ok so im currently trying to get a loan for 15k for an evo but im 18 and obviously have no credit. and my parents have bad credit and we were approved by the same place i got the loan for my dsm from (29% interest) and i dont really wanna have to pay 400 a month for 5 years. what else could i do to get the loan? if it helps to know the area i live in its rockford il near chicago.

 

29% interest? is that right or a typo? if i were you i would wait and build up your credit to get a lower rate. then you can save for a bigger down payment and finance less.

 

^^That. 29% is a credit card rate. Unfortunately you are 18 and looking for credit in a pretty tight credit environment. Establishing excellent credit work and you may want to start with Suzy Orman.

http://www.businesstoday.org/magazin...ton/suze-orman

Good luck.

 

@dtfrost5 that s actually that places rate on auto loans for people with bad credit

 

Get a credit card and buy something but dont max it out! Make payments on it for 1 or 2 years so you can build up credit. Thats the only way without a co-signer with good credit.

 

Holy cow 29%?! I like my 2.74%

I got a credit card at 18 with 14% interest. After a few years of use and paying over the required minimum payment, I had great credit.

 

holy $hit!!! 29%!!! dang man, don't do it, you'll end up paying double for the car, to start building your credit, get a gas card, or credit card and only use for gas or small purchases you can pay off each month to avoid the interest charges, that will get your credit established and help to start building up, as far as the car loan, if you have a GREAT friend with GREAT credit, he or she could co-sign with you and help knock that interest rate down, only way I see that coming down, gl

 

I was in the same boat not too long ago. Like the guys said, there isn't a whole lot of options for immediate results, but, building credit is a good thing to do. It will take a year or two if you make your payments on time and pay the full amount off monthly. Just my two cents. Best of luck with whatever you decide to do!

 

I am assuming that most of us on here are at least in our mid twenties (I'm 27). I made good money when I was your age, but still couldn't afford an Evo as my first performance car.

If I were you I would do as the guys above have said with building credit and in the mean time buy a car that doesn't cost as much.

I started off with a Honda CRX VT that I paid under $1k for and then traded, sold etc to work my way up to the likes of an MR2 Turbo or GT4 WRC.

On another note, when you have spent time around performance cars and learned about tuning and driving you will have a lot more experience with 300+ HP when you do get an Evo... trust me it does pay off, I wrapped my first drift car (S13) around a lamp post and bent it in half the first time I tried to drift.

 

Wow. I thought my 8% was crappy. Here's what I did. I joined the military at age 20, now I have great credit, a savings, a loan with an ok interest rate.

 

I own a dsm atm and if you've ever owned one you know its very easy to dump money into without realizing it and tbh i just need a daily driver if im really gonna take more than a year to buy my evo my dsm is 300whp+

 

If you work hard enough getting a Evo won't b a hard/problem...Dont give u and look into what everyone is saying nd stay away frm that %age unless you wanna pay 30k in the long run

 

thats insane! I had no credit at 19 and was able to pull 13% interest on a car loan and i thought that was high!!

 

man id kill for 13% haha idk im just gonna keep looking i guess and while im at it ill get a credit card reason im kinda in a rush is cuz i found an evo i really want and idk how much longer its gonna be on the market

 

It takes years to establish your credit. You will either need to accept the high interest rate, or pay cash, or convince someone to get a loan for you or co-sign. Even with a co-signer you might still get a high interest rate (although better then 29%)