I want to get a loan but no credit. how long for a credit history?

Question

i want to get a new car. but id have to get a loan for the car. however im only 18 and i have no credit. my plan was to get a credit card and buy gas or what not. and pay on time in full. how long do you think i would have to do this until i have a good enough credit to get a loan at a good interest rate?

so lets say hypothetically i get the credit card im buying gas or whatever im making payments in full every time. how long should i wait then until i try to apply for a loan?

Answer 1

There are special auto financing loans designed for people with no credit. Getting one of those loans would allow you to get your new car quickly and start building great credit by making the payments on time.

The company I'm most familiar with that extends vehicle financing to people with no credit is:

http://www.mortgageous.com/noriskcredit

.

Answer 2

at your age, it would be better to get a small (100-200) personal loan for 60-90 days and pay it off before it comes due. wait a few weeks and do it again. that will give you a credit rating from the three bureaus and then you'll have a better chance at getting a loan at a decent rate. don't go for the newest car, but get a quality used car from a dealership. just be sure you know what you want, and how much you can afford, before trying for a loan from a bank or dealership.

Answer 3

The best way to build credit from no credit is to get a credit card. Once you get the credit card and make a few payments you will start to build a credit score. The problem with no credit score at all is trying to get a bank to give you a chance and issue you credit. I have listed a site at http://www.bad-credit-credit-card-for-people-with-bad-credit.info/ that has a list of banks that will issue credit cards to people with no credit history.

Answer 4

I am Mr Peterson Chris.I am a legitimate loan lender who gives out loans at low interest rate of 3%.Are you finacially down?Do you want to pay your bills?Is your credit score low?If yes,then you are in need of a loan.I deal with only honest people who are really in need of this loan.If interested contact me today with the loan of loan you need so that my loan terms and condition will be forwarded to you.You are to mail me or contact me through this email address

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