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??

 

I did with USSA, but I cosigned with my mom. Get a parent to cosign with you.

 

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.

 

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.

 

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!

 

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.

 

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

 

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.

 

yea, ive heard of some bad stories...(e.g. my dad...lol)

 

IMO, a credit card should be used for emergencies only. When trying to build your credit with a credit card, make a small purchase with it every month and pay it off rihgt away.

 

Make sure you get one with no annual fee and find the one with the lowest interest rate.

 

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.

 

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...

 

Get a credit card with a 0% introductory rate and use that for your down.

 

what company does 0% introductory??

 

google search? lol

 

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...!

 

yea, i know, sounds pretty messed up, getting pretty desperate, but i made a decision today, im not selling my 280, i love that car wayy to much...im just going to try to get a loan (1) to gather some money to a engine and transmission swap

 

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.