I'm about to apply for a loan with a credit union and was wondering how easy it would be to aquire a loan of around $9,000-12,000 for a used automobile (2000+), being 19 years old with little to no credit. I just started my new job about a week & a half ago, but have had past work experience. I'll be calling tomorrow morning to speak with someone before I even attempt, but was wondering if anyone else has had success applying for a loan at a young age. How old were you & how was your credit?

Be prepared to be shot down on the spot (short to no credit history)

OR

A rediculous rate if you're lucky.

Have your parents or another person with good credit cosign for you.

Originally posted by saikou
I'm about to apply for a loan with a credit union and was wondering how easy it would be to aquire a loan of around $9,000-12,000 for a used automobile (2000+), being 19 years old with little to no credit. I just started my new job about a week & a half ago, but have had past work experience. I'll be calling tomorrow morning to speak with someone before I even attempt, but was wondering if anyone else has had success applying for a loan at a young age. How old were you & how was your credit?

Its very unlikely they will let you get a loan in your own name, with your credit history. They will prob tell you that you need a co-signer. That's really the only way to get it. There may be places where you buy cars that "approve" everyone, but they rape you with 20% or so interest rates lol.. You dont really have a job history(they like to see the SAME job for as LEAST 6 months to a year) as well. Your best bet to get your credit history started, is to get the car loan, and have someone co-sign for you. Make all of your payments on time, and most places will let you
re-finance your loan within 6 months to a year. If you have done well with your payments, you can refinance the loan in YOUR name only. This is the best way to start a good credit history. Having a credit card can help as well, but those dont effect your credit as much as a loan does. One more thing, as i have learned over the years, be SURE whenever you get a loan, credit card, or any type of credit applied to you, is make sure you can AFFORD IT! Messing up your credit is one of the worst things you can do..just trust me on this. I have a perfect credit rating, have 2 cars, a house, and credit cars for all kinds of things. I pay everything on time..I'm 29 years old..it all started with my dad co-signing a car loan. My sister's credit is screwed up, and cant get crap lol

Sorry to hi-jack but I have had my credit card for a year and have always paid it off. Got my limit raised from 1000 to 6000 in 9 months. ALSO I just changed jobs but I now work for the company that bought out my other company I worked at for 4 years. You think that will matter at all?

they also look at how long you have lived in one residence, the same as how long you have worked at the same job. Im sure how much you make can play a factor as well.

I do know if you have any negative reports on your credit you need to pay those off first. I had under $500 worth of "back bills" on my credit report and they denied me just because of that. So what im saying is if you know you have back bills be sure to pay those off before you apply and it will help.

If you want to view your credit report history for free (no b/s) visit this site:

http://www.annualcreditreport.com/

you can check experian, equifax and transunion.

Originally posted by saikou
I'm about to apply for a loan with a credit union and was wondering how easy it would be to aquire a loan of around $9,000-12,000 for a used automobile (2000+), being 19 years old with little to no credit. I just started my new job about a week & a half ago, but have had past work experience. I'll be calling tomorrow morning to speak with someone before I even attempt, but was wondering if anyone else has had success applying for a loan at a young age. How old were you & how was your credit?

I just did it not to long ago.. 19, one small credit card, under my own name, $11,000. One bank turned me down, two others approved me. I had also only been working at my current job for 5 months, but my last job before that was 3 years.

i'm 21(was 20 when i got my loan) and i was approved for $15k at 7% but i had prior credit history (2 cards).