybe now is the time to plan, and then after you have established yourself a little then you can go out and buy that new car.

How can you go about establishing your credit though? Well first you have to have a job, and no babysitting for your neighbor will not cut it. You have to have a real job with a real employer and even more importantly a real paycheck. Once you have gotten that all important job and have worked there at least three months, then it is time to see about working on a credit history.

I know working on your credit history sounds hard but it is possible. First off go to your parents and tell them your plans, and then discuss the right way to build it. Many credit card companies are helping teens establish their credit, but remember if you get that credit card it is not free money. You are going to use the card to build your credit rating and show that you are mature enough to pay your bills on time. Once you have learned that it is time to go to the store and charge your first bill.

I know it is tempting to get that new outfit or that cool stereo system but that is not what your are there for. You are there to make a minimal purchase; it has to be small enough for you to pay off as soon as the bill comes in. So no more than Fifty dollars can be spent. This way you have spent enough for the credit card company to take stock in it, and trust me they will notice every penny you spend. Secondly you have not gone over your budget.

The first bill has come in you noticed a few charges on your statement besides the Fifty that you spent. If you remember from the agreement you sign when applying for the card these are fees that you will enquire each statement some with a balance and some with out. Just remember the lower your credit card bill is the lower your charges.

Trust me the best advice on buying your first car, is take all the help and advice from your parents or another adult relative. This will give you a new memory with them and also show that you are growing up.