know anyone who qualifies loans with no credit????
11-09-2005, 06:16 AM
#3
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Join Date: Sep 2004
Posts: 229
Originally Posted by gabrielzzz
im looking for a loan to get a new car, something without going over 200 a month, and also a minimum of 5k and a max of 7.5k worth of a loan....anyone??
If you are a teen and your parents won't co-sign then banks would understandably be concerned.
Somebody has to prove they can earn money to repay the loan.
If you have a reliable job with steady income then you should be able to finance.
You may need a recommendation from your boss and definately proof of salary.
If you don't have those, then you can't afford to pay back the loan and you should just save up the cash.
You'll have high finance charges, regardless... but having a credit card and developing a record of ontime payments will help you in developing good credit.
Last edited by 280gty; 11-09-2005 at 06:20 AM.
11-09-2005, 08:36 AM
#4
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Join Date: Aug 2005
Posts: 320
Originally Posted by 280gty
Are you a teenager in school?...can you qualify for a credit card on your own?
If you are a teen and your parents won't co-sign then banks would understandably be concerned.
Somebody has to prove they can earn money to repay the loan.
If you have a reliable job with steady income then you should be able to finance.
You may need a recommendation from your boss and definately proof of salary.
If you don't have those, then you can't afford to pay back the loan and you should just save up the cash.
You'll have high finance charges, regardless... but having a credit card and developing a record of ontime payments will help you in developing good credit.
If you are a teen and your parents won't co-sign then banks would understandably be concerned.
Somebody has to prove they can earn money to repay the loan.
If you have a reliable job with steady income then you should be able to finance.
You may need a recommendation from your boss and definately proof of salary.
If you don't have those, then you can't afford to pay back the loan and you should just save up the cash.
You'll have high finance charges, regardless... but having a credit card and developing a record of ontime payments will help you in developing good credit.
11-09-2005, 09:27 AM
#5
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Join Date: Sep 2004
Posts: 229
Originally Posted by gabrielzzz
i am 18 years old going on 19, have a full time job, and adequate income, the only thing is i dont have a credit card...didnt want to get one until i had some money stashed away...kinda cancels eachother out...ive applied to benificial, and the one from the kelly blue book loan agency...they both denied me with the mimimum loan...
Credit cards don't require that you have money stashed away so I don't see why you'd wait to get one and they don't charge interest if you pay the full amount within the 1st due date.
Using a credit card and buying only what you can afford will show you can manage your money & pay your bills... on time.
If you're weekly / monthly paycheck that can handle a large loan, you can try the dealership to handle the loan process.
The monthly payments/interest will be high also because you don't have a history of paying back money so they'll want as much money back as soon as they can and you will probably need a large downpayment.
With a job and a salary you can prove, you can get a loan offer... how much depends on your income...they'll crunch the numbers to see what you can afford.
Realistically, you just might not be able to afford a $5-7,000 loan... so get the credit card and prove you can make small purchases and pay it back.
11-09-2005, 10:29 AM
#6
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Join Date: Sep 2004
Posts: 229
One more thing... it might not be a good idea to randomly send out lotsa applications for loans.
I read somewhere that getting multiple rejections for loans or credit might look bad to anyone who checks up on your credit history...it's supposed to be recorded into your credit profile!
I read somewhere that getting multiple rejections for loans or credit might look bad to anyone who checks up on your credit history...it's supposed to be recorded into your credit profile!
11-09-2005, 11:09 AM
#7
confuzed member
Join Date: Jul 2003
Location: Salinas, CA
Posts: 3,074
2nd. You don't want to apply to a bunch of loans. It's proabable (depending on how many you applied to and in what time frame) that you have slightly negative credit now. This is a procedure I followed when I got my loan. I called up places and talked with them until I knew for sure that I would get approved, then I applied to just one. utilize your new right for a free credit report as well.
11-09-2005, 12:00 PM
#8
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Posts: 320
cool cool, thank you all for the good advice, ill use it to the best of my ability, right now, getting a credit card and building up some credit sounds like the plan, i learned all of this in economics class when i was in highschool, i was just trying to see if there was any way around it, but it looks like there isnt, so this weekend...i get a credit card
11-09-2005, 12:51 PM
#9
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Join Date: Apr 2005
Location: Gainesville Fl
Posts: 631
Originally Posted by gabrielzzz
cool cool, thank you all for the good advice, ill use it to the best of my ability, right now, getting a credit card and building up some credit sounds like the plan, i learned all of this in economics class when i was in highschool, i was just trying to see if there was any way around it, but it looks like there isnt, so this weekend...i get a credit card
11-09-2005, 01:19 PM
#10
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Posts: 320
Originally Posted by 86zMan
Just Be careful with that thing and keep in mind your going to be paying for what you buy, you don't want the credit card to turn into a bad thing and dig yourself deeper. Only spend what you have avalible.
11-09-2005, 06:10 PM
#13
Doesn't post much...
Join Date: Dec 2004
Location: Escondido (San Diego) California
Posts: 3,617
Are you trying to get a personal laon or an auto loan? It's easy to get an auto loan because it is backed by collateral. A personal loan almost always requires some credit history with unsecured credit to qualify for. If you're trying to get a personal loan and you own a car that is less than 8-10 years old and is worth more than the amount of the laon, some lenders will use that as collateral. Check around with various lending institutions to see what they require.
Rod.
Rod.
11-10-2005, 08:07 AM
#14
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Join Date: Aug 2005
Posts: 320
Originally Posted by RodMoyes
Are you trying to get a personal laon or an auto loan? It's easy to get an auto loan because it is backed by collateral. A personal loan almost always requires some credit history with unsecured credit to qualify for. If you're trying to get a personal loan and you own a car that is less than 8-10 years old and is worth more than the amount of the laon, some lenders will use that as collateral. Check around with various lending institutions to see what they require.
Rod.
Rod.
11-10-2005, 03:52 PM
#18
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Join Date: Sep 2004
Posts: 229
Originally Posted by gabrielzzz
yea, i actually called up some sales lots that had some Z's on the lot, they said that they might be able to finance me, its just that i need the money to put the down payment for the car...
Huh??? am I reading this right?You wanted the loan for a downpayment?
That means you want TWO loans!... One from the dealership' s 'Bank' to finance the car and ANOTHER bank for a downpayment!
Your Financing wn't go thru if you have another Loan on your record... You would probably only qualify for a loan to finance if you DON'T owe any money.
A credit card is also a loan and 0% interest is only introductory and you will go on record owing that amount too... it'll be another loan as well.
You better just save up some cash.... seriously!....at least afford the downpayment!
or Maybe just LEASE a car...!
11-10-2005, 04:01 PM
#19
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Posts: 320
Originally Posted by 280gty
Huh??? am I reading this right?You wanted the loan for a downpayment?
That means you want TWO loans!... One from the dealership' s 'Bank' to finance the car and ANOTHER bank for a downpayment!
Your Financing wn't go thru if you have another Loan on your record... You would probably only qualify for a loan to finance if you DON'T owe any money.
A credit card is also a loan and 0% interest is only introductory and you will go on record owing that amount too... it'll be another loan as well.
You better just save up some cash.... seriously!....at least afford the downpayment!
or Maybe just LEASE a car...!
11-13-2005, 05:57 PM
#20
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Join Date: Nov 2003
Location: Gerber, CA
Posts: 3,672
Originally Posted by veyenyl
Get a credit card with a 0% introductory rate and use that for your down.
People with no credit won't get approved for the 0% introductory rates that many credit card companies offer.
Also, the interest rate doesn't matter as long as you payoff the balance each month.
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