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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
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