How to get a car loan without co-sign?? (1 Viewer)

[Shawn Solar]

Any loan gurus out there. I am a 21yr old male living at home rent free. I work for an alarm company for two years. Got good credit but only a 9 month credit history. Make enough money to handle a decent car payment. Got no co-sign.

What can I do to be accepted for a $18000(approx) car loan with about a $3500 down payment? I once went for $10000 but got turned down with no co-sign. How much would one have to make.

 

[Danny R]

Just go straight to the dealership and say I've got $3500 down, will you get me this car at such and such rate and term.

A bank is much more likely to turn you down because they make money only off of the interest on the loan. If you deal directly with the car dealership however, they also will lose the sale entirely if they refuse you.

Alternatively, if the company you work for is a member of a credit union, then you can try obtaining a car loan with them. Credit unions are usually more lenient than big name banks.

 

[Cam S]

Actually, I was flat out refused a loan at a CU I was at, so I closed my account and moved to TDCanadaTrust, got a $12,000 loan on the spot

 

[Scott Van Dyke]

Shawn,

I can't see you having a problem w/o a co-signer. Worst-case scenario would suggest a high interest rate on a car note, however. Like Danny suggested, I would have the finance people work for you at the dealership. You may have to try a few, as some are more talented at loan shopping than others. The $3500 should speak for itself, however, I would only tell them you have $2000 - $2500 as they almost always ask for "just a little more." Then you can easily have another $1000 - $1500 available when they do ask.

Good luck!

 

[Shawn Solar]

Sounds like some good advice I decided that I will get a brand new car vs a used. with a 10% interest rate on a used car and no warranty I'd end up paying the same per month. I would like to get 0% or 1.9% on a new car. I looked at that saturn ion on the web. It looks really neat.