"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.

"

Answer
“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.
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Johnny Puckett
Answered on May 05, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.
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