Do I qualify for a loan?
I am 20 years old, and I would like to get a loan for a car. The car is say $16,000. I will have a $5000 down payment (or just need an $11,000 loan). I have no credit, but I did apply for a credit card to get some kind of credit going. I will also have a co-signer. Do you think I will be able to get the loan?
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You should be able to. That's a good down pmt. Be prepared to pay a higher interest rate even with a good cosigner.
You can definately get a loan with a good co-signer. Do you have a job? because that will probably be the only problem.
I don't see why not. My first car I had no credit, 700 down, and the car was 14,000. And no co-signer. A lot of companies have first time buyer programs, that have low rates.
Auto finance is what I do for a living and with that kind of down payment and a co-signer you should not have a problem being approved.
I'm sure, especially if you go to a car dealership they try to approve anybody with a down payment. *If you are military don't forget to ask about the Soldiers and Sailors act.*
if you have reliable co-signer, no prob.