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What would be the best place to look for one of these? I went to my bank and they said I needed a co-signer for a $8000 loan with a $2000 down payment. I don't have a co-signer available. I'm 20, work two jobs, and have two credit cards that are paid on time every month. Would living at my current residence for only a year and being at my main job for only a year (other PT job going on 4 years) hurt me really badly? I make $12/hr and work 60+ a week, I just want to establish a higher level of credit by getting a car loan.
Thanks for any suggestions in advance.
Paul
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Depends what you mean by saying you have "bad" credit.
As for loans. Try your local credit union. Their lending guidelines tend to be more leniant.
2006 Mazdaspeed6
1997 Yamaha YZF1000R Thunderace
1996 Volvo 850-R
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First, figure out how "bad" your credit really is. Pull a credit report from any of the big ones -- Experian, Equifax, or Transunion. See what they say. When you order theirs online they break everything down for you that is affecting your score.
Don't worry too much about what your bank says. Banks are INCREDIBLY stingy with their money these days. My bank (before I switched to a credit union for lending purposes) wouldn't give me a loan either unless I put at least 25% down and it was 16%. And that was with a good score. Mazda gave me 2 car loans at over $20,000 each. One at 1.9% one at 4.9%.
Remember, the auto places want to sell that car. They're willing to take the risk to get that car off the lot. The bank doesn't care.
2003 Mazda6s 3.0L MTX
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Don't pay for a credit report. Most of us can get them for free from here: www.annualcreditreport.com . You might have to manually type the address into your web browser for security purposes. I would say this is one of the few good things Congress has gotten us in awhile, free credit reports, once a year for everybody! While these won't tell you your score, you can get it from any of those three for somewhere b/ $5 & $10. Also, it's not any of my business, but if you haven't had the credit cards that long, they won't really help your credit. At least 6+ months, preferably 1 year or more. And def. try a credit union, that bank sound wwwaaayyy to picky. 60hours/wk @ $12/hr? Or is the 60 hours a combo from the two jobs? Hope this helps!
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Originally posted by Tisby:
Don't pay for a credit report. Most of us can get them for free from here: www.annualcreditreport.com . You might have to manually type the address into your web browser for security purposes. I would say this is one of the few good things Congress has gotten us in awhile, free credit reports, once a year for everybody! While these won't tell you your score, you can get it from any of those three for somewhere b/ $5 & $10. Also, it's not any of my business, but if you haven't had the credit cards that long, they won't really help your credit. At least 6+ months, preferably 1 year or more. And def. try a credit union, that bank sound wwwaaayyy to picky. 60hours/wk @ $12/hr? Or is the 60 hours a combo from the two jobs? Hope this helps!
A free credit report is fine, but for someone who's new and trying to determine what they've got currently and need to do in the future, just the report isn't too helpful unless you're worried about bad accounts you don't know about. Without a score in particular it doesn't do much for you.
For any of the majors the $10 fee is well worth it. You get the score, a wealth of additional information as far as your public records go, information on why your credit score is what it is and what can be done to fix it. The reporting agencies also provide decent consolidated information on scores and how to improve them and simulators that will allow you to see what your score would be if you did XX or YY in ZZ time.
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Originally posted by sigma:
A free credit report is fine, but for someone who's new and trying to determine what they've got currently and need to do in the future, just the report isn't too helpful unless you're worried about bad accounts you don't know about. Without a score in particular it doesn't do much for you.
For any of the majors the $10 fee is well worth it. You get the score, a wealth of additional information as far as your public records go, information on why your credit score is what it is and what can be done to fix it. The reporting agencies also provide decent consolidated information on scores and how to improve them and simulators that will allow you to see what your score would be if you did XX or YY in ZZ time.
Originally posted by Tisby:
While these won't tell you your score, you can get it from any of those three for somewhere b/ $5 & $10.
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seriously, you can try E-Loan.com, they will let you know withing 10 min(call you) if you are approved and if you are not they will email it to you. needed a co-signer for my first car and my current car was thru e-loan and no co-signer with a 4.87% apr on a 4 year loan, makes the payments sooooo nice. credit unions are good too, the police credit union here in Indianapolis gave me a loan with a low interest rate as well. dont know what it is about crdit unions but they are quicker to give out loans than your typical bank is. good luck.
Last edited by LCraze777; 05/21/05 11:25 AM.
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Originally posted by Tisby:
Also, it's not any of my business, but if you haven't had the credit cards that long, they won't really help your credit. At least 6+ months, preferably 1 year or more. And def. try a credit union, that bank sound wwwaaayyy to picky. 60hours/wk @ $12/hr? Or is the 60 hours a combo from the two jobs? Hope this helps!
Yeah 60 hours between the two. The other job pays a measley $7.50. I tried lendingtree.com and my only lender was capital one and they ended up denying me. I guess someone in my shoes needs to accept going to a used car dealer. My mom said she will put her blazer as collateral, so maybe the bank will do that, I'm not sure if they work that way.
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If your mom would be willing to put up her blazer as collateral why would she not be willing to co-sign for the loan?
The way a car loan works is that the car that you buy is the colatteral on the loan.
Does the place you work have a credit union that they let their employees join? Also what type of work is this? (this can make a difference if they do not view it as a job you will always be working at).
As others have suggested get your credit report and score and let us know how bad we are looking at here.
I got my first car loan at 21 with my dad cosigning the loan. I got my second car loan a year later without a cosigner.
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My mom isn't co-signing because her credit is all messed up due to a car accident and unpaid med. bills. It will soon be cleared up but it's not too great right now. I might have her try it as a last measure even if her credit sucks, seeing how it would be added income for the loan. I will look into a credit union. I have one lined up I am eligible to join, I just don't know if they'd be willing to give a loan the same day someone joins. Both my jobs should be legitimate for loan purposes. I never realized how hard it is to get a loan...sheesh...haha. When you need money the bank won't help, and when you're loaded and don't really need loans, you can get all the help you want. Oh well. Oh, and I ran my credit report. It doesn't give a score but nothing out of the ordinary showed up. I have three open bank accounts, two paid-on-time every time credit cards, and student loans (6k worth or so).
Thanks for the suggestions.
~Paul
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