i have no credit, but i want a loan

[dreamchasin]

My fiance has been going through this. She applied for a lot of cards and everywhere she was declined because of no credit. she tried the beginner of beginner cards through Citi (where i got my first) and others, as well as multiple department stores (because apparently those are best for first timers. No where would give her a card. We went to our credit union so she can try and take out a loan, they wouldn't give it to her, so I co-signed.

Basically, if you want a loan you gotta throw cash down as stated earlier. I had payments for a loan and credit cards and other places like Dell since I was 18, I am now 21 and only have a credit score of 620. Had a 670 but when I took out my 5k loan it dropped to 600. I was lucky enough to never have to put money down. I make shit money working 40 hours a week, 300 dollars a week is all I get, that's chump change to the average person.

Good luck, it's difficult now a days.

[slaterd]

do you go to college or community college?

[J308]

I built my credit to the point where I could easily finance and afford multiple 20k cars...
And I just bought a $600 e30. Go figure.
Expensive cars aren't all that.

Take the advice in this thread... you will need credit someday, even if it's just for home ownership or a school loan, etc. Take the time to build it up right.

[Exodus_2pt0]

Take this advise or else you'll be kicking yourself later for it. Build credit and keep with the e30. :)

Really wish someone had given me this advise a few years back.

No I'm older and wiser, the amount of money I have thrown away on interest is sickening. Oh well, it will be over soon. Car is almost paid off and I couldn't care less about my credit rating once it's gone.

Hard to not feel like a slave when you owe an entity thousands of dollars.

[Dozyproductions]

Dude, really? You're 18, not in school and trying to pay for a 10k car? Pay for what you can afford.

Take this advise or else you'll be kicking yourself later for it. Build credit and keep with the e30. :)

[FunfGan]

Dude, really? You're 18, not in school and trying to pay for a 10k car? Pay for what you can afford.

[Joe G]

I'm sure you can afford it, but your better off just building your credit. By this time next year you will have good credit(as long as you play by the rules and pay off your CC) and will hopefully have more money saved, and be able to get a car you really want and maybe won't need as much of a loan, or will be able to afford a bigger loan for a better car.

[mrsleeve]

2 ways to go about this

1 get a low limit CC from Capital one or similar. yeah it will have an annual fee attached to it and it will have a very shitty interest rate. PAY IT OFF EVERY MONTH, and use for stuff you would buy anyway like gas. In a few months you will have started your credit history. Be careful with it.

Or you take 500+ dollars to the bank or Credit union and put in a CD and then take out the loan against that, as a secured loan. They will pay you a little interest on it while its in there, while you are paying the loan off.

[bowtie2bimmer]

With no credit its gonna be tough man. Get a secured credit card or loan and build up your credit. Is there a particular car your looking at? If not buy here pay here places will finance you. The interest charge is outrageous but if you NEED a car its an option...

[devon.818]

i know how i can build credit lol, but that takes time.

thats why i've always bouhgt e30's, if i can pay for it IN FULL then im happy.

but i have a stable job, make good money, know how much i can afford.

thanks guys, i'll see what happens

[ejnight]

if you don't have the cash you can't afford it. But if you must, get a Sears CC first and build your credit in 6 months you should be OK. But you will pay high interest.

[GaryE30]

I'll fund you, but my interest rate is pretty nasty and I have guns. :)

lol

1. Have a stable job
2. Get a credit card
3. Use it on everything (but only stuff you KNOW you have money for)
4. Pay it off every month using the money you HAVE in your account
5. Slowly build credit

1. Go to bank and get a small loan ($500)
2. Pay it off monthly
3. Slowly build credit

These are things you can do that can help you right now, but you probably won't have enough credit to buy the exact car you want with a loan right now.

[redsubdivisions]

Credit union is your best bet but the more you can put down, the more inclined they are to help you.

[devon.818]

went to my bank, wells fargo, they told me i dont have a credit history and would need someone to co-sign for me, well my pops lives in cali and he can't co-sign, and my mother's credit is FUCKED!

so how can i get a loan, without a credit history or a co-signer?

the dealership i work at told me if i were to buy a car from them, they have "ways" of getting loans approved, but im not looking to buy a car from them lol.

should i go to a credit union?

i can 100% afford the car i am trying to buy. its only listed at 10k, can prolly get for less.