Nalgene
05-15-2005, 04:20 PM
Ok I have been looking to get a car for quite some time now. I recently (yesterday) found a pretty good deal on a car that I am very interested in buying. The car is $12,500. There is only one problem... financing...
I just started a job on Wednesday because I just finished my first full year of post secondary (dont know wether or not im going back (most likely not)). I know I can afford car payments, insurance, gas, registration etc but I sadly do not have a sizable down payment, and since its a private sale I dont have dealer financing options. I am also 19... with a job that I just started, my parents throughly believe that the bank will not give me a loan. And hence neither will my parents. Even so the prime lending rate right now is 4.25%... does anyone know if that is even possible to obtain? Or what the interest rate would be around?
So the question is.... where do I stand? I am starting to think im screwed and stuck without a car until around this time next year when I will have a decent amount of savings and can afford to buy a similar car, or finance it with a sizable down payment. (I know I may have enough money by August or so for a down payment but Id rather buy a car at the begining of summer rather then the start of winter) I want to know for sure if there are no other options possible.
Thanx for the help.
I just started a job on Wednesday because I just finished my first full year of post secondary (dont know wether or not im going back (most likely not)). I know I can afford car payments, insurance, gas, registration etc but I sadly do not have a sizable down payment, and since its a private sale I dont have dealer financing options. I am also 19... with a job that I just started, my parents throughly believe that the bank will not give me a loan. And hence neither will my parents. Even so the prime lending rate right now is 4.25%... does anyone know if that is even possible to obtain? Or what the interest rate would be around?
So the question is.... where do I stand? I am starting to think im screwed and stuck without a car until around this time next year when I will have a decent amount of savings and can afford to buy a similar car, or finance it with a sizable down payment. (I know I may have enough money by August or so for a down payment but Id rather buy a car at the begining of summer rather then the start of winter) I want to know for sure if there are no other options possible.
Thanx for the help.