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How do I go about purchasing a used car as a 17 year old.?

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Hello, I am 17 years old and I m in desperate need for a car. I do not even know where to begin. Can somebody set me in the right direction? I plan on purchasing the car myself. I m not looking for anything too fancy, just something to get me from point A to point B. I work at a fast food restaurant that pays $8.00 per hour. I work about 15-20 hours a week but can work more if needed. Thanks!

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asked Nov 14, 2016 in Cars and Transportation by smyadmin

1 Answer

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Your ONLY option is to pay cash.

First, you cannot finance a car until you're 18, as you cannot sign a legally binding contract. Before you ask, no, you cannot have a cosigner, as you still can't be held liable to the terms of the contract. This also means that you can't register or insure the vehicle.

Once you turn 18, you need to realize that lenders require no less than six months of full-time employment history, and a minimum verifiable income of at least $1700-$2000 per month, in addition to sufficient credit/credit history. Not meeting income requirements is going to get you denied automatically.

In addition, you'll need to obtain full coverage insurance, which will be just as much as, if not more than, your payment. You'll also have full-coverage insurance, maintenance, upkeep, and gas to pay for.

Sorry it's not what you wanted to hear.
answered Nov 14, 2016 by moscl

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