First time car buyer here. I am a 20 year old female with decent credit but am not getting approved for any low interest rates because of my age. I need a car ASAP but I’m really frustrated because I don’t think I fully understand the car buying process and I don’t have anyone in my life who can help me with that.
I’m looking at a 2017 Chevrolet Cruze with 67,000 miles on it. I can put 1000 down and pay 297$ monthly for a 5 year loan with a 13% APR. I have been approved for this through capital one. I haven’t tried financing through the dealer yet, would that change anything?
I know that a 13% APR is pretty high but that’s the lowest I have been approved for so far.. I have decent credit but the issue is that I am 20 and haven’t had credit for very long. I have been approved with no co signer and I know that a co-signer would help the rate, but I don’t have anyone that can co-sign for me.
I guess what I’m asking is that if I buy this car, or something similar, is it going to bury me?? With 67,000 miles on it is it worth paying that much for 5 years? What would insurance costs probably look like? I currently make about $1600-$1800 dollars a month and pay $645 in rent.
I am test driving the car Monday. Also I am a 20 year old female who doesn’t really know anything about cars. I don’t really have anyone that will go with me. What kind of things should I be looking for when driving the car? What should I ask the dealer? How do I negotiate on price and not let them screw me over because I’m a young female on my own?
I’m open to other cars but I need something ASAP and I haven’t been approved for anything less than $200 a month.
Submitted May 30, 2020 at 07:53PM by blackjack0989 https://ift.tt/2Mb6pHj
