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Do I need a cosigner to buy a car?

Buy or Lease Car while in College?

  • College Student Income: around $1200 monthly Current Bills: around $700 monthly Currently own: 1998 Audi A6 Quattro (POS/falling apart = Need new car ASAP) Probably going to trade my car in because no one will buy it in the condition it is currently in. If I buy a car I am looking at under $11,000 and probably around 100,000 miles for the types of cars I'm interested in, which means about $200 a month payment and about $200 a month for insurance. Or, lease a brand spankin new 2012 optima or honda accord for under $200 a month, and around $200 or $250 for insurance each month. Now would someone help me out here, I know that you don't get to keep the car you lease, but I am a 3rd year college student and going for my doctorate in Pharmacy. So I will definately be getting myself a different car when I graduate. Also, there are no parents in the picture, so no cosigner or financial help what-so-ever. Thanks. also, I might include that I have a 700+ credit score... please only serious answers. Thank you in advance. :)

  • Answer:

    I would find a lease for something cheaper like a Hyundai Elantra

pickmefi... at Yahoo! Answers Visit the source

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you don't have enough money for payments and insurance on a $11,000 car.

whata waste

You need, but don't have: Income of at least $1500 per month and a full time job. The ONE thing that might get you financed anyway, you didn't bring up. Your down payment. Im guessing you would need $3000-5000 down depending on if you are going to get a $6000 car or a $8000-9000 car.

Never

The monthly cost for a lease is less than a car payment. However, it will cost you 3 to 6 months of payments to get out of a lease if you don't want the car. Also, you will be responsible for any damage and excessive mileage on the car at the end of the lease. If you don't drive over 12,000 a year and are a good driver, a lease may be a good idea for you. Good luck!

Cars4Charities

I think you should go for car leasing instead of buying...In car leasing you do not have to pay huge amount...and it will surely save your money. In car leasing you can regularly upgrade to new or different models every few years when the lease is up. In leasing you don't have to worry about the reselling the car after 2-3 years, just you need to return the car and upgrade it with new car. Now its up to you...If you wants to save your money go for car leasing...

John

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