Kalgorn

iTrader: (6)

That's the **** that pisses me off too. I have a 11.49% APR on my loan because I was 20 when I got it. My credit score is 650+ (I checked last year) and yet I get a higher interest rate. I know it's not terrible but it really pisses me off. I'm 21, I make $30k/year right now, and I can definately afford this car. If I couldn't, it's easy for them to come seize the car and screw my credit for many, many years.

All_out_06

well looks like i wont be getting a car n e time soon, i guess i better go buy a fast reclining rocking chair lol....my dad WONT sign for me..soo we'll see

All_out_06

what should i buy so i can become "credit worthy" *bows*...twice.. ha

Canuck13

iTrader: (1)

Ahh, cell phone bills, that's something small, constant and monthly. If you can afford a car, pick yourself up a big screen TV and pay that in payments. I dunno how credit works that well, 25 years old live alone, only got a credit card last Sept., all I ever paid was rent and for my 'medic course and in '05 I bought a brand new GMC Canyon 4x4 for 0%, no cosigner. Follow these guys leads, if you look around somebody will loan you money from somewhere.(Just say "no" to Vinnie the loanshark downtown)

Zosam

Have you tried HSBC auto finance? They will probably give you a loan with a really high interest rate but if you are wanting in the car that bad, it might be worth a shot. They financed me when my credit score was really low. If you keep your payments on time you should be able to get it refinanced with a different company at a lower % rate once you have established a little more credit history.

HSBC's Site

NDFORSPD

yeah cell phone is a good way to establish credit while spending money on something necessary. Ever thought about opening a retirement fund and monthly contributing to that(will help your credit). Anything more than 9-10% interest to me is not worth it, even if its the deal of the century. Id say at the least, get a better downpayment

All_out_06

holy hell......hsbc denied me too... i give up .... ill have to drive my 92 till the wheels fall off.... maybe someone will rear end me haha... FINANCE COMPANIES

BLKWS.6

Furniture stores report monthly and that will build credit. Sears card is a good way to start it out too, but you need some large purchases. I recommend furniture.

BLKWS.6

Sounds like your loan officer already did

Finite1

iTrader: (3)

Cell phone = easiest method to get credit

or hit up a best buy, sign up for one of their cards, buy somthing in the store and pay it off.

start small

good luck!

schmidt69

try capital one auto loans, i got approved for 14000 and im only 21, my credit score was 683 last time i checked

Ray455

When I went to buy my T/A roughly 4 months ago I couldn't get financed by myself, and it's because of what BLKWS.6 said before, a lack of credit history.

My credit score before I bought the car was 735 through TransUnion and 690+ through the other two (have the paperwork to prove it) I'm 19 years old, and work a steady job. The high credit score is thanks to my mother applying for a joint Discover card which I’ve had since I was 16 1/2-17. The card is only used for gas, and it's always paid over minimum and is never paid late. However, even after checking my credit score (the guy was shocked, to say the least) he told me that I'd need three high credit applications with the credit bureau before I could even dream of getting a loan without a cosigner. So I had my mom (710 credit score ) cosign with me, dropped the 2k down, and I was eligible to finance my 99 T/A with 8%apr.

The simplest way, is to find a cosigner, a parent, a grandparent, or any relative who trusts you. Just don’t let it bite them in the *** by not making your payments on time, and remember that this affects their credit as well. If you don’t want to go that route, the best way to do it is exactly the way BLKWS.6 said. Apply for a credit card, make larger purchases and pay them off right away, don't be late, and make payments well over the minimum, it adds up quickly.

miamifan3413

iTrader: (1)

Since when is hooking a bad thing??? As to the threadstarter, keep looking, with a credit score like that u are bound to find someone who will give u a loan

darrensls1

Did you try 1-800-BAR-NONE? I remember the commercials were always boasting that they can get anyone approved as long as they had a job and a checking account.

Good luck.

