Overhaulin'

Car financing application?

Hey Guys, I'm 16 and am looking to buy my first car soon, but the current money I have and what I generally earn in my part-time job, along with expnses such a cell phone contract, I am finding it hard to build up a substantial cash sum... So I know that dealerships offer financing on cars, but I'm not quite sure how it works... a buddy of mine at work says his financing stuff comes directly from his bank account, and he says his credit card isn't used at all. So my question is, do I need a credit card to apply for financing for a car? Or can I just go in and say, "this is what I earn, and this is what I can pay by debit or bank account direct withdrawls." ?? How does it work for someone my age, as my parents aren't in a great financial state either so I have to do this one all by myself.... thanks in advance!

Public Comments

1. You won't be able to get financing yourself because you are under age and cannot be held liable if you default on a contract.
2. You cant finance the car unde your own name. You have to be 18 or older to enter into a legally binding contract. At 16, its not going to happen.