I am looking into purchasing an 06 Range Rover HSE with luxury pakage, I have found a few for around $35k with mileage in the 30,xxx range. I am just wondering what my chances of getting a car loan are; age: 19, Gross Monthly Income:$2,000, Down Payment: $5,000, never had a car loan before, 735 credit score, have only had the job for a month. I don't have any rent or other payments because I am in college so my parents are covering everything else. I want the loan to be 60 months so I can keep the payments lower but I will just double pay until I return to school full time.

 

Without a cosigner I would presume you wouldn't be able to get a 35K loan because of your age and lack of significant work history. With a cosigner it would just depend on the cosigner's credit and history. You might consider an older Rover, that you could get a loan for, or a P38 which you could buy outright. Keep in mind there will be other costs with a Rover... repairs are costly. Be sure you get one with a warranty and extend the warranty as long as possible.


Best of luck!

 

Oh, you could get the loan, if your parents co-sign for you.

I would recommend backing down to an 03-04 Disco,will cost you16K or less..If you end up loving the Rover, and don't mind paying for the gas and insurance, then you could upgrade later.Good Luck Frank

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