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What options do I have if my parents won't cosign for a car loan?
I currently have a 2007 Lexus. It was once a good car, but now it's in the shop every month. Repairing the car is starting to cost more than buying another vehicle. Unfortunately, my parents won't cosign for a loan. What other options do I have?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“The answer lies in a number of factors. Do you have a credit history? If not, your chances of getting a loan are slim to none.
If you want to attempt to get a car loan sometime in the near future, get some credit going by taking out a credit card and paying it off monthly.
Your other option is to save up and pay straight cash for a used car. If you need a car right now, this might be your best option.
And don’t forget about
car insurance
. Since you’re a bit younger, car insurance is going to be relatively expensive, so you need to factor that into your budget. Shop for car insurance quotes online
to find the best rates.”View full answer
- Gregory R.
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