What are my chance of getting a auto loan if I’m 18 and no credit history?
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Hi i was looking at getting a auto car loan from my bank i was wondering what are my chances and i have a set car already and have about four or five of them lined up i wanted to pull out like a 5000 auto loan would this be a good idea or should i get a co-signer or i shouldn’t even bother and just do cash.
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Clay said:
Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool – carinsurance.yoll.net
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0November 30th, 2009 at 7:38 am -
Derrick S said:
Try to find a car dealership that owns the finance company.Usually they will finance most everyone a car,however you will probably pay more finance rates.Whatever you decide to do,DO NOT purchase a car from a buy here pay here type of dealer.Alot of these dealers are crooks with a smile and no mask.What alot of them will do,is if you are late or miss a payment,they will repo your car,sell it to someone else,then make you pay for the price you still owed on it and you will not get the car back.No matter if you made all your payments on time or not.Just be careful.
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0 0November 30th, 2009 at 7:38 am -
N said:
Without a huge down payment or a cosigner with good credit, you have no chance. no need in even applying.
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0 0November 30th, 2009 at 7:38 am -
Kon said:
There are a huge number of banks that deal with auto loans for people with challenge credit. The two best choices are:
1. Go to a very large dealership that advertises that they help people with credit problems. A large dealership will normally have more banks they work with, more talented leading specialist on staff, and stronger relationships with the banks. (There are exceptions to this rule of thumb.)
2. Put down a large down payment. The more money you put down, the more likely the bank is to give you the loan.Also, note two additional things:
1. Depending on current rebate offers, a new car may be easier to finance with a lower payment and lower down payment for you.
2. Some credit unions are wonderful for people with credit issues.My advice is to find a dealer you feel comfortable doing business with. Believe it or not, there are honest auto dealers and honest car salespeople. Try to find one you instinctively feel good about. Generally, you will get the best deal from a "good person".
For car loan quote—————————————–
http://www.loansandinsurances.com/Like or Dislike:
0 0November 30th, 2009 at 7:38 am -
Marta said:
You would either need a co-signer or a size amount of down payment to get approval with no credit. But, a car loan if paid consistently can help you to build credit score.
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0 0November 30th, 2009 at 7:38 am
