Where is the best place to go to get a car loan?
Answers:
The better car loans are usually from the dealership since they can offer low rates then through credit unions and then banks. Since you don't have much credit history, your rate will probably be higher than most. The most you can hope to get is about 20% of your gross income applying towards the monthly payment. Since you state you make $1000 net I am going to assume you're making about $1500 gross so 20% of that is $300 so you can afford a car that you can make $300 a month payments on (which includes taxes and finance charges). The car you could get (new) would be around $15,000. Keep in mind if you get a used car, it would be harder to get a loan the older the car (depreciation). If you're planning to move out get the car before you move. Most creditors will assume some rent even if you live rent free with your parents. That's why they say you can only afford 20% of your gross payments. They also consider recurring bills and debts so depending on the lender, your $200/month in bills may affect the amount you're able to borrow. Since you don't report your baby-sitting income for taxes you won't be able to include that as income for your loan application (usually).
If you want to get the rate down and possibly increase the amount of money you can borrow (for a bigger or better car) consider having your parents co-sign. If you want to do it on your own then do as above and limit yourself on the car you get.
You should look for providers online first. This way you can complete your application at home and attach all the required documents. Try my profile under debt and go to car loans. There is a lot of information there.
Yes there are many Car Loan Financers.
I have a list of some good websites offering Loans with low Interest rate and fast approval. Its a policy voilation of yahoo if i post any link here.
Just mail me at solidoffer11@yahoo.com with subjet- Car Loan . I will send a link of best website where you can find best Loan offers,tips and resources.
best wishes
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