Am i qualified to buy a new car?

i am a college student that works a minimum wage job. i have a credit card for about almost 5 months now. at first i had a credit line of $500, recently it was changed to $1000. i know i have some good credit. a year ago, i tried to buy a cellular phone under my own name and i was not approved. couple months after i had my credit card and paid it all on time, i was approved for a phone and the service. so i am assuming i have good credit. i am looking to buy a 07 dodge charger, and i know nothing about finance, loans and all that crap. all i know is to make a down payment and pay monthly. what else is there to know about buying a new car? am i qualitfied to buy this new car?

Am i qualified to buy a new car?

If you borrow money on a car you will be required to carry full coverage insurance and at your age that will cost a small fortune on a new car. If you have poorly established credit you will pay a higher interest rate on your loan, if you can get financing at all. License and registration fees will be a yearly expense as well, depending on where you live these maybe be several hundred or more dollars a year, usually more for a new car. Plus you have maintenance to pay for, even if its new and has warranty you still have oil changes, tire repairs/rotations and the like, some of which you can save a few bucks on if you can do it yourself. Some car places will stick you with hundreds of dollars of paperwork and administrative fees, and you will have sales taxes to pay on your purchase as well which add up in a big hurry.

Credit card companies will send you updates saying your credit line is increased just as an enticement to get you to use your card more. Be careful, they want to trap you into a large debt so they can collect interest for years and years.

The best solution if you need transportation is to find a reliable, older model used car to get you through school and then once you have the big college graduate job/salary go looking for a new car that you can more appropriately afford. Anticipation is sometimes half the fun of anything, including that first new car purchase.

Sorry to burst your bubble, but thats the way it works.

Am i qualified to buy a new car?

no you are not qualified unless you put down a MASSIVE down payment. Then maybe you could get one. Chances are is that you will need a co sign from your parents to get one. YOu could hardly get a cell phone, but you think you can get a car? Well good luck. Maybe if you talk to the right person you can do it. How much is a dodge charger? im guessing 30,000 dollars? Ok say it is that means you will have to work full time for 1.5 years at minimum wage and put every penny you make towards the car to buy it. And thats not including insurance, gas, repairs. I would say buy a used camero or something. This is out of your price range.

Am i qualified to buy a new car?

I would say not likely without a cosignor, and a decent downpayment. Earning min wage, you likely won%26#039;t be able to make the payments, and the insurance, a second job will be needed to get approval.