bad credit loaners

[devbmx16x]

ok so i need to get a loan for my car but i cant get it myself since im under 18 and my mom has horrible credit....so does anyone know of anywhere i can get a loan for a 2g dsm with basicly no credit? i know im basicly asking for the impossible but hey doesnt hurt to try

[Ike]

You would need your mom to get the loan and possibly (preferably, even) get a co-signer... most dealerships (assuming its from a dealership) will finance most anybody so long as you're an adult and you meet certain criteria... but be warned the credit they do extend to your mom (I say her because you wouldn't be able to get a loan seeing as you're not an adult) will be at an ultra-high rate...

[devbmx16x]

i know ive been baseing most of my research on how much id have to pay for a car on a 30% interest rate....so you think if i goto a dealership theyll finance my mom for a 2g awd?

[Ike]

Well, you have to consider a few things...

First, you would need a trade in or a down payment, since bad credit is factored in, the down payment would be substantially larger.

Second, I can't stress the importance of getting a cosigner in your case... is your dad around? Does your mom have any friends or relatives with good credit that would be willing to help? That just might be the key to getting a loan, but that is going by a stretch...

Just make sure to bring a dp... I'd say 20-25% (It seems like alot but if your credit is bad it will help) , and if you can bring a cosigner as well, and you should be alright.

As for 30% interest I've never seen it that high, but I have seen 22% , but always go higher that way you're never surprised or short of funds.

Good luck.

[xDamieNx]

How much would a loan be for somebody that just turned 18, and they had NO credit? I was thinking something along the line of 10-15%, but I really don't know. Sorry to make it seem like you're a bank manager too.

[Ike]

Honestly I wouldn't be able to tell you, but alot of the lending companies will give you a free online and phone quote... it's best to call them and find out.

Make sure you have a steady job reference though, last time I saw I was in the market for a car loan you had to make at least $1,500 a month and work full time to even be considered for a car loan, which isn't much but for an 18 year old may be a little more than you expect ... and if you're 18 with no credit you're more than likely going to need a cosigner regardless of the other factors, banks (or lenders) just don't like to take risks with their money.

As always though, the more you have to put down for a car the better your chances will be...

[xDamieNx]

Cool, thanks.

[Ike]

np :drink:

[Wolf]

Under 18 you're not allowed to enter into any legal contracts (including loans).

For someone who just turned 18 with no credit history, *IF* you were able to get an auto loan (and remember, with an auto loan, you MUST get full coverage insurance), the interest rate would be around 20-25%. Which is horrible.
Most places won't approve you for a loan without any credit history though.

[BLAH BLA]

there are tons of independant car dealerships that will lend to almost anybody. the interest will be high 21%, but your not really going to get much better anywhere w/o a credit history. where i live(so-cal) there are lots of dealers that cater to ill-legal immigrants. they carry thier own paper, its probably connected to the maffia somehow(just my opinion). they only require a down payment. i am sure there are dealers like that in your area.

[jasonriley]

Just to let you guys in on a little known secret in the Real Estate and Finance world. There is a place that we use on the web that specializes in bad credit home lending that charges NOTHING to apply.

We use this resource each and every day to assist our clients with poor credit obtain financing for a house. They don’t care if you have filed bankruptcy or have poor credit.

Log on to www.LansingFinancial.com and fill out an application on line for FREE! It takes 5 minutes.

jasonriley@realtyagent.com

[Ike]

WHAT THE FUCK DOES THIS HAVE TO DO WITH GETTING A CAR LOAN.

[Moloko]

Here is the deal;

If you are under 18 you arnt getting a loan, period.

If you are over 18, but have no credit, you arnt getting a loan without a cosigner.

What you have to do is get a credit card for start credit. I had a credit card for about a year, and I worked up enough good credit that I got approved for not only the loan for the Yukon, but for a loan for a BRAND NEW Chevy Silverado, both with nice interest rates. (4.5% on the Yukon).

Your best bet is to get a CC when you get 18, and until then do what they did in the olden days; pay for a car with cash. Out of the ~8 cars I've owned, only one has been paid for with credit. The rest, all pure bling.

[Ike]

The guy that started the thread is probably 18 by now :rofl:

[contero]

The guy that started the thread is probably 18 by now :rofl:

Damn. I was going to say that.