Monday, October 26, 2009

Car loan at age 18?

im 18 and i have no credit. but i have been working for a couple months and my mom has a good paying job but not good credit. i make over 900 a month and im on my last year in high school. i need to know a list of websites were i can apply for a loan with not so good credit.

Car loan at age 18?

i'll tell you right now you'll need a co signer start with your local bank and work from there.

Car loan at age 18?

I don't know that websites are the way you should go. Typically website loans are larger businesses, which are less likely to grant you financing. A couple of suggestions:

(1) If your mom has a good paying job she may be able to cosign for you. My parents have horrible credit, but they have more income than I do, so when I was applying for a loan the banker told me it actually helped me to have them on the loan because of their income.

(2) I am 19 with good credit and I got a loan at 7.2% from a local bank (without a cosigner). Have you checked with the smaller banks in your area? A lot of times they are more willing to help someone in your position because they don't have as many %26quot;big money%26quot; customers as other organizations.

(3) You don't want to be asking for a cosigner for the rest of your life, so work on building your own credit. Some ways of doing this are to pay all of your bills on time and to get a credit card and use it for gas or something small every month so it shows that you are responsible with paying off your debt (this only works if you actually pay it off ON TIME).

(4) Go to and pull up a free credit report. This will give you an idea of what banks will see when they look at your credit.

Good luck!

Car loan at age 18?

You mom may not have good credit score but she still has a job so ask her is she's willing to co-sign the loan for you.

Car loan at age 18?

don't apply online... go into a dealer... they sometimes have influence in these matters with the bank.

Car loan at age 18?

You do not make enough money to qualify for any major lender. You are going to need a co-signer.

I would suggest that you talk to your Mom and got to your local bank arrange your financing up front and then go car shopping.

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