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"Is it a good idea to finance my first car at age 18? "
"I just turned 18 and have been driving a beater for two years. It broke down for the fourth time and I am tired of fixing it. Should I finance a better car? If it matters, I make about $200 per week, I can put $2,000 down, and I have a minimal credit history.
"
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Financing a car is not a good idea right now, as you would need a cosigner because of your low income. Lenders almost always require a minimum income of at least $1,500 a month, and at $200 a week you are short of this amount.
Lenders also require you to carry full-coverage
auto insurance
, which at your age could cost you more than the car itself. You would be better off saving up and paying cash for a cheaper car. “
View full answer
- Gregory R.
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