I am going to school this summer, but have plenty of time to work afternoons, nights, and weekends..and the entire second half of the summer. I would reallly like to buy a certain car this summer, at around $12,000.00. However, I am JUST applying for a credit card and believe I may not have enough credit yet. How can I go about getting prequalified for a car loan? I do some of my own work already, but I can not claim it because it is fiberglass fabrcation and I do not have a registered business..just for some people with the same interests as me. I make over a grand each month with this. I am going to be working at UNO Chicago Grill or a local sports bar, and am currently employed at GRCC tutoring between classes.
So assuming I'll be able to make the payments, what steps should I take to have a shot of getting this loan, and preferably without a cosigner(if possible)
2007-03-15 05:55:44 · 5 answers · asked by snowboardin58 1 in Business & Finance ➔ Credit
I was able to get a loan for the same amount when I was 19, working fast food. I had no credit cards at the time. My dad co-signed, but it was only to lower the interest rate. I could have gotten the loan on my own. I'd say with two jobs and no BAD credit, you should be fine for that amount.
2007-03-15 06:04:28 · answer #1 · answered by ? 4 · 0⤊ 0⤋
I would try your local credit union or your own bank. Any gross monthly income below $1,800.00 (prove-able) will be a problem.
If you are a first time buyer the banks that have that type of programs will not approve you for a $12,000.00 loan because your payment will exceed their maximum amount of $250.00 for 60-months.
If your credit union is no help see if you can get one of your parents to co-sign just to get your credit established.
2007-03-15 07:16:42 · answer #2 · answered by ? 7 · 0⤊ 1⤋
Go to your bank (or one you'd like to do business with) and talk to the loan officer. They'll gladly run your credit, look at your income, and let you know how much you'd qualify for to get a car.
2007-03-15 08:28:14 · answer #3 · answered by reandsmom77 6 · 1⤊ 0⤋
You may qualify for a first time buyers program, but your length of time on the job might give you trouble.
Ask your parents or friends for the name of a car salesman who can give you advice without running your credit history.
(By that I mean putting your social through the system.)
2007-03-15 06:08:21 · answer #4 · answered by surffsav 5 · 0⤊ 1⤋
go to a credit union. you will have a better chance of getting the loan
2007-03-15 06:04:50 · answer #5 · answered by Anonymous · 0⤊ 1⤋