Assistance in financing...

[texace]

OK...so my 18th birthday is coming up, and my parents are allowing me to go out and begin the search for a new car. The only thing is, I'm worried about the sky-high intrest rates, since I have no credit. Parents tell me that they will help me once I get out of high school, but I'm anxious to get rid of my current hunk of junk.

Been looking all over, only have cards from dealers. No figures yet. Anyone out there have any ideas on how I can lower intrest rates, so the payments aren't out of my league?

[hawk220]

save up for a healthy down payment. It will lower your monthly payment and you will save on interest. Also, when it comes to monthly payments, pay as much more per month as your budget will allow.. more goes to the principal loan and you pay off quicker. I know it sucks to run around in a chunk of toejam car, but your credit will thank you in the long run.

as for the dealers.. their main reason for breathing is to screw you out of as much money as is possible.. they SAY they 'want to do you favor'.. sheeya.. ask anyone here who has dealt with a car dealer.. new or used and they will tell you the same.

[StSanta]

Always borrow money through banks. That's what I do. Credit companies will royally scew you. Those 'Borrow up to 50k NOW' deals are real scams.

[T0J0]

Now is a great time to buy used..Due to low 0% financing the bottom fell out of the used car market... It is a buyers market,
 And at 18 you generally will tear the hell out of your first car with in a year.. So I dont recommend a new car for an 18 yr old..
 If you dont have a downpayment you are gonna get taken advantage of by the finance companies.... But for $3k-$4k you can get a helluva used car if you shop...
 I remember my first car at 18yr old... a 1979 Pontiac TA with a 402 and Shift kit... about 320 HP rated..I am lucky to still be alive:)
 Sniff...Sniff.... I miss that car!!

T0J0