How do I get a car loan if my parents are not able to co sign for me and I have no credit built up at age 18?
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My parents do not have the best credit and cannot co-sign for me for a car loan. I am a manger for OfficeMax and make very good money but I have nobody to co-sign. What can I do??
Also, I live in missouri if that makes a difference.
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Michael said:
It’s possible to get an auto loan w/ no credit & no cosigner. It’s not guaranteed but you’ll be required to put a LOT down on the vehicle and the bank will want to see recent pay stubs, bank statements(It helps to show both checking and savings accounts), and statements from your broker if you have any money market accounts. They will also check with your employer to verify that you’re actually employed by Office Max and you may even have to show a recent 1099 to prove the income you put on the loan application.
Since you’re only 18, be sure to check on insurance before you even try for the vehicle. Most banks required you to hold full coverage on the vehicle until it’s paid off. And the reason I’m saying this is because even if your MVR is 100% clean, full coverage on anything will be high.
ps:
Don’t negotiate any loans from links or email addresses that were spammed on here. All they’re trying to do is obtain your personal info..Like or Dislike:
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0February 25th, 2010 at 9:53 am -
MadMan said:
You don’t get one. Sorry.
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0 0February 25th, 2010 at 9:53 am -
Sharon T said:
Try a credit union.
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0 0February 25th, 2010 at 9:53 am -
StephenWeinstein said:
First, you build up your credit. Then, and only then, you apply for a car loan.
Or you just save your money until you have enough to purchase a car without a loan.
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0 0February 25th, 2010 at 9:53 am
