# So I bought a new car... **URL:** \ **Category:** Miscellaneous and Personal Stuff I Must Share\ **Created:** [August 21, 2000, 3:59pm UTC](https://boards.straightdope.com/t/so-i-bought-a-new-car/30170 "2000-08-21T15:59:17Z")\ **Posts on this page:** 8\ **Page:** 1
**Author:** ![SkySlash](https://avatars.discourse-cdn.com/v4/letter/s/d6d6ee/32.png) [@SkySlash](https://boards.straightdope.com/u/SkySlash)\ **Post date:** [August 21, 2000, 3:59pm UTC](https://boards.straightdope.com/t/so-i-bought-a-new-car/30170/1 "2000-08-21T15:59:17Z")
It didn’t go as I originally planned, but I got a nice car for a good price and I’m happy! My list had numerous cars on it, all within my price range and all that I could get with my parents as cosigners. I went to a few dealerships where they offered me whatever I wanted based on my income, but with the small little clause that my parents had to cosign and have the vehicle in their name. I almost signed on a black 2000 Mitsubishi Eclipse Spyder but after some research and a lot of Q&A time I figured out that by going that way I get no credit on my record, so even though I was looking at $25-$35,000 cars and even if I had paid the payments, 3 years down the road when I go to get something new…I’m in the same financial place I am now! That would not work for me, since my goal is to get my credit established. I looked at a lot of options and in the end I decided the best option to establish my own credit was to buy. So, after a lot of looking I found a 1999 Chevrolet Malibu for $15,000 and I bought it. I qualified for the financing but being a first time buyer, the interest rate was outrageous, 17.9% The payment is only 313.00 a month so I plan to make a payment on the car each month and in addition I plan to make an extra payment to an interest bearing savings account at my bank. That way I can pay the car off early(I made them wave the early payoff penalty!) and I plan to refinance it as soon as I’ve made enough payments for the bank to approve, probably 12-14 months. All in all, I didn’t get the best deal out there, but I am a first time buyer and it was hell finding someone that would work with me w/out a co-signer. My goal was establishing my credit and that first step has now been taken. The next step is to pay every month and I should be off to a good start to good credit at a young age! -SS 🙂 ---
**Author:** ![Athena](https://avatars.discourse-cdn.com/v4/letter/a/35a633/32.png) [@Athena](https://boards.straightdope.com/u/Athena)\ **Post date:** [August 21, 2000, 4:04pm UTC](https://boards.straightdope.com/t/so-i-bought-a-new-car/30170/2 "2000-08-21T16:04:52Z")
Are you sure that having a cosigner doesn’t go on your credit record? I bought a car and a computer when I was under 18, both with co-signers, and I’m pretty sure it went on my credit record. I’ve never had any problems getting credit, even when I was relatively young (19, 20, etc.) ---
**Author:** ![SkySlash](https://avatars.discourse-cdn.com/v4/letter/s/d6d6ee/32.png) [@SkySlash](https://boards.straightdope.com/u/SkySlash)\ **Post date:** [August 21, 2000, 4:11pm UTC](https://boards.straightdope.com/t/so-i-bought-a-new-car/30170/3 "2000-08-21T16:11:58Z")
They were going to put the car in my parents name against their credit. It wouldn’t have benefited me at all, and thats how all 3 places wanted to set it up. They even went so far as to tell me it wouldn’t help my credit. -SS ---
**Author:** ![Athena](https://avatars.discourse-cdn.com/v4/letter/a/35a633/32.png) [@Athena](https://boards.straightdope.com/u/Athena)\ **Post date:** [August 21, 2000, 4:34pm UTC](https://boards.straightdope.com/t/so-i-bought-a-new-car/30170/4 "2000-08-21T16:34:05Z")
Hmmm… I guess in my case, the car and loan was in my name, with a cosigner. 'course, I was buying a car that cost about 3K in 1987, so maybe they were more apt to want to do that with a cheap car and not a really expensive one. Bummer. 17.9% is a hassle. ---
**Author:** ![Aglarond](https://avatars.discourse-cdn.com/v4/letter/a/c77e96/32.png) [@Aglarond](https://boards.straightdope.com/u/Aglarond)\ **Post date:** [August 21, 2000, 5:42pm UTC](https://boards.straightdope.com/t/so-i-bought-a-new-car/30170/5 "2000-08-21T17:42:26Z")
Back in '97 I financed my first car. The previous vehicle I had payed cash for. I don’t think it has anything to do with the price, because mine was $26k. My Dad cosigned for me, and it affects both of our credit ratings. I would double check if I were you, because if you’re making payments, you should be getting credit for it. I’m not an expert, but that just doesn’t sound right to me. ---
**Author:** ![GraceTX](https://avatars.discourse-cdn.com/v4/letter/g/c4cdca/32.png) [@GraceTX](https://boards.straightdope.com/u/GraceTX)\ **Post date:** [August 21, 2000, 6:03pm UTC](https://boards.straightdope.com/t/so-i-bought-a-new-car/30170/6 "2000-08-21T18:03:11Z")
I think it depends on how the car is titled. In 1987 when I got my first car, my brother-in-law cosigned the loan for me. Both our names appeared on the title and both of us got credit on our credit reports. A few years ago we co-signed for my mother-in-law to get a car (she had just moved to Texas and didn’t have sufficient work history to qualify on her own) and although she made all the payments, my husband and I got credit for it all. ---
**Author:** ![SkySlash](https://avatars.discourse-cdn.com/v4/letter/s/d6d6ee/32.png) [@SkySlash](https://boards.straightdope.com/u/SkySlash)\ **Post date:** [August 21, 2000, 6:11pm UTC](https://boards.straightdope.com/t/so-i-bought-a-new-car/30170/7 "2000-08-21T18:11:05Z")
Thats how they wanted to work it…I wouldn’t have gotten anything out of it. -SS ---
**Author:** ![handy](https://avatars.discourse-cdn.com/v4/letter/h/b5a626/32.png) [@handy](https://boards.straightdope.com/u/handy)\ **Post date:** [August 22, 2000, 3:18pm UTC](https://boards.straightdope.com/t/so-i-bought-a-new-car/30170/8 "2000-08-22T15:18:51Z")
I love new car smell, but thanks to the board, Im not supposed to breathe it. sigh