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Can I finance a Honda Fit if I'm 20 and make $800 per month?
"I'm 20, make $800 a month, and want to buy a Honda Fit.
The loan would be for $5,500 after a $1,000 down payment.
If I have no credit history, will I be able to get this loan?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“You might be able to get this loan, but your interest rate is going to be exorbitantly high.
Your best bet is to go to a credit union, as they’re more willing to offer car loans if you have no credit history.
Also, don’t forget that you’re going to need full-coverage
car insurance
. At your age, this can realistically cost between $300 to $500, regardless of your driving record. Add gas and maintenance, and you might be looking at $500 a month or more to own the car. If you don’t have any other expenses (rent, bills, etc.), you might be alright, but only you can make that decision.”
View full answer
- Gregory R.
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