Anywhere I can get a $2000-3000 loan with no credit?

[Foote 10+ year member]

I have no credit. Cuz I'm only 20...if that's a valid excuse, I dunno. But, I do have a job. But it's not much of one, at all. I make an average of a little over $500 a month. I was hoping is there somewhere I can get a loan..just a small one of $2000-3000 for a car? And pay back around $200 a month or less?

I have $1500 cash on hand right now; so I figure that plus a $2000-3000 loan can land me a halfway decent vehicle.

SO....I got $1500 cash and a job giving me about $500 a month...zero credit...any hope for getting a loan? If so, where?

Thanks. //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

Oh, and if it matters...I'm a college student in my 3rd year with a 3.5+ GPA over all semesters.

Click to read more...

 

[kmanian 5,000+ posts]

Do yourself a favor, tighten up some more and save the $ then pay cash. Get into good habits now. never finance a car, ever!

 

[Louisiana_CRX 5,000+ posts]

http://www.cashcall.com FTW //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

 

[Foote 10+ year member]

Zero credit or bad credit? Unfortunately loans are even harder to get now but as long as you have some proof of what money you make I don't see an issue.
Try like Capital One online or something, you are probably not going to get a good rate but gotta start somewhere.. Also having $1500 down on a 4-5k car is a good thing.

Zero credit. Not bad credit. I've never done anything credit related; or had a credit card.

Ya, I've got the $1500...but I can't go too long with the crap car I have. The gas mileage (about 12 mpg) is really hurting me; and soon I'll have a big commute (30 minute drive) to and from the university I'm going to after I transfer from my community college; So I really need a more dependable ride fast.

 

[tv559 10+ year member]

Zero credit or bad credit? Unfortunately loans are even harder to get now but as long as you have some proof of what money you make I don't see an issue.
Try like Capital One online or something, you are probably not going to get a good rate but gotta start somewhere.. Also having $1500 down on a 4-5k car is a good thing.

He could never get a car loan through Capitolone too strict but probly a CC with a $200 limit thats it. Try to find a car lot that carry their own contracts.

 

[kmanian 5,000+ posts]

you could seriously pick up a few more hours and tighten up a little more and have that money in 6 months or less. why pay for 2-3 years when you have an option.

 

[Foote 10+ year member]

http://www.cashcall.com FTW //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

I really don't trust doing that online...I was just wondering what my odds are of maybe actually going somewhere and talking to them? I don't want to look like a tard and be laughed at when I go up there...wherever I go (I guess my bank?)

 

[95BlackGA 5,000+ posts]

Most places that give vehicle loans, will only let you buy from a dealer that is affiliated with a manufacturer, and not an independent dealer. They also have a minimum you can take a loan for. I.E : My bank won't let me buy from Joe's Wholesale, because he's an independent dealer, so I have to buy from Pinegar Chevrolet or Republic Ford. I also have to take out no less than a $7,000 loan, and I can't purchase a vehicle that is 6 years or older. Look into personal loans, or a credit union.

EDIT : That's for auto loans. Most personal loans, you can get don't have a minimum loan amount. Look into the fine details. My bank won't let me buy an Isuzu.

 

[Canaan 10+ year member]

Try a car-lot that finances, or check out a local credit union.

Don't let them jerk you around w/ interest rates though.

Hell, a local credit union offered me 6.5% on a used truck.

GMAC offered me 13.5%...guess who I am gonna finance w/ when I find the truck I want //content.invisioncic.com/y282845/emoticons/wow.gif.23d729408e9177caa2a0ed6a2ba6588e.gif//content.invisioncic.com/y282845/emoticons/crazy.gif.c13912c32de98515d3142759a824dae7.gif

 

[Blove1991 10+ year member]

There is decent Hondas around here for that price.

Look on your local craigslist and other car lots for cheap cars

 

[Foote 10+ year member]

The way I figure it is ..maybe a $2000 loan at 20% rate...for one year...is that how it works? Because that will be $2400 total; and over 1 year that comes out to $200 a month...which is about what I need to pay.

Then I'll have $3500 to buy a car with; and just pay $200 a month for 1 year to...my bank? Do you think they'd accept this type of loan...?

 

[probmxstyle 10+ year member]

Can you get a co-signer for a loan? Like a parent?

 

[Canaan 10+ year member]

Banks are going to look at your total income vs expenses.

If you make $500 a month and have to pay back $200 on a loan...um, yea...they are likely going to turn you down. Its called living beyond your means...why do you think the govt just bailed out a bunch of banks/mortgage co's?

 

[bones22 5,000+ posts]

seriously you should deal with the poor mileage for a little while and save up some cash since you are in school

DO NOT set yourself up to fail

 

[Foote 10+ year member]

Banks are going to look at your total income vs expenses.
If you make $500 a month and have to pay back $200 on a loan...um, yea...they are likely going to turn you down. Its called living beyond your means...why do you think the govt just bailed out a bunch of banks/mortgage co's?

Well..its not really beyond my means....That..+ the insurance...+ my phone bill would be all i have to pay. ...and gas. So...heh...I may not have a ton of money left over..but I'll have enough to pay the bill...