Hi i’m trying to purchase a car from a private seller, i’m 27 and work full-time. I’ve applied to Chase, Bank of America, and TD bank for a Auto loan for 9000$, each bank said i lacked enough credit history for them to process my loan.
Do i have any other options besides finding a co-signer? I have cash on hand to purchase car, but i rather finance.
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There are finance companies but be prepared for a huge interest rate.
If you have cash on hand, why on earth would you want to go into debt with a loan company and pay them your hard earned money on finance charges and interest?!??? May as well drive a car you bought outright and throw $50 bills out the window every month, because that is exactly what you would be doing.
Live within your means and owe no one. Buy a car with your money on hand and start putting away money each month to purchase your next auto instead of making an overpriced payment to a loan company.
Auto finance is what I do for a living and you have 2 problems, first your trying to buy from a private seller which eliminates all of the lenders that only finance through dealers and second you obviously have a thin credit file without and qualifying credit.
The only way around this is to either find a good strong co-signer or finance through a bottom of the barrel lender who will charge you very high interest and most likely not report to the credit bureaus.
Good luck.
Whether you lack credit or have bad credit, it all looks the same to a bank. They don’t know if they can trust you. Your best option is to search around the internet for a loan somewhere or other, there’s plenty of people advertising. I did a search on google and found a link for a service called access credit help and it seems easy, they’re just asking for an e-mail. Probably going to send you information. Give it a try.
http://insureexperts.info/accesscredithelp
MasterJ
You probably are going to have to have a cosigner in your situation or you could try an online website.
Here is one
http://fairautoloans.com