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?"
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Answered on Jun 18, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“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.”
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