Where to get an Auto Loan with No Credit on a $10,000 Car?

I want to buy a used car, but I have no credit. I turned 18 last October and I will have a job making 0-0 a month. Where can I go to get an auto loan? I can do a down payment of 00, so then my monthly payments would only be around 0 – 0.
I will be living with a relative

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This entry was posted on Monday, January 25th, 2010 at 9:41 am and is filed under auto car loan. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

6 Responses to “Where to get an Auto Loan with No Credit on a $10,000 Car?”

misty m on January 25th, 2010 at 9:41 am

You need to find a local bank, maybe someone that knows you personally a credit union would be great.

Unfortunately you want qualify for a loan at a dealership because you income is so low. Unless you have a co-signer.

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Tom C on January 25th, 2010 at 9:41 am

with only making 700$ a month you should only buy a 3500$ car, tops. you will need someone to co-sign for that much anyhow looking at your age and probable credit rating. start sweet talking the parents, haha.

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flipsgirl2006 on January 25th, 2010 at 9:41 am

Avoid "Buy-Here Pay-Here" places- they are a complete rip-off. A reputable dealer will be happy to work something out with you. If you want to buy it on your own, you may not get the $10,000 car you want, you might have to settle for something in the $6,000 range. Most dealers have first time buyers programs, as long as you’ve had the same job for a while and have a utility bill in your own name. You will likely get an approval because you have so much cash down (this is if you are buying a $6,000 to $7000 vehicle). They may ask for your W-2′s or check stubs. You will be financed through a regular bank and this will also establish you some credit so you can buy that $10,000 or $20,000 car later on in a couple of years.
If you’re still determined to get the $10,000 car, you will likely need a co-signer, especially if you are living on your own (they take rent and household expenses into consideration during the loan approval process).
Check your yellow pages, call around to the regular dealerships asking if they have any first time buyers programs, and please avoid "buy here pay here" and "in-house financing" places, as these are big rip offs.

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ryan on January 25th, 2010 at 9:41 am

go get a crappy honda like every other 18yr old that isnt living on his own and makes less than a grand a month. pay cash so you can spend your paychecks ”fixing it up”

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sarani on January 25th, 2010 at 9:41 am

If you plan to pay back the money , you can ask for a loan at Prosper. More information at http://www.acreditlibrary.com/prosper.html . You can also try your luck at online charities, people may send donations. More information at http://www.laodn.org/

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tim l on January 25th, 2010 at 9:41 am

I can tell you are a fromer car salesman. Most lenders want at less 1300 a month income. The down payment would help you get the loan. oyur income will hurt you sorry. Maybe your parents will sign with you so they help you qaul to get a loan. Sorry that is the best i can help you.

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