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?

“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.”
Eric Schad
Answered on May 05, 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.

Did this answer help you?

Ask us a question by email and we will respond within a few days.

Have a different question?

You can meet us at our office and discuss the details of your question.