How can I get a car loan?
I work as a valet attendant and don’t claim my tips so on paper I only make $8 an hour when in actuality I make on average roughly 23 dollars an hour. I am still in school and my truck is about to reach 200,000 miles and is starting to have problems so I wanted to get a new car before Its worth nothing, but to get something reliable i need to get a car loan. I don’t have much credit history other than just a store credit card and a wells fargo credit card. I checked my credit score and it’s over 700 but only a couple years old. My parents refuse to sign a loan because they don’t want to be responsible in the off chance I can’t make a payment or am laid off ect. ect. So. How do I, or is it even possible to get a loan without a cosigner? Do you think I will still need one if I start to claim part or all of my tips?
With a very large down payment a sub prime lender will finance you as will a buy here pay here dealer. (With a somewhat smaller but still substantial down payment)
If you parents don’t trust you enough to cosign, why would a 3rd party lender like a bank ?
Your best bet is to stick with something you can buy for cash.
The TERMS of anyone that will finance you will be unfavorable.
You will pay thousands more than the car is worth (perhaps double or more) and 21-29% interest as well as put your credit at risk because you will OWE the entire amount, no matter what.
