Money Works for Women At Curtis Memorial Library Buying your first car. Starting your search. What kind of car do I need ? How many passengers will you typically carry (size)? How often and how far you'll be driving the car (gas mileage)
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Money Works for Women
At Curtis Memorial Library
Buying your first car
Example: Borrow $15,000 for 48 months
Lack of credit history is the biggest barrier, making it very difficult for young people to get a car loan
Some car salespeople will rake you over the coals if you are a first time car buyer – bring an experienced car buyer to the dealer with you!
Lenders typically won't approve car loans on used cars older than 5 years
Insurance rates for teens especially are very costly, often in the $5000 range (also for single males under the age of 25)