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I'm trying to get myself a new car ! What is the process ! I am 19 with no credit, which is better than bad credit! I will have a co signer who owns a house and a car! How hard are the financing on the cars? Thank you for your help !

Go read the other thread about financial literacy. Are you sure you need a car loan? You could also do the Dave Ramsay car payment plan - see https://www.daveramsey.com/blog/the-truth-about-car-payments/  
 
The gist:  
 
What if you bought a cheap $2,000 car just to get around for 10 months? Then you take that $475—the average car payment—save it every month, and pay for a new car (with cash!), instead of giving it to the bank.  
 
After 10 months of doing that, you’ll have $4,750 to use for that new ride. Add that to the $1,500–2,000 you can get for your old beater, and you have well over $6,000. That’s a major upgrade in car in just 10 months—without owing the bank a dime!  
 
But the fun doesn’t end there. If you keep consistently putting the same amount of money away, 10 months later you would have another $4,750 to put toward a car. You could probably sell that $6,000 vehicle for about the same price you paid 10 months before—meaning you now have $11,000 to pay for a car, just 20 months after this whole process started.

Here is the link to the video by Dave Ramsey "How to drive free cars for life"  
 
 
 
If you need a co signer for a car then would suggest you save the money and pay cash. don't be a slave to a car payment for life. good luck!

Is the average car payment really 475?

I will advise that you stick with Abbysmum's advise.  
You are young, don't go into debt at a very tender age.  
Is good as youth to enjoy your youthful period but with moderation with be a good thing.  
If you don't want to buy a vehicle worth of 2000, you can get a nice ride in good and excellent condition for 4k to 6k with recent registration. Think wisely. All the best.

WhatItIs said "Is the average car payment really 475? "

My wife has a new 2015 Chevy Cruze and pays $350 a month and the loans over 7 years. She also has full warranty for 5 years, rust protection, paint protection and tire protection.  
 
 
 
Edited by The_Young_Man, 2016-02-03 20:58:05

The_Young_Man said "    WhatItIs said "Is the average car payment really 475? " My wife has a new 2015 Chevy Cruze and pays $350 a month and the loans over 7 years. She also has full warranty for 5 years, rust protection, paint protection and tire protection.         Edited by The_Young_Man, 2016-02-03 20:58:05"

Wouldn't think a $20 to $25,000 vehicle is the average price for a vehicle.  
 
Using that vehicle considering a 3% interest rate she will pay just over $30,000 and t the end of 7 years have a vehicle work maybe $5000. As the $5000 vehicle was not usable as a used vehicle trade it in for another $30,000 vehicle and the circle continues.  
 
With the millions of dollars spend to convince us to live on bi-weekly payment it is not a wonder people drink the cool aid we are sold daily!  
 
If you follow the herd you will drink the same water as the rest of the herd. Is it good water or are you doing it because most drink it? Big new car = important and rich! In the old days they called it Big hat no cattle!  
 

Hi, i bought a vehicle 2 years ago. I planned to get a used car as mentioned above.  
 
HOWEVER, I was surprised to find many trusted financial people, including Gail Vaz-Oxlade saying that in todays market, used doesn't save you money. Here's why:  
1) Labour costs are so high that unless you can fix it yourself, she showed that used + repairs = same general cost as new.  
2) Used cars are so desirable now that they are in demand and higher proceed now. In other words, demands is more than supply now for good used cars.  
3) Lease terms have been legislated to protect the lessor and now the lease is a very good wayto. You don't have to borrow the full cost, just the term portion.  
 
I'm glad i went new even though I'd normally be cheap

I for one would like to see the article you are referring to from the trusted financial experts. If you can direct us to them that would be great.  
 
Leasing is like renting a car. At the end of the term you turn the car in and have nothing to show for it. The day you drive a new car off a lot it is worth 25% less. Two years and its resale value is around 35 % less. Buy a $5000 car and what is it worth in two years? $3500 vs. $19,500 on a $30,000 new car ? $1,500 vs $10,500 is a pretty big difference!  
 
To suggest that if you buy a 3 to 4 year old car for half of the new price ($15,000 used and $30,000 new )and you will pay the price you paid for the used car again in repairs is short sighted in my opinion. Keep in mind Warranties do not cover thing like brakes, rotors, tire wear ect. Warranties are not free they are built into the price of the car. If you want to buy warranty on a used car you can!and it is not free.  
 
The original poster asked about buying their first car. To suggest that a 19 year old should buy a car with a $350 a month payment until they are 26 is a lot of immediate gratification and short term thinking. Or big hat no cattle.

Find the car you are interested in and do you research on it. Try to save as much for it as possible at least 1/2 or more remember that there are other cost like PST/GST and then the insurances so figure on that too. you should be able to get a loan from any bank and not have to have a cosigner if you have a job and money in a bank and set it up to pay it off as fast as possible and remember you can negotiate with the banks for the interest rates so do your research both car and banks and save as this is hard as we all seem to want it right away instead of later. Good luck

Bought my car for 800$. Its just a plain little cavalier. I pay around 130$ for insurance every month and no loan to pay for.  
 
Make sure the car is safetied or doesn't need much for a safety! You can rack up a bill if you don't know what to look for and have to get it safetied after buying!  
 
Buy a car you don't really need much money to run and pay for and save up for a nice car that you do want!  
 
Edited by Knucklehead, 2016-02-04 08:40:07

Try going to a credit union over a big bank. I got a loan at 20 for a 2007 vehicle that I got for a decent price. I technically didn't need the loan, but I took it out for 3 years just to help build my credit to help me buy a house later. I do have a credit card that's paid off every month that I got on my 18th birthday, so I did have a bit of a positive credit history already but I didn't need a co signer or anything. I'm only paying $300 (plus the loan insurance) more taking the loan (got the car for $7,200, I pay $115 bi-weekly, got extra insurance on my loan that was $700 and will come out paying about $8,200). The extra insurance covers my vehicle payment if I'm ever injured or sick and can't work... Which yes I wouldn't need if I didn't take the loan, but I also didn't want to screw myself incase something happens... So all in all I'm paying an extra $1000 to boost my credit and show that I'm responsible enough to get a mortgage someday.

If you are getting a loan at a credit union, make sure they report to a credit bureau. They are getting better, but there are still some credit unions that do not report your repayment history to a credit bureau, and if they don't report you don't actually improve your credit rating...

Do not finance over 7 years. Finance for no longer than the term of the warranty. What happens if in year 6, when you have no warranty and are still making monthly payments and your engine goes? How will you pay for that?  
 
I don't understand the 'I'm only buying new so I don't pay repairs' mentality. Especially when stated that its financed over 84 months. Depending on the vehicle, you have warranty for 48 or 60 months (unless you PAY for extended warranty). So from month 48 to month 84 you will pay for repairs plus your monthly (or bi-weekly or whatever) payment.  
 
I remember when I bought my first vehicle, the maximum length of financing was 4 years. If you couldn't afford the payments over 4 years, you didn't get the vehicle. Now, we can finance over a much longer term...giving people who can't afford a brand new vehicle the illusion that they can.

WhatItIs said "I'm trying to get myself a new car ! What is the process ! I am 19 with no credit, which is better than bad credit! I will have a co signer who owns a house and a car! How hard are the financing on the cars? Thank you for your help ! "

....19!  
 
The last thing you want is a large debt hanging over you especially if university is on the horizon.  
 
Follow Abbeysmum's excellent advice. Put off the desire for "new" for a few years. Save up and purchase a used car for about $2500-$3000 and plan to drive it for 2-3 years all the while putting away $400 a month for the "new car payment" ($4800*2+$1500=$11100 towards a newer car in Jan 2018). Take proper care of the used vehicle to maintain a decent resale price.  
A 7 year loan on a $25000 vehicle is crazy. You'll be sick of the vehicle in 2 years anyways and want to upgrade, so why be tied to the bank if you don't need to?  
 
