Auto Loans with no credit.

>>15864283
real question is how you making that much senpai

>>15864283
You apply? Do you think that if you want one it will magicaly show up on your door step?

>>15864283
Alot of places will offer loans based on no but they'll probably be at terrible rates.

All you can do is just shop around see what they offer, but don't sign any paperwork other than for them to run your credit.

Also do your research, see what are good rates, and if you can't swing an auto loan in the mean time you could go to a credit union and apply for a small (less than $1000) loan and pay it back within 6months, or way shorter than the loan term is.

>>15864283
maybe look for a car that's about $10k less

>>15864290
Delivery driver. 10/hr min wage plus 10$+/hr in tip. Also about 25% is untaxed.

>>15864310
That's what I was thinking of doing but would my score be decent enough for a loan in six months or does it take longer?

>>15864283
reminder that every time you apply for a loan your credit score takes a hit.

>>15864283
>new car
Literally why? You're nineteen.

>>15864369
Only if it occurs more than a few times in a given period. One check does nothing, two likely does nothing as well. The hit is only because it looks like you are shopping around (because you are) and lenders don't like that.

>>15864283
Whats wrong with your current car?

>>15864283
With no credit history you're gonna be fucked on rates

>>15864283
Yeah. Buying something really expensive that will immediately depreciate in value when you're a teenager sounds like a great idea, OP.

>>15864386
Horrible gas mileage. Spending close to a car payment in gas every month. Car I want gets more than double to mpg. Plus it's a Ford so it's always breaking.

>>15864380
I'm not 100% set on a new car. This thread can apply to any car even used. I just want some knowledge on car loans.

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just a heads up, i tried this route a while ago when i was younger, so i can give you an idea of how it will go

First off, NO dealership will let you walk away unfinanced, they will find a way.

your interests rates are going to be ridiculous, and the loan terms are going to be short. expect 20%-28% interest rates with about a 2-3 year loan. Which btw, you will only be approved for if you have a decent down payment (at least 20% of the car)

DO NOT fall for buy here pay here dealerships, you will have to go to the dealer ship every month to pay your loan. on top of that they will install a gps tracker on your car (which they will bill YOU for). and if you are 1 day late they will find you and repo it. Also, these guys do NOT report to the major credit bureaus so you will be paying all that interest for NOTHING, and you will NOT build credit.

Here are what i found to be the best options:

go for a cheaper car which you can afford at least 50% of its worth for the down payment, hopefully leaving you with only a few thousand to finance. MAKE SURE that the dealership reports to major credit bureaus. that way you will build good credit and be able to finance a more expensive car with better interest rates down the line.

What i think is the best option, which i ended up doing myself is saving money and buying a used car from private seller. then apply for a couple credit cards to help build credit in the mean time, which will be easy since you now have no car payment. later when you build up your credit you can sell that car and use it to put a down payment on a better car with better interest rates.

you would be surprised with how good of a car you can get from a private seller for 3k-6k

>>15864425
>19
>is thinking about financing a brand new car
>he's ALREADY financing another car
just fucking stop dude. stop. buy a cheap, solid, used car. save up for a more expensive car. stop this financing shite

>>15864416
If I ended up buying it, it wouldn't be to sell in a few years when I got tired of it. I would most likely keep it for 15+ or until it dies.

>>15864425
How do you have no credit history if you are already making payments on a car?

>>15864425
How much is your current payment? And what car is it? What has broken?

>>15864455
Who said I'm fianacing my car? It's 100% paid for anon.

>>15864476
I ment I was spending close to as much money on gas as a new car payment would be.

>>15864483
sorry senpai, when you said "close to a car payment" i misread it as "close to my car payment". you still should buy the car outright though, look for something second hand.

From what I'm getting though new car sounds like a bad idea. Never even heard of the GPS on you car thing. Thanks for all the help anons.

>>15864340
just as a warning, most credit places only see your revenue as what's on the paystubs, so even if you're making $20/hr, they only see $10/hr. Im also a delivery driver and I do some other stuff off the books and I ran into that exact problem despite being able to save $10k+/year. They couldn't even finance me a $10k loan with a 700 credit score.

>>15864283
Get a Nice car you will enjoy since you wanna spend that much, have one of your parents cosign for you and pay it off ASAP. You will build credit and have a new car, use insurance through parents for low rates

>>15864283
like this guy says>>15865877, you better have at least 10k for downpayment kiddo

>>15864340
Enjoy your tier IV lender approval and 30% interest rate.

Here's a tip, dumbass;
Save up for a year and buy a decent used car in cash.

>>15864451
>Be first car loan with no credit
>8% interest rate total over 5 years with 1/3rd of the car value down

Do people really get offered >10% with no credit? I though I was getting ripped at 8%. Kind of assumed 20%+ was for people with really shitty credit

Get a personal bank loan and buy a used car for 6k or less. Don't get enslaved by debt for your whole life. If you never had huge payment to make you will default. Might be tomorrow or in 3 years it will happen. It happens to everyone and lenders know it.

Bank will give you a chance. car dealer financer doesn't. One day late and the car is back for sale as demon on craigslist.

>>15864283
>20/hr part time working 30 hours a week.
Shopping for a 23k for a car on 32k a year is too much. That doesn't mean a you won't get a loan, just expect 15-25% APR because they know you're retarded.

>>15864283
You can't afford it. Sorry, getting a loan this young is stupid and will buttrape you. Get a used car you can afford to pay cash for.

get your credit up with a small secured loan from your bank of choice.

>>15865899
this, 2bh

>>15867057
>>15869674
also these

I assume you live at home too? I know it seems really important right now but listen to some of us. We were all 19 once and you will look back the same one day. I'll put it this way I make 70k a year am 29 and wouldn't finance a car for that much money. At your age and not exactly having a career yet it's just not an investment you want to make. Credit and debt is real and a bitch. This decision could effect you for the next 7 years. By then you could be graduated and married and defaulting on that loan may be keeping you from buying a home or buying a nice car when you can actually afford it. The high interest you will face alone. Don't see a number like I don't mind paying 20% more to own a car I like. You will quickly find the car to be worth half what you owe on it and your making rediculous payments while your AMT owed is steady as a rock.

>>15864425
>Change your driving habbits...

>>15864451
>they will install a gps tracker on your car (which they will bill YOU for)
Nigga what?