All_out_06

just like the title says. I can afford a 98-99 trans am or z28. and the insurance. and have plenty of money left over a week BUT, my parents wont co-sign for me to get a loan. i want to stay at 9 grand or less. about 3 - 4months ago i tried to get a loan (not at my bank) for a 99 ranger. (i wanted a truck to haul my quad.) but they said i needed a co-signer. They said i have a 662 credit score. ive had 1 primary Credit card that im still paying on. and ive had 2 others which i payed off. they were litle amounts. but ive had it for a year a 2months. and i ahve no bad marks on my credit. so im wondering what my chances are of getting a loan in about april. im 19 years old, live at home, work 2 jobs, been at one job for over a year, and at other job for 5 months (7 months when/if i apply). i owe like 700 bucks on my credit card. my dad said pay it off or get is as low as possible before i evn think about applying, he said ill have a lot better chance. I kno banks only go back so far as for the years. but im pretty sure my parents financed a 99 grand am se a few months back..sooo what do you guys think. sorry for the long post

smg267

iTrader: (23)

I worked at a Bank. You usually need at least a 660+ to get a loan. You would need to get a personal loan. B/c the car is older than 5 years. The intrest rate is going to be a little higher. The main things they are looking at are Debt to Income. If this is too high with the new loan it's gonna be a no go. I also know that the bank I worked at would turn people down for slow repayment history. If you were ever late once in the past 2 years forget about it. If you applied for a bunch of loans and got denied that effects your credit score as well. As long as you only have 2 credit cards with pretty low limits you should be fine. If you had 2 credit cards with 2500 limits they would hold that against you to. They always go by worst case scenario. My advice cancell one card if its paid in full do some math and figure out your DTI and how much you can afford to pay... Worse comes to worse wait till your older and get the car. I got mine when I was 21.

99zmaro

iTrader: (4)

well you work two jobs and liv at home buy a 500 junk car then start saving that what i did when i was 18 and paid cash for my camaro which was 8500

All_out_06

as of right now i have 1 credit card. just tryin to get the stupid thing paid off. i was late 2 times like 6 months ago, because the stupid credit card company didnt send my notice in time, but, the loan lady at the bank said there were no marks of lateness or anything... the credit card i have is through my bank "First national bank and Trust" i never tried going there for a loan. do you have a better chance at your own bank rather than going somewhere you dont have an account. i dont kno, but i NEED a new car, mine sucks, and i can afford it. thats waht makes me mad, someone can afford something but you cant get what you want casue your not "credit worthy" when youve been good on payments on your credit card and phone bills, and insurance for a year+. can you usually talk to the loan commisoner or whatever, and see if they can work with you? any other advice? see my friend before he left for basic training, got approved for a 13K truck at a dealerhsip and i had more credit than he did. so i dunno....

7w/aswap

Dealerships will approve most anybody with a certain income.

All_out_06

i also forgot to tell you that ill sell my current car, pay my dad back what i owe him, then ill have about 1200 bucks or so for a down payment...

7w/aswap

Maybe you should try and get a higher down payment? I think if you threw up 2-3k they would be more willing than a 1k down payment.

killerinparadise

iTrader: (2)

I went with my local bank, i had a auto loan with them previously that had a co-signer with it, I made every payment on time to them till payed off and even though i have 23k in student loans, 4k in medical bills(arghhh fu*king insurance company screwed me), best buy credit card, cell phone bill, car ins. blah blah blah and a credit score < 600 they approved me for another one, I did have 2k to put down on the car and 6k more in the bank. I also have been at my current job for more than 2 years and make decent money, I would think living at home and not having any debt would be good for you, you probably just don't have enough credit history, see if your gramps or an aunt or some other family member would co-sign for you, and go to a smaller local bank I found these were easier and better to deal with, feels like they get to know you better and actually try to get you a loan. wow sorry for the long read that was more than I originally planned on writing ha ha

rbrcka

I know there are places out there that will give a loan to about anybody, but I'm sure the interest on those would be brutal. I would think you've had the credit history long enough now to get something reasonable at a bank if you have made all the payments on time. Good luck!

