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any possibility of getting a small car loan at 19 years old?

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DarkManX

Diamond Member
is there any possible way I can get a 5-6,000$ car loan? Im 19 years old, I have no credit history, but I did get approved for cell phones with 0$ deposit. My parents have pefrect credit but might be buying a house in the near future so they dont want to stick on another car loan in there name, is there any way I get one with my parents co-signing it? I dont really care what the interest rate is since I will pay it off by the time summer is over.
 
Probably not but:
Are you a student?
How long at job?
Who is your bank?

Your parents cosigning is an option but they will be the ones buying the car (primary) and you will be thse secondary. They will be who the collectors will go after first in other words.
 
you might want to talk to AMDman12GHz as he is going thru the same thing and having some problems. He is a bit more advanced in his search, so perhpas you to can compare notes or something.

🙂
 
I would apply through your bank first. You will not get approved through a dealer other than dirt lots (buy here/pay here) based on your info.
 
DarkManX, i'm in the same position as you: student, looking for a car, need a loan if i want to buy new

i went to the honda dealership nearby and they told me it would not be a problem so long as i provided a co-signer
 
Originally posted by: DarkManX
how do those dealers that promise to approve EVERYONE do it?
Click to expand...

they do so by raising the APR's.. that's how.. they increase it and also have collateral thinge of sorts..

YOu can try credit unions for a loan.. most dealers that do say tehy will finance you will do so at a higher APR sometimes as high as 18-24%
 
Originally posted by: DarkManX
how do those dealers that promise to approve EVERYONE do it?
Click to expand...

Because they can approve anyone. It is all amatter of if you can come up with the required down payment. Usually 40-50%.

It is similar to the saying "If we make a deal we will pay off your car no matter how much you awe". Owe too much=no deal.
 
Originally posted by: The_good_guy
Originally posted by: DarkManX
how do those dealers that promise to approve EVERYONE do it?
Click to expand...

they do so by raising the APR's.. that's how.. they increase it and also have collateral thinge of sorts..

YOu can try credit unions for a loan.. most dealers that do say tehy will finance you will do so at a higher APR sometimes as high as 18-24%
Click to expand...

This is false.
 
Originally posted by: Viper GTS
Originally posted by: DarkManX
how do those dealers that promise to approve EVERYONE do it?
Click to expand...

Nobody promises to finance everyone, they promise to accept all applications.

Viper GTS
Click to expand...

Another fine slogan. "All applications are accepted!". There are in fact dealerships that promise to approve everyone. Some will even give you a couple thousand dollars if they can't. Again your approved but you have to come up with the required down payment.
 
It aint gonna happen, you will never get a car go ahead and give up 😛....


No but seriously I ran into a brick wall about 10 feet thick trying to get a car this past month.

Just go take out some small loans, or get a secured credit card and build some credit. Do this for a year + and then you should be able to get one, HOPEFULLY! 😛 LOL
 
Originally posted by: AMDman12GHz
It aint gonna happen, you will never get a car go ahead and give up 😛....


No but seriously I ran into a brick wall about 10 feet thick trying to get a car this past month.

Just go take out some small loans, or get a secured credit card and build some credit. Do this for a year + and then you should be able to get one, HOPEFULLY! 😛 LOL
Click to expand...

Reality has set in.
 
Originally posted by: fredtam
Originally posted by: AMDman12GHz
It aint gonna happen, you will never get a car go ahead and give up 😛....


No but seriously I ran into a brick wall about 10 feet thick trying to get a car this past month.

Just go take out some small loans, or get a secured credit card and build some credit. Do this for a year + and then you should be able to get one, HOPEFULLY! 😛 LOL
Click to expand...

Reality has set in.
Click to expand...

Its been set it, I have just been trying to break it 😉
 
If you have a large down payment, they might. I bought my first, and only 🙁 , new car at 20. I put more than half down on it, and got a loan from a credit union I had an account with.


 
Originally posted by: L vis
If you have a large down payment, they might. I bought my first, and only 🙁 , new car at 20. I put more than half down on it, and got a loan from a credit union I had an account with.
Click to expand...

Ohh yea thats another thing, try to get in with a local credit union, put money into your checking account with them and pack away into the savings account and you might be able to get a loan from them 6+ months down the road.

Just dont expect anything to happen for you tommorw its gonna a time consuming process.
 
Originally posted by: AMDman12GHz
Originally posted by: fredtam
Originally posted by: AMDman12GHz
It aint gonna happen, you will never get a car go ahead and give up 😛....


No but seriously I ran into a brick wall about 10 feet thick trying to get a car this past month.

Just go take out some small loans, or get a secured credit card and build some credit. Do this for a year + and then you should be able to get one, HOPEFULLY! 😛 LOL
Click to expand...

Reality has set in.
Click to expand...

Its been set it, I have just been trying to break it 😉
Click to expand...

Hope it all goes well.

To the OP:
1. If you get a loan from the bank to build credit carry it to term. Don't get a $500 loan and pay it off in two months.
2. Get a secured card and put as much money as you can into it. Most put your money into CDs so you get intrest on it.
3. Student loans help once you start paying them.
4. Although most buy here pay here lots do not report (some do) they do keep records. I have used payment records from buy/pay here lots to help people get financed.
5. Need a piece of furniture or jewelry? These places usually deal with primary banks. Whith the right amount down it is usually easy to get approved.
 
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