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Oliga [24]
3 years ago
5

I just turned 18, an I want to apply for a car loan. But as we all know, I don't have credit. I was think of having my mom co si

gn an all that but she doesn't have the best credit, does anyone know exactly how that would work? Would they also require you to put money down?
Business
2 answers:
VMariaS [17]3 years ago
8 0
Yes, most of the time, the loaners (i.e banks) would look at your credit history to see if you pay all your loans on time and in the full amount. Most of the time, they wouldn't give loans to people that have poor credit or no credit, because they either know you will have a hard time paying back, or they don't know if you are able to pay back or not. Many car dealers would want you to place an out-of-pocket on-the-spot payment, and you can pay the rest monthly for the next couple of years. So it would be best to first get a good history of credit card (literally get a credit card and pay your payments on time) and then try to op for a used car. When both your credit history and driving history is good, then you can try to apply for a car loan (and most likely they would give it to you) hope this helps
finlep [7]3 years ago
4 0
Chek on creditcarma its really easy and you can show the people at the car dealership the credit on your phone and yes they would need money down also im not an add

hope this helps
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Answer:

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Explanation:

The present value formula is given as :

PV=FV/(1+r)^n

Where FV is the future value of cash flows such as the ones given in the question

r is the rate of return at 11%,16% and 30%

n is the applicable time horizon relevant to each of the cash flow.

Find attached spreadsheet for detailed calculations.

Download xlsx
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See Explanation

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