where do I start when getting auto financing??

Question

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)

Answer 1

If you go to a car dealership, preferrably one of those that advertise "bad credit no credit no problem" they will usually be able to get you financing. I have ridiculously bad credit but was able to buy a $12000 car recently with $1000 down. As long as you have a reasonable chunk for a down payment, you shouldn't have a problem at all. The dealership will do all the legwork for you. The only problem you may run into is that since your credit is new, you may not have the best interest rate. However, once you have a year under your sleeve of good payments, you should be able to refinance for a lower rate.

Answer 2

i sell cars for a living and come across similar situations everyday there are a few things that most first time buyer programs look for including some credit through credit cards or something and most of them won't touch you if you have any derogatory credit (bad credit) i would also suggest staying away from the bad credit dealers (buy here pay here) they are a great business for people wiht stinky credit but as a first time buyer i would exhaust every other option b4 doing that another thing first time buyer programs look for is long term on job wich i take it you don't have i would call a big dealership and ask to speak to a finance manager they know the ins and outs of the business and what all you need they can usually tell you if they are able to help you over the phone if a dealership can't help you you need to check wiht your bank make an appt wiht your loan officer and talk to them if nothing there try a co-signer if nothing from that think about a student loan or a cheaper car another thing is start saving money for a down paymetn you never want to go into anything wiht nothing down the ways cars depreciate its just stupid to finance every bit but if you have to a lot of people do it gluck and have fun

Answer 3

Get on the computer; punch in Auto Loans, you will get several responses. The trick is to find a low interest rate. I promise you that you will get financing but the interest rate will be about 15% meaning your payments will be about $17.00 for every $1,000.00. However, you have the option of paying it off without penalties. The good part about getting a loan that way is that you will need no down, tax, title or registration fees because it will be included in the financing. Also; you can get financing at most new or major dealerships providing you can show sufficient income to make payments or with a co-signer. If you go on line try "Road Loans" they will have a pre-authorization to you over night and probably for up to $22,000.00 ---- Good Luck! Once you establish credit you will be able to get a lower rate or make a few payments and refinance at a lower rate once you have established a credit record.