Rally Pat Posted January 14, 2011 Report Share Posted January 14, 2011 Hey all. I found a car that I would like to pick up, but I have run in to the problem that I have in the past that every lender says I "don't have enough history" to get a loan. Are there any lenders that anyone knows of that will lend to someone in my situation without blowing up the interest rate? A cosigner is out of the question, as I have better credit than anyone in my family. Quote Link to comment Share on other sites More sharing options...
John Bruh Posted January 14, 2011 Report Share Posted January 14, 2011 if you're going to do it own your own and don't have too many lines (not enought credit), its treated the same as bad credit. Lot down, high intrest, shorter term. Quote Link to comment Share on other sites More sharing options...
Furloaf Posted January 14, 2011 Report Share Posted January 14, 2011 CapitalOne approved me when I had very little credit history. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted January 14, 2011 Report Share Posted January 14, 2011 check with your bank instead of going to an outside company whats funny is when i went to go buy a car in 07, i had already been preapproved through my bank, but the dealership swore they could get me a better rate...submitted my info to a bunch of lenders, all of them turned me down, one of which was my own bank...LOL. i think i ended up getting like 8% or so...when i cosigned for my brother to get his car end of 08, with him having not a single line of credit, we were able to get 8.54% on a 2 year old used car. not horrible, but better than i thought was possible with his credit. Quote Link to comment Share on other sites More sharing options...
Bam Posted January 14, 2011 Report Share Posted January 14, 2011 Credit unions.... Telhio approved me for a car loan when I was still in HS...2 months after I turned 18...Got a $6000 loan at 6% back in 2004, with no prior credit history/credit cards/nothing. Quote Link to comment Share on other sites More sharing options...
Rally Pat Posted January 14, 2011 Author Report Share Posted January 14, 2011 Credit unions.... Telhio approved me for a car loan when I was still in HS...2 months after I turned 18...Got a $6000 loan at 6% back in 2004, with no prior credit history/credit cards/nothing. Thats pretty close to what I need to borrow...hm. Going to check with my bank and see what they can do for me, then I will try to hit up Telhio. Quote Link to comment Share on other sites More sharing options...
John Bruh Posted January 14, 2011 Report Share Posted January 14, 2011 these people are talking about 2007 and prior. Lending has changed drasticly. What I told you is accurate. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted January 14, 2011 Report Share Posted January 14, 2011 end of 08 .. Quote Link to comment Share on other sites More sharing options...
John Bruh Posted January 14, 2011 Report Share Posted January 14, 2011 .. 08 was when they started the changes. Go into a bank and ask them for a first time loan or what he's trying to do. Quote Link to comment Share on other sites More sharing options...
John Bruh Posted January 14, 2011 Report Share Posted January 14, 2011 .. and you mentioned that you got your first auto loan in 2007 like i posted, then co-signed for somone in 2008. he's trying to get an auto loan (assuming his first), what dont you understand? when you co-signed you have credit history. And dealers can work things differently, if he's going to buy this from a private sale its going to be harder for him. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted January 14, 2011 Report Share Posted January 14, 2011 08 was when they started the changes. Go into a bank and ask them for a first time loan or what he's trying to do. markets started to take a shit ~september 07, with the tight markets coming soon after that. i was able to cosign for my brother through my bank in november of 2008 with out them batting an eye, and then me turning around 2 months later (jan 09) and getting approved for a mortgage at 5% (lowest rate at the time) if he has a good history with his bank, had savings account as a kid, has a checking account that he hasnt overdrafted, maybe has automatic bill pay through them, a CC through them, he's going to have much better luck than just going to ABC bank and asking to loan him money and they have no clue who he is. and he didnt say he didnt have ANY history, he just has a limited amount of history...when i cosigned for my brother in 2008, i had just a hair over 4 years of history. not that much at all. but i DID have good history with my bank. you seem like a smart guy, and i think you think you know more than you actually might because you work at a used car dealership, but understand other people in this world know a little bit too. Quote Link to comment Share on other sites More sharing options...
Rally Pat Posted January 14, 2011 Author Report Share Posted January 14, 2011 My bank, CS Bank, was zero help. They basically don't do auto loan. As a matter of fact, the loan officer I talked to said it would be best to call Telhio. lol Quote Link to comment Share on other sites More sharing options...
