Financing a car, a few questions lol

[JLJunkieMX107 10+ year member]

I found a car for $5900. I can probly talk the dealer down to $5000 or a little under. The thing is I am only 20 and I have no credit. Most credit unions will not process a loan for me unless I have a co signer. I dont really want to bring someone else into this.

What I need to know is where is the best place to get a loan or financing when you have no credit. I have a neon to sell and can prolly sell it off for 1500 so thats a good chunk I can knock out.

Anyone have tips please let me know. I know some of you guys have bad credit and financed a car lol. I dont really want to finance through the dealer but if thats my only option then so be it.

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[duece212 5,000+ posts]

If your credit union turns you down for 5k then you might be up a creek, credit unions are usually where its at. Have the dealer spam your app out to a bunch of different banks and see who bites.

 

[crunktimes.com 5,000+ posts]

Sell your Neon put that cash down you will probably get approved.

 

[DB_DRAG_SPL 10+ year member]

I found a car for $5900. I can probly talk the dealer down to $5000 or a little under. The thing is I am only 20 and I have no credit. Most credit unions will not process a loan for me unless I have a co signer. I dont really want to bring someone else into this.
What I need to know is where is the best place to get a loan or financing when you have no credit. I have a neon to sell and can prolly sell it off for 1500 so thats a good chunk I can knock out.

Anyone have tips please let me know. I know some of you guys have bad credit and financed a car lol. I dont really want to finance through the dealer but if thats my only option then so be it.

http://www.capitalone.com/autoloans/?linkid=WWW_1107_Z_09_HOME_H1_02_T_AC1

 

[JLJunkieMX107 10+ year member]

Alright thanks for the tips guys. I may just have to settle for dealer financing or have my fiance co-sign on it.

 

[DB_DRAG_SPL 10+ year member]

Alright thanks for the tips guys. I may just have to settle for dealer financing or have my fiance co-sign on it.

Get the capital one blank check. Shop like you have cash in hand.

 

[duece212 5,000+ posts]

Get the capital one blank check. Shop like you have cash in hand.

Don't think they do low dollar loans like 5k...there is a minimum you have to use the check for //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif

 

[DB_DRAG_SPL 10+ year member]

Don't think they do low dollar loans like 5k...there is a minimum you have to use the check for //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif

I think they do, I only think the requirements are no older than 7 years and no more than 70,000 miles.

 

[JLJunkieMX107 10+ year member]

Well its an 02 and unfortunately it has 71,890 miles:crap:. I think if I do dealer financing I should be able to pay it off pretty quickly

 

[craigzter 10+ year member]

capital one blows.

thats who i have my blazer financed through....interest is out the *** o.0

 

[gymfreak101 10+ year member]

never do dealer financing, and if you can't get a loan now build some credit and wait a while for a car, then you will be able to also build credit with the car, buy here pay here loans are absolute scams with rates up to 35% simply you can't afford that no matter how fast you think you can pay it off.

 

[pioneerpimp 5,000+ posts]

youre 20 and have a fiance? that can co sign for you with good enough credit...?

 

[pioneerpimp 5,000+ posts]

also, why does everyone say dont go with a dealer?

 

[dman4486 5,000+ posts]

I am 22 with no credit, but I have had an account forever with a credit union and they got me 4% on my bike

...now I am building credit

 

[fbi90909 5,000+ posts]

most credit places won't even bother with a 5k loan due to the fact that the item you a trying to acheive has little to no value to them if they have to repo it for w/e reason of you not paying it off.

for instance what happened to me.

i had a credit card well over a year with 2k limit, never missed payment and always payed 5-10 days prior to billing date.

had 3,000 saved in bank account.

went car shopping specifically for a 02 jeep grand cherokee or an 02 ford explorer in the 11-13,000 range. most had a decent amount of mileage on them, about 60k(note these are vehicles found on autotrader all at dealers)

went to 3 dealers and was denied for each vehicle with a 2,500 down payment. each place told me they needed a bigger down payment with a car that had less mileage on it. which would turn out to be a more expensive car.

after 16hrs of battling it out with different dealers i scored my 05 civic at 15,000 sticker price with 19k miles on it. ended up having to put a 3,000 dollar down partially using my credit card just to get the car. my interest was 18.6%. after 9 months of payign my car off and getting it refinanced i got it dropped down to 9% by my local credit union.

now with that said it may not be easy for you to get the car you want. if you have no credit and little to throw down on it, it's not going to help your situation. try to get a co-signer, and if the car is at one of those dealers that say all credit approved, they will most likely give you weekly payments. if they do your going to have to bite the bullet and take it to get your credit line started. with that it will give you credit history after it's been payed off succesfully, which in later times will open the doors to credit cards and annoying telemarketer calls every god **** morning of your life offering the crappiest credit card. //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif