I am 20 years old and want to buy a car. I've been on my job for a year and have a small credit card. What are the chances I'll be able to buy a car for about $3,000?
Your chances may be good. A lot will depend on how much you can pay as a down payment and how much you can afford in the way of the loan payment, and don't forget that the lender holding the car title as collateral will want you to have full coverage insurance. These may be new entries into your budget or taking the place of existing expenses for transportation. Talk to your banker and ask about their criteria.
The first place to ask is where you have your bank account now. You may be asked for a co-signer since this is your first loan. Parents usually top the list when you consider who can help you, but it isn't restricted to either of them. The next thing to look at if the bank doesn't like your request is dealer financing. This often brings with it a higher rate on the loan, but it will help you establish credit. Make sure the dealer reports your payment history so you build up your credit rating.
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Your chances may be good. A lot will depend on how much you can pay as a down payment and how much you can afford in the way of the loan payment, and don't forget that the lender holding the car title as collateral will want you to have full coverage insurance. These may be new entries into your budget or taking the place of existing expenses for transportation. Talk to your banker and ask about their criteria. 