Small car loan w/o a cosigner?

[sonic purity 10+ year member]

I'd do it

Banks and Credit Unions go by LTV or loan to value. If the car kelley retail blue books for $4000 and you are only borrowing $2000 against it. You have a really good chance of getting a loan through a credit union. Cool thing about credit unions is (at least here in cali) is they dont **** you on interest. they usually top out at 13 to 15% Most credit unions want to see at least 6 months job time and 15% pti or payment to income for first time buyer. Usually the minimum income they will consider is $1200 a month. Hope that helps, but Credit unions are usually your best bet for first time buyer. Otherwise you can go to a ford dealership and use fords first time buyer program. I can give you details on that if that is the way you want to go.

 

[Lingerfelt 10+ year member]

Or you could hit up the Clem to get ***** by those "no credit who cares" places.

1997 Catera with 100K for $9K, 2 year loan...

2000 Park Ave with 100K for $12K, 2 year loan...

Plus they have this neat little thing that shuts your car off if the money isn't in your account when they go to withdraw it... weekly...

A buddy I work with had to resort to those dealerships, I'd steer far away from them. Very far...

 

[sonic purity 10+ year member]

Credit union is what I was told would be my best bet, I bought my first car back in October.
I went through Community Choice Co-op over at 13 Mile and Van Dyke.

My car was $7000, $1900 down, 48 months @ 11.4% interest, no cosigner. And that was the lower interest rate, the first credit union was higher.

Year of previous (spotless) credit (score is in the 700s), 3 years at my current place of employment, and Al Long Ford was still giving me shit, telling me I may need a bigger down payment.

But then I come on here and here all these ridiculous stories about people getting loans with barely any credit and small downpayments?

You need to go to a different car dealer. I have gotten people car loans that have 3 repo's with no money down. Its not as easy lately with the housing problem and lenders seeing record number of repos. But with a 700 credit score, paid previous auto loan and good job time, you should have no trouble getting a 5.99% rate with very little or nothing down.

 

[Twistid 5,000+ posts]

Credit union is what I was told would be my best bet, I bought my first car back in October.
I went through Community Choice Co-op over at 13 Mile and Van Dyke.

My car was $7000, $1900 down, 48 months @ 11.4% interest, no cosigner. And that was the lower interest rate, the first credit union was higher.

Year of previous (spotless) credit (score is in the 700s), 3 years at my current place of employment, and Al Long Ford was still giving me shit, telling me I may need a bigger down payment.

But then I come on here and here all these ridiculous stories about people getting loans with barely any credit and small downpayments?

LOL wow you got boned !! I had 0 down, $7,250 deposited into my auto loan account with 6.8%, but then again I went through USAA which is the best bank evar.

 

[Lingerfelt 10+ year member]

You need to go to a different car dealer. I have gotten people car loans that have 3 repo's with no money down. Its not as easy lately with the housing problem and lenders seeing record number of repos. But with a 700 credit score, paid previous auto loan and good job time, you should have no trouble getting a 5.99% rate with very little or nothing down.

That's what I'm starting to understand, unfortunately at the time I didn't have much choice.

But Michigan's splendid economy may have been a factor in it too. //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif

 

[Lingerfelt 10+ year member]

LOL wow you got boned !! I had 0 down, $7,250 deposited into my auto loan account with 6.8%, but then again I went through USAA which is the best bank evar.

Yeah, but it will be payed off long before 4 years, so the interest doesn't bother me too much.

 

[RnK1026]

no credit, no cosigner and nothing for collateral, its gonna be rough but it can happen, just expect a high finance, but thats also how u build your credit. you have to start somewhere anyhow. i dont know if there is a citifinancial or beneficial or american general around you but there gonna be one of your best bets.

 

[RnK1026]

or if its a major car lot, you can qualify for a first time buyer plan. that would probably actually be easier. i did it in 2003 on a 03 cavalier. montly payment was like 236 and APR ended up bein 1.9%. bad part is, example, mine was at a chevy dealership so bein a first time buyer, they give you the low end chevy and you get to pick a few extras. either way, this or the other places mentioned, you have to have good standing present employment

 

[Proximity 10+ year member]

Banks and Credit Unions go by LTV or loan to value. If the car kelley retail blue books for $4000 and you are only borrowing $2000 against it. You have a really good chance of getting a loan through a credit union. Cool thing about credit unions is (at least here in cali) is they dont **** you on interest. they usually top out at 13 to 15% Most credit unions want to see at least 6 months job time and 15% pti or payment to income for first time buyer. Usually the minimum income they will consider is $1200 a month. Hope that helps, but Credit unions are usually your best bet for first time buyer. Otherwise you can go to a ford dealership and use fords first time buyer program. I can give you details on that if that is the way you want to go.

KBB is around $6.5-7k, I'll be paying $6300 and putting down what I get for my current car, which would be around 4.5-5k. I'm making roughly 700 a month, and I'd expect around $100/mo, which is about 14.5% of 700. And I've been at my job for almost 3 years.

And I'm buying the car from a private party.

I'll check out some credit unions tomorrow.

 

[sonic purity 10+ year member]

they go by gross income, with means before taxes and ssi are taking out. I would definetly go in and apply at a few of them. You shouldnt have too much problem financing that amount with the collateral being worth 3 times the loan.