You want to generate a credit history? Get a credit card and pay your monthly bills on it and pay off the balance each month (since your budgeting to make those payments directly anyways) and you get the bonus of getting points on the card to be used for trips, etc.  
 
We have generated a society that requires instant gratification. Everyone has to have "new" now. Only later will you understand that the only people getting rich are the banks. If you are patient and live within your means, you can keep your debt to just the basics (education and housing) while still living a full and exciting life.  
 
After all, when your friends start talking about that beach vacation or ski trip, that bank loan and new car won't look anywhere near as appealing.  
 
Good luck  
 
Marpet  
 
Edited by Marpet, 2016-02-04 10:52:50

so far we have talked about two sides of the coin, either buying new or a junker, both have their downsides for sure as have been mentioned but what about buying something in the middle?  
 
depending on your price range you can save a ton of cash buying something a few years old, cars lose value quickly (i disagree with Ramsay saying you can sell your beater at the same price, thats only if your lucky, if your unlucky the beater dont last 10 months) but if you buy something newer but not brand new you can get usually end up with a fairly reliable vehicle but with payments, from a bank, that you can afford, the plus side is the older the vehicle the less insurance you pay too  
 
look at all of those things plus oil changes ect when you are deciding what you can afford do also go in and see if the dealers will offer you 0% and if the numbers work out better but dont buy right then, dont buy on your emotions, tell them you'll come back, they will play with you telling you your car might be gone blah blah, a similar deal will be there after so dont fall for that crap. also if you do buy newer look at cheap cheap cars, i know gas is going down but who knows, it might go up again so something cheap to run is great  
 
a good goal would be to save extra cash to buy new latter, its good practice with any purchase or bill to set up automatic payments to a savings account for the bill/purchase, it helps you see your budget and saves on financing fees, remember a bit of delayed gratification now will have you laughing latter in life  
 
personally i have never bought a new car but i have bought a couple 2 year old vehicles and i saved over half of new price on both yet both were reliable  
 

As usual his answer was not answered as usual everybody give their own opinion.  
To the OP do not take the advice on this site. Go and talk to the dealer of the model you wish to purchase most dealers have programs in place some will ask for a cosignor some will not. But they are the professionals. Check with your bank they will give you advice again they are professional. Some things to consider some incentives change depending on where your financing comes from some dealers have very low interest to get you to buy.  
Hopefully this helps answer your question.  
If you want opinions on what you should do other posters have given you theirs. But in the end it is your choice and really there is a good feeling to driving a new vehicle as well as always some buyers remorse those are for you to decide whats important.

Black Star said "As usual his answer was not answered as usual everybody give their own opinion.   To the OP do not take the advice on this site. Go and talk to the dealer of the model you wish to purchase most dealers have programs in place some will ask for a cosignor some will not. But they are the professionals. Check with your bank they will give you advice again they are professional. Some things to consider some incentives change depending on where your financing comes from some dealers have very low interest to get you to buy.   Hopefully this helps answer your question.   If you want opinions on what you should do other posters have given you theirs. But in the end it is your choice and really there is a good feeling to driving a new vehicle as well as always some buyers remorse those are for you to decide whats important. "

Would suggest the answers given give both sides and in the end the individual always makes there own choice.  
 
When people refer to professionals advice there are two sides to that as well. Does a car dealer and a Banks employees have anything to gain to giving you advise?  
The employees job is to sell cars, make money off of financing and write loans. If they do enough then they will no longer have a job or the business will not be able to operate financially.  
 
Always good to get a couple of opinions when doing anything. The big key is looking for a person you trust and use common sense vs what you hear on ads from people that spent thousands to convince you to do what benefits them .  
 
Keep a open mind to options.

