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I have just turned 18 I want to get a good auto loan but where can I get a low interest loan?
By
Leonardo C
Posted on
05/15/07 Total Answers
2
Answers-
You don't want a car loan at 18! Before you know it you'll regret having the car. Save up some money, and its possible pay cash. Until then use public transportation! After a year of driving you'll enjoy being the passenger! Good Luck.
Answer by :
JMG On Date
2007-05-15 02:49:49
Unless you are just trying to establish your credit--I could still think of better ways--I would buy a car that I could make a few payments as possible.
Getting into debt sux, especially on a car that loses its value. I would try to stay away from debt as long as you can.
Answer by :
spacebuff2001 On Date
2007-05-15 02:50:51
Credit unions often have the best rates. There are usually qualification requirements to join the credit union. For example, USAA requires you or a relative is or was in the United States military. Plenty of credit unions abound. You can probably find a way to get in the door at one. At 18, you may find it difficult to get credit not necessarily because you have bad credit but rather because you have no or little credit history. Another person such as a parent or relative may need to cosign the loan in order to guarantee it. Also, even if a cosigner is not absolutely necessary, you may be able to get a better interest rate with a cosigner.
If a car dealer offers you a loan with a reasonable interest rate be skeptical and read the fine print. Actually, if anybody offers you a loan ... read the fine print. :-)