5_02ls1

iTrader: (20)

most banks around here will give a loan on anything over a 600 score.it starts at 420 and goes to 800.those late credit card payments are whats screwin you out of a loan also your young.620 is pretty good for a 19yo.good luck .also find a car thats price is not as high as the loan value.id go to a local bank.car dealers will screw you

7w/aswap

Do not go to a big bank. Bank of America and other big banks do not usually bother with kids and car loans. They see no reason to when they have clients who they can milk off of much easier than repo'ing some kids car who had a 4k loan and didn't pay it. The government, businesses, and house payments are what big banks look at to make money, cars are an after thought because they will only net usually $1.5k over 5years for a car under $7-10k(depends on the interest).

5_02ls1

iTrader: (20)

this is very true.go to a local small bank.as my loan officer says hey i loan you money because you keep me in buisness.and never go for a loan if you are nervous.loan officers like a person who is confident.when you go take recent paystubs from yourv job's.i hope you get the loan because a 19yo working 2 jobs should have anything he wants.

All_out_06

My parents bank at national city, whick is small (in size). i want to wait until at least april to give me a couple more months on the job, and possibly, hopefully, raise my credit score clsoer to 680 - 700. its at 662 right now like i said earlier. also to get my credit card a little lower. i think when i go to apply ill dress nice, and talk responsibly to the loan officer, and assure him/her that im "adult-enough" to pay for this loan. ive heard that going to a dealership, youll have more of a chance to get you approved, because they do so much money with the banks they go through a year, and they can get you approved. do you think i just save a few hundred more dollars, and put that with the down payment? im hoping to get at least...12-1500 profit off my car, then add like 3-400 more to it so like 1800 ish down payment...or should i jsut pay down the credit card? or sell my neighbors trcuk and buy it with cash any more advice? haha thanks guys, your kinda getting my hopes up lol

7w/aswap

You must have a crap load of credit card debt if you can't pay it off with having 2jobs and living at home...I would pay off that first, other wise it will just keep on growing. With my part time job, I make about $575 every 2 weeks after taxes. If it really is only $700, you should be able to pay it off, work the 2months until you apply and have your down payment from your car and be able to put down near $3k if needed. That will be about as good as you could get.

lsx24

iTrader: (45)

Pay off your credit card, and try to save more for a down payment. You're revolving debt (credit card debt) is a negative on your credit report, so pay that off first. And if you can swing a larger down payment, you'll have to borrow less. Also, Credit Unions are great for giving out loans. They will lend to almost anyone. See if anyone you know is a member of a credit union, or see if you can join one yourself that would be a good way to get a loan.

All_out_06

well my friends mom is apart of a credit union, but ive always heard that credit unions are the hardest to get a loan from. as for the credit card, my interest rate is so high, its a killer. like 34% HA. damn credit card companys. but yea i thought i should wait till i got rid of that.

nssane

iTrader: (8)

hey all_out_06:
i worked at a dealership for a long time, and talked quite a bit with the finance managers and what not, and one thing that will help you is this: in your credit application, even if you live at home and don't pay rent, say that you do. even if you put like $300 a month down on the app, it makes it sound like you have a stable place to reside, and they (those deciding on your approval) will not take into consideration the fact that you have nothing holding you to where you are, and you might take the car and skip town. plus they wont have to worry about you getting kicked out and not being able to afford the car and missing payments. just tell your parents that, in case the bank calls to verify. also, don't let them know that it is your parents who you are renting from.

All_out_06

hmm, id probably put down like 50/month. so that way its not a big payment... im hoping to find a car at the dealership. banks scare me lol

7w/aswap

I would put down higher than $50 a month. Probably at least $150 at the very least.

Allergik2dyin

If the reason you are going this is to up your credit score then don't listen to this, but I have another idea. If you're parents trust you and are willing, I would try to work something out with them (I'm assuming they have much better credit than you do). The loan would be in their name and all you would have to do is pay them the monthly payment instead of the bank. Everyone wins...that's how I got my first car.