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  #1  
Old 03-11-2009, 10:30 PM
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Default Bank Loan/ Financing Car?

I turned 18 today the 11th. I have no credit but a debit card that has always had money available and never spent what I did not have. I have had my job for about 5 months and it is very steady. I make about 400 a month during school. I live at home and have no other bills.

What do you think would be my better option or a larger possibility to happen? I would rather get a loan from the bank and get 3-500 extra to finish my system and buy from a private party.

130 would be for car insurance and the rest would be to pay back the loan.

I am looking at getting a loan of 3-4k or finance a car 3-5k ( all depending on payments)

Has anyone ever got a bank loan at this age with no credit? or financed a car.
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Old 03-11-2009, 10:35 PM
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As a former loan officer, I can say that it is DIFFICULT, but not impossible. With the recent changes in banking it may be a bit more difficult. You need to read ALL of the terms of any loan papers you read. They are LONG and very F****n boring. If there is anything you don't understand, DONT SIGN. Be careful man, you are C-D credit freshman all of the loan sharks are out to nail you o the wall with a unpayable loan. Do you have anyone whom would co sign?
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Old 03-11-2009, 10:40 PM
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i agree with this guy...

You honestly might end up having to get a credit card if you can't get a co-signer and build up your credit for a few months


And 400 a month isn't really a lot of cash bro, a 4/5k loan would probobly only go what? 2/3 years? And since you have no credit they are gonna stick you with a decent intrest rate and I bet you're payments are still 200 a month which is half your income, plus you have to have full coverage insurance so you'd be broke the rest of the time which would SUCK
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Old 03-11-2009, 10:41 PM
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My Mom would but my dad messed their credit up a while ago before they broke up. she would co sign but her credit is not that great so i am not sure if that would work.
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Old 03-11-2009, 10:42 PM
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Quote:
Originally Posted by teamsubgopoof View Post
i agree with this guy...

You honestly might end up having to get a credit card if you can't get a co-signer and build up your credit for a few months


And 400 a month isn't really a lot of cash bro, a 4/5k loan would probobly only go what? 2/3 years? And since you have no credit they are gonna stick you with a decent intrest rate and I bet you're payments are still 200 a month which is half your income, plus you have to have full coverage insurance so you'd be broke the rest of the time which would SUCK
I know but that is the only thing i buy. once audio is done i barely get anything. And school is out soon and i get way more hours in summer and also cut lawns. so i will have over 600 a month
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Old 03-11-2009, 10:42 PM
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Toyota would know more about it than I do, but like he said just be careful with it. You dont want to be stuck with some 18-20% interest rate, you'll end up almost paying double your loan!!

Send him a PM, might be able to help ya out...
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Old 03-11-2009, 10:43 PM
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How grea is not so grea, do you know her FICO score by chance? An estimate?
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Old 03-11-2009, 10:44 PM
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BTW, if my posts miss the letter "t" I am sorry, my laptop is officially PWNT
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Old 03-11-2009, 10:46 PM
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I have no clue. But she would co sign if she could.
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Old 03-11-2009, 10:52 PM
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If anything, get your bank to give you a letter showing your competence as a loan worty person. You do have income working against you. BAdly. There is something called DTI in the industry. "Debt to Income" ratio. Your debt will be HUGE compared to your income, further lessening he chances of a success. I would get your mom to have equifax send her report and score. If it is over 600... you are fine. Under 580..... not so much... but BAD CREDIT IS BETTER than no credit.
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