How does buying a used car work?
I wan't to pay around 8-9k for one and have no credit. Will i have to take out a bank loan, or can i just show them my work stubs and they'll let me make payments?
>>13933721
Man
I'm happy I'm not this sheltered and retarded
It depends on the dealership many used car lots offer in house financing and will allow you to drive off paying 500-2500 down and showing pay stubs etc.
>>13933729
No srs
everyone tells me i need a cosigner,dat true?
>>13933737
to take out a loan yeah
Get a credit card from your bank, use it sparingly for 6 months and pay off every bill on time. After 6 months you have good credit history.
>>13933737
You want the buy here pay here dealership. You'll be able to use your pay stubs and make weekly payments.
>>13933791
And expect them to rip you off.
>tl;dr Buy here pay here
If you want a used car and have no credit, you'll have to go through a buy here pay here. Majority of BHPH's are rip-offs, real sketchy shit.
But I went through one, Ray Skillman Performance Ford to be exact. I made sure they reported to the credit bureau in both bad AND good cases/scenarios.
The main reason I did it was to start building credit, I got a Pontiac GPGT2 with 100k for 8k. That's above what it should be priced, but that's BHPH's for you.
My term was 2 1/2 years, $150 every 2 weeks. I have less than one year left on that loan, my credit score is currently average, 650. I'll be getting a secured credit card after the loan is up to continue building. The only reason I give a shit about credit is to buy a house in the long-term future.
Sorry about rambling on, but that's my experience.
>>13933880
thanks bro
did they make u drop a huge down payment?
>>13933737
If you're underage or have bad credit, yes.
>>13933930
Kill yourself OP
>>13933930
waht the fuck lol
>>13933721
>>13933737
Because I'm extra nice and bored, here you go, in order of preference:
>1. save up the proper amount of cash, $8-9k, then give it to whomever you want to buy the car from (dealer or private party). This is a good way to go if you don't want to give any extra money to jews/shitty businessmen. if you're also smart, go open a small credit card, use it to buy gasoline, and only gasoline, and pay it off every month. DON'T BE A MORON AND CARRY A BALANCE WHEN YOU'RE YOUNG. that is classic dumbass territory. after 6months - 1 year, call and ask them to up the credit limit. they will. don't spend money you don't have and you'll be on the right path. again, don't spend money on your credit card if you don't have that money in a bank account and couldn't pay off the balance tomorrow. if you follow that advice, you can't get fucked.
>2. get a cosigner (someone with good credit) who will basically be stuck with the loan if you fuck up and can't pay it. if you have someone that trusts you and doesn't have shit credit also, think about it. go to a bank or credit union, talk to a banker and they'll look over your paystubs and help you out. if you go to a normal dealership, they'll basically do this step for you if need be, but go talk to a bank first, don't be a moron.
>3. go to a buy-here-pay-here lot and get ass raped. if you have neither option above available, consider saving up at least a large down payment ($2-3k) then trying to get the rest on a term from a crappy buy here pay here lot. then again, if you can save up $4k, you can get a decent used car private party, so go back to step one. you don't need a $8k car, you just don't. don't argue, you're wrong.
There you go anon. Try not to be a dumbass in the future, prove me wrong and follow step 1.
>>13933930
Sorry for taking so long for a reply. I put down $1500 voluntarily, more than likely you will need at least a $1000 down payment. You might get away with $500.
sHake my head
>getting financing through the dealer with no credit
NO. They can, and will, fuck you over.
>>13933721
>wearing granny panties under yoga pants
>>13934159
right? like bitch this is 2015 either put on a thong or jeans
>>13934159
Riiiiiighhht?
>>13933729
Was so wanting to give advice,didn't know where to start so...just gonna stick with your post.
Don't be sheltered and water brained.
>>13933787
>After 6 months you have good credit history.
>6 month credit history
>good credit
You're nearly as retarded as OP.
>>13933880
what was your apr? 30%?
>>13933721
>banks
>ever
good goy
>>13934624
I had zero credit history when I financed $9,200 on my vehicle. I was 24 and had to get my mom to cosign for me. Sure 6 months is on the short side, but in a year my credit had gone from nothing to 730, just shy of excellent.
>get money
>go on craigslist
>find car
>pay in cash
>drive home happy
>>13934624
that's about how long it took me. I'm at 740 after a year but I made a few mistakes early on
>>13934627
Another late reply, but 21%
