AlexDRS94

iTrader: (1)

I have multiple credit card accounts and have never missed a payment. 6 accounts to be exact. Are there any additional fees when buying a used car? Like what more is added to the final price other than the sticker price?

rjfg

iTrader: (13)

Whoever told you not to go to credit unions is retarded. I'm 24 and financed my evo through my credit union at a 3% interest rate. Dealers and non credit unions wanted a much higher interest rate.

thorracing160

I'd never buy from a dealer....

vanilla2

iTrader: (17)

How much is insurance gonna run ya?

AlexDRS94

iTrader: (1)

I was looking at a few of the Xs that are for sale here on the forums and they have a lot better deals than anywhere I've seen.

Hadn't even checked lol. I'll get a quote later on today to see how much it would be

adamsheehy

iTrader: (1)

^^This. I had around a 760 score, multiple credit cards and paid off student loans when I was your age and still needed a co-signer. Having a co-signer can significantly affect your rates, so I'd get that figured out first and go from there.

Kendogg

Yep, just as others have said. The financial institutions take more than your current score into account.

My score was less than yours. I rolled over a significant amount of negative equity when I bought my car. Even with a score of less than 700, I was financed at under 3% and put $0 down. They didn't even ask if I was employed. All they needed was my signature.

Based on what you have told us, I think you are going to need a cosigner. And make sure you get insurance quotes first

AlexDRS94

iTrader: (1)

Would it help if the account my parents put me on was a 13 year old account? It increased my credit score just because of that and it increased my avg time of having an account open too.

Kendogg

It will and has helped increase your score. But they will still look at YOUR credit history, not your parents long standing credit card account.

They factor in a lot of things. You are not applying for a credit card here (revolving credit). You are trying to get a loan on a car which is non-revolving or installment credit.

I have seen a handful of friends and family have pretty good credit scores but get turned down on car loans because lack of non-revolving credit history. Some of these people were much older than you and had a revolving credit history for a longer period of time as well.

I am not a financial advisor or anything but you may need a co-signer. I'm just not sure if the banks will offer a car loan on someone so young and who has no credit history when it comes to installment purchases.

Also, it sounds like your parents added you as an authorized user on that account you are speaking of. If so, then technically you do not have a revolving account either. Unless the credit card company sent you paperwork that you signed, taking responsibility of the account as well?

Jscott

I shopped around a bit before purchasing my Evo X. I am a good bit older but I had great success with my credit union. Their interest rate was 5% lower than the used car dealers I dealt with. If you have access to credit union, I'd give them a shot.

kanovic

iTrader: (11)

Just shop around. I went to a credit union they gave me 2.89% I went to Bank of America they gave me the same thing and were a million times easier to work with. Get pre approved first though and go from there.

AlexDRS94

iTrader: (1)

Thanks for all the answers guys. I'll try at a credit union first then at bank of america (thats my primary bank). Do you guys think its better to buy the car from a dealer or private seller? Btw I got a quote from geico for a 08 X and they want $600 a month. Mainly because I don't have a car under my name, hence no driving record even though I've had my license for almost 3 years and have never been pulled over. The more I look into this more my hopes go down of owning an X. I know its mainly because of my age

rjfg

iTrader: (13)

Check other insurance companies. I had geico and switched to state farm and it went waaaaaay down on rates.

PtownEvo

iTrader: (2)

I'd honestly wait. I was in your position at 19 (I don't know your income/work history) But I wanted an Evo 8/9 but just couldn't afford it. I could do the monthly payment but other costs would have made me in the negatives. Maintenance is another cost to add into owning these cars on top of insurance/gas/car payment. Just make sure you are financially secure before biting the bullet. You're young, plan for the future not for what you want right now.

I'm now 27 and just got into my first Evo, a brand new X. And I am able to pay bills, and buy mods monthly (if I wanted to) with no problems/worries about money left over ect. And in my opinion I'll take that 10 year wait and the feeling of being financially secure over owning an evo anyday.

wacboyjulian

I qualified for my used car loan at a local Credit Union for 60 months @ 1.99. I asked them to match 1.79 from PenFed and they did after I showed them my PenFed registeration ($20 fee).

So happy I went to my CU instead of my bank or dealer. I'll do this from now on before I walk into a dealership to buy a car.