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?

Answer provided by
Eric Schad
Answered on May 05, 2021
“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.”

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