I agree with the other posters. Get a credit card and use it responsibly for 6 months to a year. While you are doing that, save up some cash so you can get a smaller loan. Once you get your first loan, you shouldn't have any problems in the future as long as you pay on time each month.

 

one other way to get good credit easily is to have your name placed on your folks' credit cards (so long as they have good credit of course)

 

Im 23 and looking to take out a 10,000 loan for an 07 g, paying the rest in cash. I have no credit my self but my father has the highest possible score. My dad will be cosigning with me and wondering what kind of rate do you think I can get?

 

You guys forgot to mention one thing as well.. The economy and it's current condition.. What credit used to be 3+ years back, isn't what credit is today. With all the foreclosures, bankruptcies, lack of income, and other essentials, banks have closed all loopholes pretty much and getting a car financed is tougher than before.

Depending who the lender will be, they may require income verification, household verification ( if you cosign with anyone ) , history, credit score, and of course how credit/debt ratio is. Before, you didn't even have to have income verification or household, could have your total credit/debt ratio at 80% and still get approved. Even if you have a good credit score but the lack of a credit history will get you denied.

You can have one guy with 750 score with 1-2 year history that has a total of $5000 in credit and a guy with 700 score with 5+ years but plenty of credit. The guy with 700 will probably get the car approved (then again depends on specific lenders) But overall this economy is $***ting bricks as we speak, so its tougher and harder to get approved for loans.. Good luck..

 

I agree that it's tougher to get a loan now than it used to be, but what kind of place didn't require income verification? When I got my first car loan several years ago they checked my credit history and I had to send them my most recent payroll advice that showed my annual take home pay. I guess some banks were more strict than others. No wonder we are in this huge financial mess.

 

lexus financial services as well as infiniti financial services just asked for my place of employment, company address, and annual income. They never checked...granted i put the right information anyway.

OP, if you have a decent down payment and a decent consigner, they should've passed you. Sometime they even put your dad on the main loan and you as a cosigner to pass it. Either way, if you're expect low to no down with no credit history..........you're dreaming.

 

Try to co-sign with a parent.

 

Might still be a poor rate. I have immaculate credit and cosigned with someone with poor credit. We got approved but the rate was rediculous to the point where i cancelled the deal. It was only to finance $8K too.

WHen i bought my car, i got financed at 6% (but i paid the car off within 6 months anyway)

 

Credit score is only part of the equation. It's a large part, but so are debt to income ratio, and available credit. I might have perfect credit, and make a crapload of money, but if all my credit cards are maxed out, it looks bad because I don't have any available credit. I could also make $200K, have $500K in available credit, but owe $500K as well. This also doesn't look good (bad debt to income ratio). Someone who has just a fair credit score with no debt and a decent paying job is probably better off than either of these first 2 imaginary people.

I could also have a regular paying job, good credit score (700+), with no debt, and almost 100% of my credit available to me. This describes my situation when I bought my car last November. I qualified for Infiniti's 3.9% 60 month financing without a hiccup.

 

Wasn't there some stipulation tied in with that offer?? If i remember right, you could qualify for the 3.9% if you bought some other package deal or maybe it was an extended warranty or service plan or something?


I remember qualifying for the 3.9% deal easily as well, but once i heard the stipulation, i ended up doing out the math with my 6% rate and finding out it worked out to roughly the same. Only difference is Infiniti was getting the remaining ~ 3.1% out of you directly rather than it going to the bank as interest.

It was something like that. I don't quite remember that well

 

Sorry, yes there was. Car had to be a CPO.

 

Ah yeah. I chose not to do it at the time.

 

in this credit market if you are getting rejected it is for a reason. You have a car, it works, you are going to school, save the money, get a degree, and get a good job (hopefully by the time you graduate it will be a better job market). Then continue saving until you can buy your first home and you have completely paid off any student loans, then and only then should you be buying anything other than a beater to get you around town. If you can do that, not only will you be well on your way to financial security you will also likely be the first one of your friends to retire, the only one who isn't stressing about money, and the one with the happiest marriage.

 

im 23..and i just recently got my g35 for 17k.. and an ex35 for 31k.. biatch, my credit is awesome i can afford TWO cars all by myself

but yea, drive ur beater around till it dies. i went thru college without a car. got my credit card at 18. kept using it to buy stuff. got another credit card and kept buying stuff. but i ALWAYS paid it off the moment I put money on there. dont put stuff on there unless you don't know you can pay it off. be responsible. but ur 19. so i dont expect you to learn that lesson till ure like 25.

you're 19. dont go trying to get a g35 just so u can show off to girls. wait till u make enough money. if u can make $600 payments a month for car payments, insurance, and oh **** that didnt just happen money THEN start thinking about something over $14k

 

try getin a loan w/ state farm go to an agent in your area, and try. w SF its better no credit then bad credit. hope that helps and they have great rates