YellowMonster87

iTrader: (4)

Ok well im seeing alot of false advice here. I have worked with loans and finance in the banking industry as a manager for a long time, and first off cell phones dont show up on credit apps, they only check your credit to see if your a reliable person and how many line they can approve you for. Second off, when you start off with your credit card you only need one small card....i started with a 500 Max. put minor stuff on it and then pay it off ....then put something on it and let it roll over a month maybe pay half then pay it off next month...then pay the card off compeltely a couple months just mix it up this shows consistency in no matter what the balance you always pay an amount or you pay it off. Third, i started in banking a while back when i was 16 im now 19....i got a my first card 6 months after i turned 18 im now a lil over 19 and i just got a loan for a 2000 Ws6....the amount is roughly 13k and my apr is 8.69%. This is my first loan on my own my lst one for my CETA was a co-signer. I went through Fifth Third Bank in Chicago Area and they said as long as credit was between 640 and 670 you get a 10% apr or something like that but since my c/s was around 700 something i got a better rate. Trust me I have been in your shoes and gone through exactly what you wnet through....dont go through dealers they want to give yo ua high rate, the finance managers at dealerships make money by how long you finance the car and the apr they give you....i.e. higher apr=more money forthem.... dont pay 26% for a loan thast dumb. just take your time and keep paying yoru credit card....also when you get a laon one way to jump your credit score really high is to over pay your car payments every month...this shows that not only are you ontime with your payments but that you can handlethe loan, make sufficient money, and you are whats considered a "good risk" and the banks say you have a LOW DTI which stands for Debt To Income Ratio...i.e. you make more money then you spend. Hope this helps and if you need anything else just pm....idk where you live but id be happy to help ya with questions if you need anything

Yellow

All_out_06

well, i dont need any furniture lol...i live at home, and we have all the furniture we need haha. but i do have a best buy credit card $1000 Max. I think im going to pay off my current credit card, then buy something else? maybe.. i dunno. im kind of in a bind, i was hoping to get the laon, then switch to a better job. but if i switch to a better job now, it would hurt my chance of getting a loan because i wouldnt have much time on the job, (assuming ill get the car this summer...) so, ive already got denied from 5 places so im thinkin i should stop applying, cause i kno that hurts your credit. My c/s is probably like -500 right now after all that applying lol....

firebird5134

yeah probably shouldnt apply to anymore places. As far as the Best Buy card deal goes im doing the exact same thing. I went and bought a Plasma TV last year and have started paying it off. Im building my credit and have an awesome TV mounted on my wall.

Scorch1

iTrader: (1)

As long as you applied for car loans within 2 weeks, it will only count as 1 pull on your credit report. I believe there is a maximum number (correct me if i'm wrong) but you'll be okay with that. Cell phone bills do nothing good for your credit score, although if you do not pay it for a while it can hurt it. Same with insurance. Monthly payment, but does nothing for your credit report. I can't get a loan by myself as well, I'm 20 have a credit score in the 700's. I had to have someone co-sign for me. Unfortunately that's the only way, its because at a young age we have no credit history, which is what they look at. You may have good credit, but its not a long enough file for them to look at. I got my loan through Fifth third bank as well, I dunno if they take more chances or not, but maybe try them if the dealership will work with them. You could always save up and make a nice down payment, that may help your case a bit. Plus with a trade in. Good luck.

CJDZ24_Z28

iTrader: (75)

Yea try Capitol One auto they are a sponsor of this site. A friend of mine that filed for Bankruptcy they approved a loan for him for over $13,000

All_out_06

i think im just going to hold off till late spring/early summer. gives me time to build a little more credit history, and save up for a down payment. ill try to save like 1k then trade in my car also. and maybe....just maybe, my dad will co-sign. do you think its worth it to settle for like a 5500 dollar LT1 Car? like a 94-94 Z28? how hard do they pull compared to the ls1 i drove. will it still break the tires loose like that ls1