Friday, December 16, 2011

Could a car dealer finance me if I'm 21 and don't really have a credit history?

Any dealer will finance you.....they dont really care if you can afford the car.....so be cautious...watch the intrest rate they tack on....you should not pay over 12% intrest...your lack of credit history can be a good thing....try to get a rate under 10%..you might not be able to get it because of your lack of credit history, but car makers are in a slump right now and you might be surprised at the deals you could get..you should take someone older with you if you can to help you watch out for the shady dealers....dont buy a car from any dealer that looks really small and shady...or hasnt been in business very long..know what you want before you buy and what fair market value is before you step on the lot...dealers try to make 25% of the purchase price and salesmen try to make 10% commision on top of that....figure out what 15% over fair market value is and make that your purchase price....if you can get the dealer to tell you what their financing is ahead of time then you can shop around for the loan....what ever you decide will be fine as long as you walk away with what you want at a price you can live with....dont let someone talk you into a car you dont really want.....they are called salesmen for a reason...

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