If you were 19...

[Guest 78novaman]

Some food for thought.

 

I had no credit history and consequently a poor rating when I got out of school at 21. This was due to my parents saying credit cards and cell phones where a bad idea. My credit was so bad I could not get approved anywhere for a used car, or even a cell phone contract without a huge deposit. I bit the bullet and bought my truck as a way to help and boy it has over the last 3+ years.

 

My fiancee needed a car and was in the same boat as you. Her bank for 4 years refused to give her even a personal loan. Columbus Metro Credit Union gave her a 6.5% loan with me as co-signer. We bought the Cougar for $4000. It had 83,000mi on it but as you know it's a pretty nice ride. We had $2000 cash we could have dumped in it, but instead had it financed for the ridiculous length of 60 months and just way overpaid it, the loan was paid gone in 24 months. This also provided us having money to repair the 9 year old car. I think this is the way you need to go.

 

PM me if you want some info on the credit union.

 

 

I also think you need to look at reliability as your #1 factor, and then the fun factor.

 

PS the MN12 (thunderbird/cougar) platform is cheap & reliable. As are cop cars if you get them with lower miles.

[Rally Pat]

Thanks for the info Emil, but I don't think now would be a good time to seek a loan. I have the credit to pull it off with a co-signer, but I think I can improvise something better.

[Got-Boost?]

Get a credit card with a $500 limit and go out to dinner with it once a month. After 6-months of perfect payments, you should have enough credit and history to get a auto loan for $5k or less (if you have job history and a steady income)....

[Rally Pat]

Get a credit card with a $500 limit and go out to dinner with it once a month. After 6-months of perfect payments, you should have enough credit and history to get a auto loan for $5k or less (if you have job history and a steady income)....

 

I HAVE ONE.

 

I

 

HAVE

 

ONE.

 

 

 

I have a pretty high credit rating, thanks to my student loans and my credit card.

 

I'm not looking at a Cobra. I have my eye on an 03 WRX.

 

See?

[Got-Boost?]

 

Well something isn't right then...

 

What kind of work history do you have....? Define pretty high credit score...? Have you checked your credit report lately...?

 

You should have no problem getting a loan unless something else is wrong. Do you belong to a good credit union? What kind of bank are you calling for a loan....? Either way you shouldn't have this much trouble getting a loan...

[Rally Pat]

 

Well something isn't right then...

 

What kind of work history do you have....? Define pretty high credit score...? Have you checked your credit report lately...?

 

You should have no problem getting a loan unless something else is wrong. Do you belong to a good credit union? What kind of bank are you calling for a loan....? Either way you shouldn't have this much trouble getting a loan...

 

They said my score was good, but there is not enough history there. My score is in the mid 700's, if you are that curious.

 

I am subscribed to FreeCreditReport.com's $15 a month credit monitoring service too, and this information is up to date. I do not belong to a credit union, and I have been trying to get a loan from my bank, National City.

[Got-Boost?]

The only thing it can be at this point is work history. Otherwise, I would join a credit union and tell National City to piss off. There is no reason you shouldn't be able to get a loan if everything else checks out....

[Rally Pat]

The only thing it can be at this point is work history. Otherwise, I would join a credit union and tell National City to piss off. There is no reason you shouldn't be able to get a loan if everything else checks out....

 

Well, I've never been fired. My last job I had since I was 15, and left right before I went to Liebert, and at the same time I worked at Northend Wrench from February of last year till I went to Liebert.

 

I've never been fired, I've never been penalized, and I am an extremely reliable worker.

[HotCarl]

I've read here and there so correct me if im wrong but have you tried getting a loan from a credit union? Alot of times they will be more willing to give smaller signature and auto loans to people. Banks such as Chase, Huntington, National City etc... would rather do larger business. Think new cars, homes, HELOC's etc... When i got the loan for my eclipse I went to Chase (whom I've been banking with for years) and even they advised me to go to a credit union, that they just dont do much business with small auto loans. Not to mention your almost always going to get a better interest rate from a credit union than a bank.

 

As for being a member. I wasnt a member of Telhio when i got my loan. All you do is deposit $5 into a saving's account to 'officially be a member' and you can get a loan.

[2pointslow]

your bills shouldnt exceed 35% of your monthly income.....thats is how you save money people!!

[Nitrousbird]

your bills shouldnt exceed 35% of your monthly income.....thats is how you save money people!!

That's more than a little un-realistic. Assuming you mean 35% after taxes (and before taking out retirement stuff, health benefits costs, etc.), a 50k/year job wouldn't even allow you to buy a 100k house w/ good interest rate over 30 years, and still have 65% left over after other standard bills (electric, water, etc.).

[Guest Hal]

That's more than a little un-realistic. Assuming you mean 35% after taxes (and before taking out retirement stuff, health benefits costs, etc.), a 50k/year job wouldn't even allow you to buy a 100k house w/ good interest rate over 30 years, and still have 65% left over after other standard bills (electric, water, etc.).

I typically figure debt to income ratios as pretax income. I typically use my earnings after tax and determine debt vs income with actual monetary value instead of a ratio.