Loan

[Mario]

What's my chance of being able to get a loan at 18? Looking to get a 600cc and wanted to see if this might be a way to build up credit on a small (5-7k) loan.

[YouLoose]

Simple as long as you have Zero credit or NO late payments, or have good credit

[Mario]

Well I've been 18 for 3 months... so I essentially have no credit as far as I know. You can't be late on payments you've never had right?

[forum]

I got a loan for my car at 18 with no co-signer, it's possible. Although I did have a credit card for a year or so before that to help my credit.

[YouLoose]

You should have no issues getting a loan as long as you can show for good income.

[Ashton]

Good luck.

I doubt you will be able to unless you have awesome income and good work history.

ie a job since you were 15 with all your stubs and tax forms to prove you have it. A nice bank account would help also.

[Ashton]

actually another thing to add it also depends on if you have credit cards or not. and what the limits are on those.

[95GSRB18C]

ive had my truck since Dec 03 and my car since July 04 and i never missed a payment or was never late and they approved me for $5K.

[Pang]

If you have no credit, they'll require a co-signer.

[Kwando]

different people, different situations, diffent banks/credit unions... my advice mario is to just try, if you get turned down, who the fuck cares... at least you know what you have to work on to increase your credit score... most importantly is make sure you can afford it... you dont want to buy something new without checking your insurance, taking in consideration how much taxes/plates/registration is, etc... good luck

[Conrad]

different people, different situations, diffent banks/credit unions... my advice mario is to just try, if you get turned down, who the fuck cares... at least you know what you have to work on to increase your credit score... most importantly is make sure you can afford it... you dont want to buy something new without checking your insurance, taking in consideration how much taxes/plates/registration is, etc... good luck

:werd: I got a 5 thousand dollar credit card a couple of weeks after I turned 18 but I still had to have someone co-sign on my crap 3K dollar car.

[smithz]

different people, different situations, diffent banks/credit unions... my advice mario is to just try, if you get turned down, who the fuck cares... at least you know what you have to work on to increase your credit score...
Actually I've heard that being denied a loan can also show up on your credit report as a bad thing. I would say just get your parents to cosign on your first loan, that way you should get it for sure. Then make sure you are never late on a payment. Before long you will build your own credit score and won't need a cosigner ever again, as long as you don't mess it up down the road. Also you should apply for a basic credit card with a low limit (like a couple hundred dollars) and just use it every month to buy small shit and pay it off every month. That's another way to quickly build your credit score up.

[Aracheon]

Actually I've heard that being denied a loan can also show up on your credit report as a bad thing. I would say just get your parents to cosign on your first loan, that way you should get it for sure. Then make sure you are never late on a payment. Before long you will build your own credit score and won't need a cosigner ever again, as long as you don't mess it up down the road. Also you should apply for a basic credit card with a low limit (like a couple hundred dollars) and just use it every month to buy small shit and pay it off every month. That's another way to quickly build your credit score up.


+1

I'll be 20 in less than a month, and I've had a credit card since I was 18 that I've never carried a balance on... it's always been paid off every month. Before I bought my Integra, I went to my credit union for pre-approval on a loan... now take into account my dad's been with these guys since the late 70s, and our banker there pulls alot of strings for us. I got approved for a $10,000 loan at 6% without a co-signer. I'm not sure if she checked my work history, but I've had the same job for the last 2 years.

[B20badboy]

different people, different situations, diffent banks/credit unions... my advice mario is to just try, if you get turned down, who the fuck cares... at least you know what you have to work on to increase your credit score... most importantly is make sure you can afford it... you dont want to buy something new without checking your insurance, taking in consideration how much taxes/plates/registration is, etc... good luck
I hear that if you are looking to finance a Bike look for a ton of insurance to pay until it is payed off.

[B20badboy]

Another thing credit cards will not build your credit worth shit as there are open accounts. I have not figured out the deal to get good credit yet! I have bought and paid off two cars am buying a 240K house and for two years have not missed one damn payment nor been late. My credit is still shit I cannot even get credit cards. (which in my mine is a little better cause everything I buy is mine cash) Your parents might not want to co-sign you on a bike so I would say save some money (that's what I am doing for a bike)

[smithz]

Another thing credit cards will not build your credit worth shit as there are open accounts. I have not figured out the deal to get good credit yet! I have bought and paid off two cars am buying a 240K house and for two years have not missed one damn payment nor been late. My credit is still shit I cannot even get credit cards. (which in my mine is a little better cause everything I buy is mine cash) Your parents might not want to co-sign you on a bike so I would say save some money (that's what I am doing for a bike)
Not sure what the problem you are having is, but I'm not talking out of my ass.

You DO establish credit by having a credit card... open account or not. A credit history is basically a record of people giving you access to money, and whether or not you have had any problems paying it back. With a credit card, it's simply a history that they have allowed you use of a certain amount of money, and that you have never been late on a required minimum payment. As long as you never carry a balance, that equates to never having a late payment. Which DOES help your credit score.

[Conrad]

Good Credit doesnt outweigh Income to Dept ratio!

[Aracheon]

True... the ITD ratio is another big thing that lenders will look at. Lucky for me, I had no debt at the time I applied for my loan since my Celica was financed under my parents.

[Mario]

Thanks everyone! I'm not sure of my parents credit score... both are small business owners for less than 5 years.

I've been at my current job for just a little under two years, and have been steadily employed since I was 15.

I am going to be getting my motorcycle permit today and ride a friends bike to see how I like it... if I do, I'll apply for the loan. If I get the loan I'll take the course and buy a bike.

[smithz]

Good Credit doesnt outweigh Income to Dept ratio!
I know, that's why I said get a credit card with a low limit...

[bluetalon]

Getting denied once or twice won't hurt you, but if you keep trying and keep getting denied, that's when it's bad. Say you make like $3,500 per month, and if you have a work reference, you might get it.

[Kwando]

i have high debt to income ratio and i'm sure that i can still qualify for a big loan...