7 Comments

1. sylvia_jean_m says:
   May 4, 2010 at 1:14 am

   if you have no credit, the bank is probably want to have a co-signer or a larger down payment to finance you. Plus, you will have to pay for your insurance at the same time. you can try another lender that charges you more interest and get the loan but that would not be a wise choice it is costly
2. Rico Sauve says:
   May 4, 2010 at 1:45 am

   That’s up to the bank. If they are a local bank where they know you, you might have a chance. But with no record you probably will need a co-signer.
   EDIT:
   The answer that suggests you check at a credit union fine. The answer that suggests that you go to an online site that finances anybody is bad. Loans that are supposed to “help” you usually are taking advantage of you.
   Having a co-signer for your first loan is not an unusual way to build your credit.
3. John Bradley says:
   May 4, 2010 at 2:32 am

   Check with your bank and ask. If that doesn’t work try your local credit union. Credit unions tend to me more flexible than banks and often help young people establish credit.
4. trashelle_miro says:
   May 4, 2010 at 3:03 am

   You could have a cosigner to help you get your loan, but if I were you i would continue shopping around BEFORE you step into the dealership. My husband had the same problem when we were starting off in the military and he got his first car. No one would approve him because he had no credit history. Bank of America finally did. Like I said, just shop around or try to establish credit with a small credit card before you shop for a loan. Remember-having no credit is just like having bad credit, creditors don’t know if you are dependent or not. Good luck
5. Nicole says:
   May 4, 2010 at 3:54 am

   Since you are 18 you might be able to get the car loan without a co-signer.
   Another quick way to establish credit, go to local department stores, Macy’s, Sears, etc and sign up for a credit card, then wait a little bit before applying for you car loan (if you can) this way you would have some credit established. I did this when I turned 18, I was going to start college in the fall and I did not want my parents as a co-signer for a Visa card, so by establishing credit with department stores I had credit.
   Don’t go out to every store, just 2 and maybe wait a week or two in between or longer.
   Also, another thing, go to http://www.freecreditreport.com check you credit, it is FREE!!! Not sure if it credit report or reports.
   If you can’t, is there someone else that could co-sign, maybe a Grandparent, Aunt, or Uncle.
   Good luck to you.
6. Natasha T says:
   May 4, 2010 at 3:55 am

   If you are working and have your wages payed into bank they might give you a loan.But i dont think theyd let you have that much.And i think if your parents havent got good credit it,i think that will show up because of your address.If i were you id just get a nice car with the money youve got already,as getting that much of a loan at 18 is alot to borrow and pay back.Youll get a really nice car for £3,000
7. sunshine says:
   May 4, 2010 at 4:11 am

   Do you have a job? If you’re making good money and put down a down payment you won’t need a co-signer… You have no credit and lenders don’t know how you can handle credit so either a co-signer or down payment will do.