Answer: -I'd say that a new car isn't in your favor. There are plenty of auto loans out there for the respective buyer. Even if you have none or little credit you can get a loan. However, most of these loans require some sort of down payment or even collateral (Often the car is not enough). Being on social security does not help your chances. Most often you will have to pay VERY high interest rates and monthly payments. Your best bet is to go to a 'Buy here' and 'Pay Here' Places.Then with most (if not all) auto loans you are required to get full coverage, insurance is sometimes based on credit as well. And these payments will be high. $700 a month may not even cover the cost to pay all the payments. Your best bet is buying from a private buyer, ie a friend or neighbor. They would be more lenient on payment times possibly.If you have any other questions please don't hesitate to e-mail me and I could give you more counseling. -Is there anyone else that can co-sign for you? Will you be making the monthly payments? I don't know of a bank that will let a 16 year old buy a car without a co-signer unless you buy a cheapo car and pay for cash. -You are on social security and you are 16 years old. You need an education, are you covering that? If not your energy spent getting a car is a waste. E-mail me, I can teach you to work at home. This will increase your income, then you could pay for an education.