18 year old trying to get a loan.

[Sleeklsc 5,000+ posts]

i had a $5500 loan at 11% for 24 months...i think it ended up being $500 in interest.....

i had no co-signer ar 20 years of age..0 credit aswell...

edit: i had a co-signer but i paid an extra 10 a month incase i ****ed up, thus making them not responsible for my mistake....so no need for a co- signer in that aspect

 

[yamaman 10+ year member]

I took out a mortgage loan when I was 18. had a cosginer and took out a load for 21K when I was 17, to buy my truck and now I have a 13k loan out for my car. I am 19 now I own 2 vehicles and a house. Still paying my mortgage but that a 25 year mortgage and I am still paying the car.

 

[squeak9798 5,000+ posts]

Short time on job, limited work history, and no credit.

I don't know any bank that would give you a loan with a reasonable interest rate without a co-signer.

I know I wouldn't.

 

[joshpoints 10+ year member]

I finally have a steady job, and opened a bank account about two weeks ago. I have had my job for about two months. Only two previous jobs and each were three month seasonals. I am curious if anyone here ever got a loan when they were 18, without any credit, and havent worked for a year yet?

I got credit when I was 17, but it was a mistake on the financial institutions processing and approving offices. Ofcourse I didn't abuse it because I wanted to build my credit. Instead of opening a bank account I would have opened an account at a credit union. I was working at the time the credit was extended to me.

You could try going to a credit union and asking for a share secured visa. Basically if you want a $500 credit limit you give them $500 and then they put this on hold. You then use the visa they gave you and make payments on it. After you have done this for a while apply for a regular unsecured credit card.

 

[theCybe 5,000+ posts]

Get a secured VISA, give it to your parents; Have them use it and pay it.

Eventually, you'll get an offer for an unsecured line of credit / regular card; Fork it over, let them use it. Viola, you now have a credit-rating. (or at least a postiive / unblemished history.)