John Bruh Posted January 14, 2011 Report Share Posted January 14, 2011 markets started to take a shit ~september 07, with the tight markets coming soon after that. i was able to cosign for my brother through my bank in november of 2008 with out them batting an eye, and then me turning around 2 months later (jan 09) and getting approved for a mortgage at 5% (lowest rate at the time) if he has a good history with his bank, had savings account as a kid, has a checking account that he hasnt overdrafted, maybe has automatic bill pay through them, a CC through them, he's going to have much better luck than just going to ABC bank and asking to loan him money and they have no clue who he is. and he didnt say he didnt have ANY history, he just has a limited amount of history...when i cosigned for my brother in 2008, i had just a hair over 4 years of history. not that much at all. but i DID have good history with my bank. you seem like a smart guy, and i think you think you know more than you actually might because you work at a used car dealership, but understand other people in this world know a little bit too. I see limited credit history all the time, normally 1 or 2 $500 limit credit cards. We can let op make a comment on what his actual history is if he wants, it would help to know where to refer him to. Also yes the market might of taken a hit in 2007, but 2008 is when the major hit took effect. Also bankers have to change their lending guidlines. Which doesn't take effect right away so 2008 I watched slowely as everything tightned up. Savings accounts and checking accounts really aren't going to help you get an auto loan, maybe 5yrs ago, not in this day and age. What we really need to know is what actual lines op has. You're situation is differnt, every situation is different, that's why its a case by case scenario. and you're 4 years of credit history should of been pleanty to co-sign which is why you were able to. Shit when i was 19 I got my mortage for 160k. Everyone situation is different. But if I'm assuming what op has and if im correct at that, he's going to need 1.) a co-signer or 2.) suck it up and pay a higher intrest rate. Quote Link to comment Share on other sites More sharing options...
Snowflake Posted January 14, 2011 Report Share Posted January 14, 2011 pay the higher intersest rate so you can start building credit Quote Link to comment Share on other sites More sharing options...
Rally Pat Posted January 14, 2011 Author Report Share Posted January 14, 2011 I can swing a high interest rate, I was just trying to see if I could avoid it. Hitting up Telhio. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted January 14, 2011 Report Share Posted January 14, 2011 call the telhio on morse rd by where northland mall used to be and ask for kacie...tell her evan sent you. Quote Link to comment Share on other sites More sharing options...
John Bruh Posted January 14, 2011 Report Share Posted January 14, 2011 try kemba too. Derica is one of the main girls over there, give them a chance so you can compare. Quote Link to comment Share on other sites More sharing options...
Rally Pat Posted January 14, 2011 Author Report Share Posted January 14, 2011 Tried applying online with Kemba, they shot me down within an hour. :\ Quote Link to comment Share on other sites More sharing options...
Mr. Jones Posted January 14, 2011 Report Share Posted January 14, 2011 I use first federal (firstcu) credit union. They'll loan money an 100K 8 year car if it has value. lol Quote Link to comment Share on other sites More sharing options...
John Bruh Posted January 14, 2011 Report Share Posted January 14, 2011 what year is the car and miles? is it at a dealer? or private individual? Quote Link to comment Share on other sites More sharing options...
Rally Pat Posted January 14, 2011 Author Report Share Posted January 14, 2011 2005 Saab 9-2x Aero, 121k (all freeway miles), Private seller Quote Link to comment Share on other sites More sharing options...
John Bruh Posted January 14, 2011 Report Share Posted January 14, 2011 2005 Saab 9-2x Aero, 121k (all freeway miles), Private seller you're probably going to want to look at wells fargo, captial one, westlake those type of lenders. Which are secondary lenders. The problem with secondary is they typically cap what type of vehicles you can look for/buy. Normally 2004/2005 or newer with less than 70k miles. Try Buckeye Finance. They have 2 locations 1 in columbus and 1 in lancaster. The phone number to the lancaster office is 740-654-7499. The guy's name is Joel. They like to finance around 4-7000 so idk how much the car your look at is. Quote Link to comment Share on other sites More sharing options...
Rally Pat Posted January 14, 2011 Author Report Share Posted January 14, 2011 7800 is what the guy wants for it :\ Quote Link to comment Share on other sites More sharing options...
John Bruh Posted January 14, 2011 Report Share Posted January 14, 2011 7800 is what the guy wants for it :\ how much are you putting down? Quote Link to comment Share on other sites More sharing options...
Rally Pat Posted January 14, 2011 Author Report Share Posted January 14, 2011 Well, with any luck, the Quantum will be gone here soon, so I'll have whatever I get for that. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.