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Discussion Starter #1
Im 19 with like no credit...I want a car loan...anyknow kno a good side that is nice to the younger folk and gives them a chance? Thanks in advance Im trying lending tree and capital one but Im thinkin theyl'l say no so if anyone aroundmy age has had experience in trying to get a loan and got one can ya tell me where thanks:D
 

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Discussion Starter #8
lol didn't get anything yet...hmm yet. lol Its nothing new but gotta get my loan through at my bank or try some of the other great options people listed...

Its a down grade but I need a 4 cyl since I go to PA to OH so often. The intrepid is killing me. Its an 02 neon SXT or ES I dont kno lol carfax says ES back of the car says SXT.
 

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Never known anyone to "want" a car loan. Maybe the same people that "want" house payments, or "want" quadruple bypass surgery. I dunno.
I had 2 cars loans in the past and I don't want, nay, will not have anymore.
My advise, save up and pay cash. But if you really want the car now, at least save up a healthy down payment. And like said before, go with a Credit Union.
Don't be fooled into thinking that you have to have credit.
 

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id love to have a car loan, cuase it would mean that i could actually have a ****ing reliable car :D (i gotta get back into the DCX department :D)
 

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When i was trying to build my credit i applyed and got approved for a few credit cards, they all had low credit lines but i payed them every month. Id put all kinds of little crap on them and payed them monthly after about two years my credit score was threw the roof and i could get financed for alot of stuff i could never afford lol.. DIT id recomend trying that method. you will get a crappy line of credit at first but it really helps build your credit so you can get a nice low APR loan on a car or house or whatever.. Start off with capitolone they will approve just about anyone. apply for one of the promos they always run 1 year 0 intrest blabla..
 

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I recommend not going with credit.
Can't say I haven't done it before but save, save and save. You dollar will go farther.
I own nothing on the 6 vehicles I have now but I dream about something new and nice often.
 

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I agree with vegas trep, get a credit card or two, buy lots of little **** on em and pay them off... instant credit.... I'm only 20 and have only had one credit card, never went over and always paid, on my last credit report I had a 756.,... I'd say that's a decent score for somebody with only one card
 

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if you need a car loan, go to a credit union, join, and try to get a loan like 2 months after or so. That's what I did at 18, and I was in my car the day after i picked my trep out. they're generally flexible...for example, i pay $85/month on a 2500 loan. Paying so little a month makes it affordable, but remember, the interest rates are higher for us younger people :(
 

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Many problems I see, and finance is what I do for a living. Not making loans or anything like that but accounting and financing and that stuff. First, you're 19. Getting your credit established is tough, but not impossible. the previous suggestions of applying for credit cards is a good idea BUT don't overdo it. Typically Sears was always an easier one to get, and I believe it was the first one I ever got. Charging and paying it off relatively quickly is good, but you don't want to overdo it. Pushing it right to the limit, even if you pay it off completely, is not a good idea. Store cards are typically much easier to get than bank credit cards, because you can only use a store card at their stores. which is fine but that rate is also higher on store cards.

Another thing too when I say don't overdo it is don't apply for too many. You don't need 15 lines of credit open all at once. Everytime you apply for credit it goes against you in your credit report. So if you do many credit apps in a short period of time, you end up shooting yourself in the foot.

Another thing that can help you is your job. Yes, of course they ask about your income. But a lot of times they also ask how long you've been with that employer. Lenders don't like to see that you've only been at your job a couple months and the employer before that for a few months and so on and so forth. So holding down steady employment is a benefit that will help you in getting credit. At 19, I realize you may not have been working that long, but if you've been working steady, that is definately a plus.

Its a dirty word but I'll say it anyway. CO-SIGNER. Yes that's right. Do you have someone like a parent (preferably with good credit) that will co-sign for you? That in and of itself can seal the deal. It is tough to get a co-signer but if you've got someone like a parent, that will trust you not to screw them over, then that will help you big time.

It doesn't end there after you get your loan and/or credit cards. You gotta use that credit wisely and be responsible with it. Don't think making late payments isn't going to bite you in the ass later. It will and depending on the economy at that later date, it could cost you a lot. Credit isn't a bad thing, but its sort of like having kids. You don't want too many and you have to be responsible with it.

*Edit. Another thing I forgot to mention is timing. It takes time to build credit. Just because you were approved for a card today, doesn't mean you instantly have good credit. these things take time. Even when you pay on these things, its not instantaneous. EVery lender reports to the credit bureaus at different times AND not all lenders report to all 3. I've seen mie credit report combined from all 3 credit agencies and there are some accounts appearing on some and not others. My wife, for instance, our mortgage doesn't show up under her name thru one of them, only mine, even though we are jointly shown on the account.

Hope this helps, and anything else feel free to pm me (unless you're asking me for a loan or to co-sign!!)
 

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There's a first time for everything.The first time I took out a loan , I did not have any credit history,of any kind, and I did not need a co-signer. What I did have is what matters most to a lender and that was a steady job, with income greater than my expenses at the time. It was me that decided what I could afford in monthly payments on a loan, so when I applied for the loan they could see that I would not be over extending myself. But i was in my mid 20's when I took out that loan. I did not have a steady full time job at age 19 ...but if you have a steady full time permanent job, then look at your income vs your outgo for the full loan period, if you know you can realisticaly afford the loan payments, then go to whatever lender you like. If any lender turns you down, ask them why, and then re-assess your own situation before looking for a more lenient lender. ya don't want to put yourself in a situation of non payment or late payments. Always keep in mind that a credit report that is stamped "SUCKS" is much worse than one that is stamped "no prior history".
 

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jedgxe said:
If any lender turns you down, ask them why, and then re-assess your own situation before looking for a more lenient lender. ya don't want to put yourself in a situation of non payment or late payments. Always keep in mind that a credit report that is stamped "SUCKS" is much worse than one that is stamped "no prior history".
Very good point. If you are ever turned down, legally they have to notify you of the reason. A lender can't just say no and not tell you the basis for that decision. I'm not sure if jedgxe is correct on the difference between a sucky credit history and one with no prior history, but in my own reasoning, I would personally think the worse looking one would be the bad history.

A lot of things determine lending restrictions. One being the economy. When you start seeing lending and credit interest rates going up, typically so do lending restrictions. Like for the last few years they've been saying we might be in a recession and interest rates came down. Mortgage rates especially were at very low rates. That's because to help spark the economy and get people buying and financing. Interest rates were down and so were lending restrictions. Another reason why I mentioned timing in my earlier post. Hey, I jumped on the cheap financing bandwagon a few times over. Bought my house in 2003 with a fixed rate between 6% to 6.5% on a 30 year. I bought my trep in May 2004 at a rate of 3.99% at my credit union. I was looking at their rates yesterday and its a tad over 6% for the same term. And the best financing deal of all was the deal we got on my wife's Saturn in January. 0% for 4 years. That's right 0, zilch, nada, nunka, nothing, goose egg. And that's because of the economy and most of all the sad shape GM's been in. And because supposedly the economy is starting to take an upswing, you're not seeing the same kinds of deals we were seeing before.
 
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