Monday, October 26, 2009

I'm 19 yrs old. Will I qualify for an car loan without a cosigner?

Hi I need to know if I'll qualify for an car loan without a co-signer. The car I want is a used Toyota Camry approx. $15,000. I'm 19, my score is 720 and I make very good money but I have only been working for about 2 months at my current job. I'm completely on my own and do not have a co-signer. What are my chances of qualifying for a loan without a co-signer. Should I do it through the dealer. Will I have a good interest rate?



I'm 19 yrs old. Will I qualify for an car loan without a cosigner?

you haven'thing to lose by trying. I'm thinking that $15K is a bit high for a 19 yr old with a maximum 1 year of credit history and 2 months time on the job. Where I work, they require at least a year on the job for any loan.



I've had good luck here...



http://auto.deal4-you.com



All the best to you.



I'm 19 yrs old. Will I qualify for an car loan without a cosigner?

If your credit score is a 720 you shouldn't have a problem. See what the dealer offers, but if it's no good go to your local credit union. They many times have the best deal



I'm 19 yrs old. Will I qualify for an car loan without a cosigner?

You might be able to swing it with a 720 score, but with only 2 months on the job, doubt it. Do you live in a small hometown community or big city? If its big city, forget it.. they dont care about anyone. If it's small town, go talk to your hometown bank, they usualy will help. you might have a higher interest rate, but when you pay it off, and I recomend put in extra with each payment, that will help you the next time. Car dealers might help, but they want the cash money, so watch your back...



I'm 19 yrs old. Will I qualify for an car loan without a cosigner?

Most lending institutes will require that you be at a job for a minimum of 1 year with an average of $1600.00 a month take home.



I'm 19 yrs old. Will I qualify for an car loan without a cosigner?

There are several crucial bits of information you have omitted. How long were you on your last job? What is your monthly income? What is your highest credit limit so far and how long has it been open? How many total lines of credit are on your credit bureau?



All this being said, most lenders have moved their minimum income up to $2,000 due to the mortgage crisis for secondary lenders. If you have a 730 credit score but do not have a higher credit limit, i.e. a previous auto loan, you will most likely be limited to a loan for around 8,000 to 10,000. You can try going to www.lendingtree.com. I have had many customers who were turned down for loans approved there at reasonable interest rates.



Good luck! Be smart about what you are considering.



I'm 19 yrs old. Will I qualify for an car loan without a cosigner?

Congratulations. Anything above 700 is an excellent score, the only thing that might hurt you is the time on the job.



Avoid using the dealer for financing if at all possible. If your job has a credit union, go there. If not, go to the bank where you have your checking account and see about a pre-approved loan for the make and model you are looking for. Then knowing the financing is in place, get the best deal you can since it will be like paying cash from the dealer's viewpoint.



I'm 19 yrs old. Will I qualify for an car loan without a cosigner?

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