The OP asked how hard was it to buy a car not should he buy a car. He was specific about a new car not a used car or a clunker. Answers were not given to him

1. Legal age--yep; 2. Employed, steady income--?;  
3. Good credit--no credit history; 4. Co-Signor--?  
5. Other assets/collateral--? 6. Price/condition of vehicle you want--? 7. Can you afford the insurance cost--? Can you afford fuel and maintenance--?  
The answer to your question of how hard it is to buy a car is based on your answers to these questions. So, you need to do some more thinking and research. And yes, the vehicle you are considering is a factor. Hope this helps.

Black Star said "The OP asked how hard was it to buy a car not should he buy a car. He was specific about a new car not a used car or a clunker. Answers were not given to him "

Is it hard to buy a car ? Yes and no depends on a lot of factors.  
 
He was specific about a new car. is a "new car" a "band new" car or a "new" car to him/her. Prime example of words and interpretation of words.  
 
We all have options ! They will make theirs and live with the good and bad of that decision. Multiple opinions will help them pick the path for them.

Thank everyone very much for all there replies ! I really appreciate it !

Black Star said "The OP asked how hard was it to buy a car not should he buy a car. He was specific about a new car not a used car or a clunker. Answers were not given to him "

while the op did ask how hard it was to [i] get financing[/i] for a new car and what the process is like its not it of the realm to add extra incite, honestly i think these discussions would be pretty boring if the only replys were its hard, no its easy so i dont see why its a big deal to add extra  
 
i always think if the op doesnt like the additional info they will say so, BTW you didnt answer the ops question did you? not sure if i completely did either but i did suggest looking around,since i didnt i will say the financing part will depend on where the op goes, what job they have for how long and if they have had anything with payments that the place can use to help them get a loan.  
 
 
Another good thing to do to build credit is get a viza with a very low limit so they dont get into trouble with it , thats maybe not what they asked, my bad again lol, but it will help establish credit rating so they wont need a co-signer in the future  
 

traveller said "    Black Star said "The OP asked how hard was it to buy a car not should he buy a car. He was specific about a new car not a used car or a clunker. Answers were not given to him " while the op did ask how hard it was to [i] get financing[/i] for a new car and what the process is like its not it of the realm to add extra incite, honestly i think these discussions would be pretty boring if the only replys were its hard, no its easy so i dont see why its a big deal to add extra     i always think if the op doesnt like the additional info they will say so, BTW you didnt answer the ops question did you? not sure if i completely did either but i did suggest looking around,since i didnt i will say the financing part will depend on where the op goes, what job they have for how long and if they have had anything with payments that the place can use to help them get a loan.       Another good thing to do to build credit is get a viza with a very low limit so they dont get into trouble with it , thats maybe not what they asked, my bad again lol, but it will help establish credit rating so they wont need a co-signer in the future     "

Actually I did answer further up when I said go see the professionals about financing either a dealer or the banks. As they are the finances they can answer what they require. Shame on you for not reading the entire thread.

Black Star said "    traveller said "    Black Star said "The OP asked how hard was it to buy a car not should he buy a car. He was specific about a new car not a used car or a clunker. Answers were not given to him " while the op did ask how hard it was to [i] get financing[/i] for a new car and what the process is like its not it of the realm to add extra incite, honestly i think these discussions would be pretty boring if the only replys were its hard, no its easy so i dont see why its a big deal to add extra     i always think if the op doesnt like the additional info they will say so, BTW you didnt answer the ops question did you? not sure if i completely did either but i did suggest looking around,since i didnt i will say the financing part will depend on where the op goes, what job they have for how long and if they have had anything with payments that the place can use to help them get a loan.       Another good thing to do to build credit is get a viza with a very low limit so they dont get into trouble with it , thats maybe not what they asked, my bad again lol, but it will help establish credit rating so they wont need a co-signer in the future     " Actually I did answer further up when I said go see the professionals about financing either a dealer or the banks. As they are the finances they can answer what they require. Shame on you for not reading the entire thread. "

i did read the whole thread, sham on you for assuming lol, but go see a bank isnt really an answer, is it? yet you want to chastise the rest of us for adding additional information that the op [i]might[/i] want