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

[azimuth 5,000+ posts]

buy here pay here lots can have very high interest rates, but if you do, make sure they report to the right credit agency, or else you could get useless credit. if they only report to equifax, do not do it. you need them to report your on time payments to experian and idealy transunion.

 

[SocMunky 10+ year member]

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

x2. Pay cash if at all possible. Then take the money you were looking to pay on a loan, and stick it into an ira of some type.

 

[nosaj070 10+ year member]

x2. Pay cash if at all possible. Then take the money you were looking to pay on a loan, and stick it into an ira of some type.

I've seen this mentioned multiple times, paying cash has its advantages but financing (at a reasonable rate) is typically a better idea. Say you get a decent rate on a loan (4-5%) it makes more sense to absorb the payments and invest the money where you are earning a higher rate of return (anything greater than 5%). This obviously isn't ideal for the op considering he doesn't have any savings, or a solid job, etc, but even if you have the money many times its better to finance it.

 

[craigzter 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

that would be a good way to go imo. I financed my ride of 12.5k and only paying $200 a month for my blazer. and I am 20 as well.