Financing Help!!!

[thefiction1948]

My Situation
-19 years old
-enrolled in college
-no/little credit
-parents with not so good credit already cosigning
-need a new car this summer
-need loan for about 8k

I have no idea how to go about the loan process and every one tells me something different. I am looking for a a very specific car, so i don't want to go to a guaranteed credit dealer with less desirable cars. I'm looking at cars for around 13k but by summer i will have 4-5 to put down and a trade in (93 grand Cherokee with 178k miles) but i don't assume to get much from that, which raises another issue of dealer trade in VS. private listing. But in the end i expect to loan 7-8k. My parents have not so good credit and they are paying off a truck a car and recently cosigned for my sister. My brother has perfect credit but has 2 trucks a bobcat and a new maxima under his name so i don't know if i can go that route. I know i won't get a wonderful rate but i also don't want to get screwed over or tricked by all these online "gauranteed approvals" I want to be ready to negiotate when i go to a dealer without letting them grab me by the balls, and having to except what ever they tell me.
I can use all the input and advice people can throw at me.
Thanks

[Romano Lendo]

Originally Posted by thefiction1948

My Situation
-19 years old
-enrolled in college
-no/little credit
-parents with not so good credit already cosigning
-need a new car this summer
-need loan for about 8k

I have no idea how to go about the loan process and every one tells me something different. I am looking for a a very specific car, so i don't want to go to a guaranteed credit dealer with less desirable cars. I'm looking at cars for around 13k but by summer i will have 4-5 to put down and a trade in (93 grand Cherokee with 178k miles) but i don't assume to get much from that, which raises another issue of dealer trade in VS. private listing. But in the end i expect to loan 7-8k. My parents have not so good credit and they are paying off a truck a car and recently cosigned for my sister. My brother has perfect credit but has 2 trucks a bobcat and a new maxima under his name so i don't know if i can go that route. I know i won't get a wonderful rate but i also don't want to get screwed over or tricked by all these online "gauranteed approvals" I want to be ready to negiotate when i go to a dealer without letting them grab me by the balls, and having to except what ever they tell me.
I can use all the input and advice people can throw at me.
Thanks

I had the almost the same problem years ago. Good thing I was able to get help from one of the guys from the loan company. They gave me a very favorable loan term. Although I had to pay for 20 years for my car, at least I am only shelling out less amount every month, and I am more sure that I can pay for it regularly.

I suggest that you seek advice from banks or loan companies. They can better explain the legalities of loans more than anyone else could.

[Ray paulsen]

Having no credit history or bad credit history spells the same - very high interest rates should you secure a loan with a sub prime lender.

Paying cash $5000. range will buy a good vehicle till such time you have established a credit rating, here is a link that will explain how sub - prime lenders work along with how you can establish a good credit rating within 2 years, and them buy what you really want http://www.usedcartips.org/CREDI.html