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I thought I could share my experiences since I just bought my car about a week ago.
I'm just under a month shy of turning 21, and was able to obtain a 1.9% APR for 60 months on my loan, which was $12,030 after a $2,000 down payment by having my dad as a cosigner. I am the only one that will be making payments, and the bills and title are in my name. I'd done a bit of research into buying a used car, but with the cost of school and living expenses, I didn't have the ability to save up $5,000 to buy a car that had low miles, good engine quality and the ability to last a while. Especially since I've been driving my parent's car since my previous car died in April. I am also lucky to still be under my parents insurance, at least for another year or two. My monthly car payments are $215, and my insurance is about $120 a month.
If at all possible, go for as low an APR as you can. I've had established credit for a little over a year, and I was borderline on being able to be approved by myself. By having your parents as a cosigner, you decrease your risk of defaulting in the loan agency's eyes, and thus can qualify for lower APRs if they are offering them as a special or something.
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Calling from deep in the heart, from where the eyes can't see and the ears can't hear, from where the mountain trails end and only love can go... ~~~ Three Rivers Hare Krishna
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