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Anonymous
Anonymous asked in Local BusinessesIndonesiaBatam · 2 years ago

How can I buy a second car?

My son is turning 16 and I would really like to buy him a car. I bring home about $2500 a month, and my car note is about $500. I have no other big expenses, so I can afford it. I have fair credit, but only 1500 for a down payment. The lot I went to told me I would need a co-signer, but I don’t have anyone to do that. What are my options? Should I take out a personal loan for the down payment? I really don’t know what step to take now.

41 Answers

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  • zipper
    Lv 7
    2 years ago

    Go to another lot or directly to your bank and talk to them about a car loan. DAAAAA!

  • 2 years ago

    Try an app that sells cheap cars my mother uses it

  • kim
    Lv 7
    2 years ago

    That income is barely enough. Buy him a bus card to find a job

  • Anonymous
    2 years ago

    ............................

  • Anonymous
    2 years ago

    There is some reason you need a co-signer and I have a sneaky suspicion this is YOU (the 16 year old wanting a car) asking this question

    NO 16 YEAR OLD BOY NEEDS A DAMN CAR so he can wreck it up or kill someone proving a point to YOUR friends.

  • 2 years ago

    Your car payment is about what we paid per month for two vehicles. We always buy used (usually 3-4 years old) and usually never pay more than $10,000 per vehicle. We usually get at least 10 years out of our vehicles. I would suggest buying a used vehicle, the cheaper the better.

  • 2 years ago

    Try Carmax or drivetime. The interest rate will be high though, or buy him a used care for $1500

  • ?
    Lv 7
    2 years ago

    If you need a co-signer, your credit isn't good enough and you shouldn't be taking on another payment. Wait a couple of years. A 16 yr. old doesn't need a car and it can be more trouble than it's worth. Can he afford the gas and insurance? If you take out a loan for the down payment, it will make your credit score worse and will be at a higher interest rate than a car loan would. Waiting a couple of years and saving up the down payment is a much better option.

  • Anonymous
    2 years ago

    Wait until you can afford it .....get a second job and have your son get a job.

    Have you even thought about car insurance for a young male ?

    It's expensive ! ! !

  • Anonymous
    2 years ago

    Sounds like you are planning on buying an expensive car for a 16 yo - - give-up on that idea. The rich can afford new cars for their kids to wreck (usually, they lease them) . . . it's crazy for you to think of taking-on debt . . . and, how much have you set-aside in his college fund? That's more important and right around the corner.

    Have a chat with him - have fun looking for a funkie cheap-but-safe car . . . if he wants something showier, he can get a job and pay for it - but again, sounds like you don't have a closet full of ready cash, so he should be thinking about college costs, too.

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