i’m trying to get a car loan, but less then 3,000. i have no credit, i haven’t gotten any credit cards or anything. & i’m 19.
i’ve been employed at my job for 1 year and a half, and plan on staying there for a while. I have one bank account at Chase, but since they’re in a current transition, they aren’t doing loans until the end of the year
So, do you think i could get a auto loan at my local credit union? I need advice, and what you think my chances are on getting a loan? =) please and thank you!!
also, i have 800 dollars already saved up to put down..
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no way, jose
that is to bad
give it a try.
find someone with good credit in your family to cosign. You’ll get a better rate.
Go for it.
Good at the Credit Union
ok! i know this may sound crazy!
get one or 2 credit cards
use em but keep the balance low!!
and pay them off each month and within a few months you will have amazing credit
start building your credit, start small and spend responsibly.
as for right now and getting a car, your best bet will be one of those ‘buy here pay here’ joints. expect to pay a bit more than the car is worth, especially once they rape you on interest charges because your credit is non existant. you may do a bit better if you have a TRUSTED family member or TRUSTED friend co-sign on it with you. good luck
You’re pretty much down to needing a cosigner if you want a decent rate. It’s really not worth it otherwise. You can take the cosigner off after a while but it’s really not a good idea financially if you do it on your own at your age.
Many car dealerships will work with you today, as long as you have a decent, steady job and a bank account.
If all else fails, get a co-signer. Good luck!
just open up a bank account with a national bank and apply for a credit card then when u sightn up and 99.9 percent they will give it to you a credit line of about 3 or 4 hundred dollars and ini about a month you will start to have a credit rating
if you have a co-signer, that makes a huge difference.
I’m 19 and i got a new car in february. I had a couple credit cards, but that didn’t help much. My mom co-signed and that made a hige different. I’m not sure where you’re from but Community Bank has fairly good interest rates right now.
I hope this helps.
You may be able to get one with a cosigner but with no credit what so ever you will not get one on your own.
Yes, That way you know what kind of interest you’re paying upfront and you can tell the dealership exactly what you will give them. It puts you in control and lets you avoid the whole let me talk to my manager act they like to do.
Sounds like you need a co signer with established credit, Credit unions are more conservitive when it comes to loans, so the co signer with good credit is a must. You should start building your own credit by getting a credit card and paying the balance off monthly. Good luck!
yes, someone will finance a car for you, you may end up with a high interest rate if you’re not careful though. I work for the state employees credit union and i know we have a first time car buyer program and no credit doesn’t matter. As long as you have a good history with your bank they should help you. The 800 down is a great start. One more thing,
it is easier for a finance company to get you into a newer car than an older cheaper one, so get something nice just not outrageous.
i went looking to get a crappy old $3000 car and ended up with a 2007 milan. Like new.
i wish you good luck, and a piece of advice, don’t miss or be late on payments, or it will be reported to the credit bureau and added to your credit report and then you will have a hard time trying to get another loan.
are you in school. you may get a line of credit . and are you going for a new or used car if you don’t have a credit card get one AS LONG AS YOU ARE RESPONSIBLE make somepurchasess and pay them off right away this well build up your credit raiting. can you get a co- signer this will be a big help.
no ,but you didn’t say how much money you make, when you applied at large institutes like credit unions and banks they are govern by certain policy.
Alot of kids who live at home think that just because they dont pay rent , they can buy a car , you still need to do debt to income ratio and they will add living expenses just to fig out you payment
with the amount of money you got down you would need to go to a use car lot where you buy here pay here unless you have a cox
as a rule of thumb frist time buyer need to be on they’re job for a year have no derog credit, payment cannot exceed 15% of gross income
so if you buy a 10k car and the payment are 350 if you make 1500 a month you need to put down enough money down to be 225.00
a cox wouldnt make you quaifly for a higher payment unless you put you parent on the contract and they put you as a secondary buyer