Okay, so I'm 19 years old and I'm in college.... whenever I want to come home, I have to make my family go on a 10 hour journey just to get me home and I'm tired of it... I want my own car. However, I don't really have much money. I don't really want a "cheap car" because I'm afraid that it won't make the trips back and forth from college. I've been looking into a hybrid to save me money on gas, but at the same time, hybrids aren't cheap. Should I get a loan? Would I even be eligible for one? Currently I work at a McDonald's making $6.19/hour during the summer full time... at school I'm not eligible for work study due to my scholarships. I will get approximately $1100 this year from my school as my scholarships have exceeded the tuition and such. Other than that, I don't have any other income. What should I do?|||I like your question being very up front. If you play your cards right that cheap car is out there for your transportation till such time you have established credit. Where to find it go to this web page on my website http://www.usedcartips.org/TENTHOU.html from there navigate to Test Drive. I don't expect you to become an expert overnight, but you will have learned some steps in the buying process. Your at an age with income that you can start to build a credit rating, follow my steps and within 2 years you could have an above average rating and not needing a co- signer or paying high rates, navigate to Having no credit , on website...hope this helps. I like to see young bucks like you trying to do it right. good luck|||Go to a car dealership. They may be able to help with get into a good used car and finance it for you. The interest rate will be high. Check your credit. Go into annualcreditreport.com.|||Why not get that "cheap" car for getting around and take a bus or train home. Why add a car payment to your "to do" list.|||At your age, even with the best credit possible, you are going to get hosed while financing and insuring a new car. You're looking a minimum combined monthly payment of $500 per month. Likely for 6 or 7 years. Think about that. Every month, month in, month out. You are going to pay nearly double the sticker price of your car in financing over this period. For what? Utilize the tools available to you as a college student. Doesn't your school have a, "shop", department? Mine did, and the, "class-projects", were sold or donated to students. Not to mention being a great resource for help in purchasing a used car. Don't be afraid of a used car. Buying used isn't all that bad. You could purchase say a 1989-1994 Subaru wagon for about $3500 right now. You could then have a brand-new engine installed, transmission gone through, and power train gone through for an additional $2000. For $5500, in this case, you could have a car you could rely upon. Not only that, but you can get a bank loan pretty easily as student to cover the purchase of the car. And they will treat you WAY better during financing. As far as putting in a new drive-train, the financing options are numerous. 90 days same as cash, installments, you name it. If you were savvy, and hell-bent on taking on a payment, you could do all of this for around a $150 a month payment for a couple of years. Where you are not indemnifying a loan on an expensive NEW car, you can likely get away with liability insurance, rather than full coverage, saving you more per month. Buy a good used car. Have it THOROUGHLY gone through. Wait on that new car until you have a huge down payment saved up. By the way, with Hybrid technology being what it is, don't buy one. They are incredibly fussy about maintenance and horribly expensive to have worked on.

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