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| *Loan,banking and credit>>>auto loan |
I'm 19 yrs old. Will I qualify for an auto loan without a cosigner? |
Hi I need to know if I'll qualify for an auto loan without a co-signer. The car I want is a used Toyota Camry approx. $15,000. I'm 19, my score is 720 and I make very good money but I have only been working for about 2 months at my current job. I'm completely on my own and do not have a co-signer. What are my chances of qualifying for a loan without a co-signer. Should I do it through the dealer. Will I have a good interest rate? you have nothing to lose by trying. I'm thinking that $15K is a bit high for a 19 yr old with a maximum 1 year of credit history and 2 months time on the job. Where I work, they require at least a year on the job for any loan. I would suggest that you visit your local bank or credit union first - apply for a loan for whatever amount they will approve for you.... THEN shop for the car that fits in that price range. Source(s): 25+ years in banking Talk to your bank first they may offer you a better rate... Congratulations on a 720 at 19! way to go! :) You'll probably have to get a first time buyer's loan which can have a high interest rate. But, after a year, you can refinance or purchase at a much better rate. Take as much as you can afford to pay down and you might get the better rate right away. Personal experience You should have absolutely no problems getting a car loan for approx. $15k with a 720 score...no matter how old you are. You should be able to get a great rate too. Don't accept anything over 7%! I got mine a few months ago at Capital One Auto Finance. http://www.capitalone.com/autoloans... Rates start at just 5.99% APR. They have what is called a Blank Check. They overnight you a blank check, you write it out and it's as good as cash. Best car buying experience I've ever had and I was able to negotiate much better because I didn't need to get financing through the dealer. http://aaacreditguide.com/forums/auto-fi... |
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