No Credit/Bad Credit car loans??

[lex rockhead]

Sup NT im tryna cop a whip with no credit and got denied by my own damn bank

. Mind youIve never been in trouble financially. Ive never had a credit card always had a celly in my name because i thought it would help but i guess it doesn't. Myquestion is have any of you used any of those no credit/bad credit places online to finance a whip? How was the interest rate? Are some of them scams? I REALLYwant a whip before the end of the month, i have the means to pay for it and all that. Btw before someone comes in and says "google" or "ask afamily member", both have failed me. Thanks yo.

 

[dirtylicious]

you will pay at least a 20% interest rate...stay away.

 

[jordanfiend85]

You're about to get owned...

 

[wildout4]

ask a family member to co-sign for you

 

[lilpro4u]

Aye you can do 2 things bite the bullet for like a year, and pay a horrendous interest rate like 22%+, and trade it in or refinance the car loan.

or you could get a credit worthy consigner which would save you a lot of money wasted on the interest..

I did the first one and it sucks, but at least I can say I did it on my own because no one else trusted me enough or had terrible credit they self.

 

[dirtylicious]

or instead of getting a loan..

you could save up for a year and buy a used car.

 

[lex rockhead]

Anyone have suggestions as to what i can do to get it on my own?

 

[grizzlyboy]

Save up get a cheap honda or something....Get some Credit....Come back in a year...

 

[goldnboi7]

You could talk to the Credit Pimp...

Na but seriously, fam...you might wanna rethink your strategery...you'll end up spendin like 1.5 times the cost of the car payin back that loan, patna...

 

[703 hwy]

Save and wait, that'll be the best case cause if you get it now you'll end up paying more. Best advice is to be patient, I was like you but once Ifinally waited and got the car I wanted (or could really afford), I just thought about how it would have been much worse if I would have rushed it.

 

[lilpro4u]

you could save up for a year and buy a used car.
A lot of people don't have this option.. He may need decent transportation now not a year down the road..

My suggestion.. If there is absolutely no way you can get a co-signer or financed through a credit union of some sort.. Bite the bullet and get financed for ahigher interest rate. First look at worst case scenarios (whats the most I can afford, will I have an emergency fund if my income runs dry to pay the loan,are my parents willing to help me if I can't afford it 6 months later?)

Even the loan sharks are hesitant to give someone a loan that doesn't have steady income, but they will also give you more then you can afford.

Check you credit report, and score before you go loan shopping. Via MyFico.com
If your credit is bad. Fix it! If you have no credit at all look for student credit cards, join a CU, get a few store cards (jcpenny, GAP, ect..) Just dosomething within that year or so to build positive history. You'll be in prime rate territory..

 

[mextra45]

What are you trying to buy and how much are you looking to put down ? There are some places that go on your job as your credit depends onhow long you haveworked there though . If you where a member of a credit union you would be Ok . But try saving up and getting a used car that you can afford instead of gettinga new car that has through the roof payments

 

[dirtylicious]

A lot of people don't have this option.. He may need decent transportation now not a year down the road..
you can easily save 2K in a few months... and buy a beater car.
won't look pretty..but it'll get you from A-Z

 

[damnneardeadstock]

i'm 20, and i just borrowed $5500 to get my ride, (cost me $7800, but i had dough saved). i had my parents co-sign (they got real good credit) and i walkedout of the credit union with a 7% interest rate over 4 years.

i guess what i'm sayin is you need to have a cosigner for you. they won't take you seriously if you don't

 

[sgs mm]

1st thing .. No matter what you do, dont keep applying for loans after you get denied. That will also hurt your credit score ( to many inquiries).

Save up a decent down payment, go in to a dealership and dont talk about credit or whatever, act like you dont know .. Just state how much you have for a downpayment and work on the vehicles price you want. Once everything is set and done (they will most likely approve you at a high int. rate) and you are ready tostart signing paperwork .. ask how much is the int and if its way to high like in the 20 which I dont see how can that be say hellz no .. if you cant getanything cheaper you are out .. some of these people have pull and can work you in for about 15% or so .. but thats the only way .. waste their time justenough to know you are serious about buying but under your conditions. just be ready to walk away if its to high.

 

[dretheman]

I got a new car loan through my credit union.. first time buyer no credit type thing... the interest rate was only 10.5%... which isnt horrible considering ihad a ZERO credit score at the time.

 

[jumpman247]

Save dough, cop a kia, daewoo, or hyndai.

Get credit card, buy stuff, pay off immediately - repeat.

Get credit up, at least 600.

Try for loan.

 

[doublejs07]

At Eastern Motors....

 

[lex rockhead]

Originally Posted by Dirtylicious

A lot of people don't have this option.. He may need decent transportation now not a year down the road..

you can easily save 2K in a few months... and buy a beater car.
won't look pretty..but it'll get you from A-Z

I have 2k now to put down, but i dont wanna get something thats gonna break down on me and end up costing me even more money. If my mom deads the helloutta me im jus gonna try and get the lowest interest rate i can in my name. Whoever came up with this !!% should be beaten...

 

[wildout4]

Originally Posted by DRETHEMAN

I got a new car loan through my credit union.. first time buyer no credit type thing... the interest rate was only 10.5%... which isnt horrible considering i had a ZERO credit score at the time.

you're always gonna have a better interest rate for car purchases thru credit unions

 

[jumpman247]

Originally Posted by Lex Rockhead

Originally Posted by Dirtylicious

A lot of people don't have this option.. He may need decent transportation now not a year down the road..

you can easily save 2K in a few months... and buy a beater car.
won't look pretty..but it'll get you from A-Z

I have 2k now to put down, but i dont wanna get something thats gonna break down on me and end up costing me even more money. If my mom deads the hell outta me im jus gonna try and get the lowest interest rate i can in my name. Whoever came up with this !!% should be beaten...


What exactly is your credit score?

 

[sgs mm]

^^^ Its america and you need credit ..

Credit helps people that are established credit and are worthy in getting low interest loans for items they want/need and pay over a time line.
You are young and new to the game, you shouldnt expect to be granted 50k for a mercedes benz just cause you promise to pay it back. Just doesnt work like that.... SMH!

 

[grizzlyboy]

Originally Posted by Lex Rockhead

Originally Posted by Dirtylicious

A lot of people don't have this option.. He may need decent transportation now not a year down the road..

you can easily save 2K in a few months... and buy a beater car.
won't look pretty..but it'll get you from A-Z

I have 2k now to put down, but i dont wanna get something thats gonna break down on me and end up costing me even more money. If my mom deads the hell outta me im jus gonna try and get the lowest interest rate i can in my name. Whoever came up with this !!% should be beaten...


Honestly I would think about that. I know you want something "fly" and up to your standards. But be smart man. If you get a high interest rateyou could end up paying double for the car your purchased. Your taste in cars will change in a year man and you will want to trade it in so just take the 2kand buy a used card. Get someone to look over it for you.


THIS purchase will significantly effect your income and future purchases more than you think!!!!

 

[jumpman247]

I have a 01 Black VW Golf 90k miles it belonged to my sister will sell for 4k, needs shocks, and that's about it.

 

[da r entertainment]

Check out the Automotive Forums @ creditboards.com/forums. They will be of great assistance to you seriously.