Celica Forums General Discussion General SERIOUS TOPIC: I NEED A CAR LOAN BUT I AM 18, NO CREDIT HISTORY!

what do you recommend?

you might have to cosign with someone, i had to do that it sucked... because if you miss the payment, either they can pay it for you and take the car, or if neither one of you pay it ruins their credit.

I need to do this on my own, my parent wont help.

do you have a job and how long have youbeen there for?
your young and want a loan for a car and im guessing itll be between 10-20g car loan. I had to get my mom to co-sign for me and i was 20 with a good paying job no credit history. Ask a older friend or a cousin if they will co sign for you

I have been with mcdonalds for 3 years, recently quit.
I have been with ups for 3 months now.
I am a full time college student.

You're living in MD, so let me help you:

Go to the Gaithersburg Hyundai dealership, they will finance anyone (I got started there)

Get something simple to start with, Elantra or something, pay it off in 2 years, trade it for something nicer, use the trade as a downpayment.

That's how I got my Celica.

That is what i had to do. That is the only way.

Get a credit card. Use it, pay it off every month, establish good credit. Graduate from college and take your degree with you to a dealership and get low financing on a used car. Just, as soon as you can, get yourself a good credit history cause you'll need that the rest of your life.

If you "need" a car that you can't pay for, you're gonna need a cosigner, and that is the only way right now.

its true...i had to get my mom to cosign for me...cuz i had credit history...
but they also have these things called security credit cards...aparently it builds up credit history REALLY well...dont remember how it works...but look into it too...

or if you get a credit card to build history, make sure you USE it and pay it off...if ou just get it, and dont use it, it doesnt do anything

if you dont have credit or co signer get a checking account or credit card and
use it for a few months and go back and check if anyone will finance you

good luck

i was gonna say that

beg

my parents co-signed for me when i got my first car, now after 2 years i got this celica under my name.

Just a hint.
If you try to get a loan and get denied don't just go around town applying. If you apply more then 3 times in one year you get a mark on your credit score. I know, It sucks. When I got My Celica I was 22. I still had to get my Mom to cosign. How embarrassing is that. lol

like posted above, you gotta establish credit asap to build your credit score. don't think you have to get a mastercard, visa, or amex you can get an easier card to like walmart, jcpenney, or filennes that will help build it for future loans. but at eighteen, i doubt anything would help your credit score immediately and if you do get a loan you're gonna have a hella high interest rate.

if you need some credit get a crddit card and just be sure to pay the stuff off or like if you cant get one yet or whatever you can try jus like goin and gettin a target card or sumthin and just use it a bit that will give you somecredit

I was the same way, I needed a co-signer, But I got a credit card charged up a lot of money on it (about 5 grand total thus far) and paid it off fully each month. Now after only a year and a half I have super good credit and can get a loan all by my self and Im only 20.

Youre pretty much hosed. I had above 700 credit and was paying all my bills on time and places still wanted 10% because it was my first car loan. I bitched and got one for 6.25. I could have gotten lower with a co signer but i didnt want to ask my parents

OK, UNEMPLOYED AND ONLY A STUDENT. YOU'RE NOT GETTING A LOAN. LIKE THE OTHERS SAID,YOU'LL HAFTA CO-SIGN.

you have to be working a half decent job and you have to be there for a long time. Put it the years and they will be sure that they will be able to collect their money from you. This is the only way to do it yourself. It will take time.Stick wh it and it will pay off. I have been at one of my jobs for over 10 years and i took on a second job two years ago. Trust in this.

wow great job diablo gts. workn the systme If you cant find a buddy to cosign with you do waht diablo did. Seems to be the best rout.

I'd have your parents sign for it. Then just transfer payments into their account. OR get a credit card and start using it.

I say the same as everyone. Get someone to co sign it. Either a girlfriend or friend with good credit. Get someone to get a loan for you and pay them back with mega interest (that takes trust and doesn't help with your credit history).
Otherwise you have to play the waiting game. Get a crap card like Bank One or Capital One and use it always and always pay it off full and on time. I would say get a gas card and some retail stores credit card and build the credit up from there, but that's longer and what most early teenagers do. Also, you don't want to open to many new accounts at once. That will deny you anything new and look bad.
Save up money in your bank accounts no matter the amount.
Get a credit card through the bank and use it and pay it off on time and in full. When you have enough money saved up in those accounts get a cheap loan from your bank. The cheapest you can get ($500-$1000). Pay it back no matter on the interest.
After a year or so, you will have the best credit on the planet.
I know you need it now, but we all need things now.
18 and no credit/ bad credit to get a loan is like an illegal trying to get a government job.