How can I buy a new car and get a loan with no credit?

Question

I need to buy a car, but I never had credit before,I am thinking to get a secured credit.How can I get the loan ?

Also I live in chicago.

Answer 1

Six years ago I was looking for two new cars (just moved to the US) and I had no credit, although I did have a decent salary. I got one car from a Chevy dealer, who granted me a loan with 13% interest (which I paid very quickly). I also went to a Saturn dealership, which had a 1.9% APR promotion. Saturn dealerships as a principle sell by sticker price, but they are sometimes willing to do other things to make a sale. I told them I will only buy if I get it with that promotion, and they granted it. So I guess you could try it - assuming you do have a good salary, and have the paycheck stubs to prove it. Also, don't do overboard. Buy a cheap car (Toyota Corolla, Honda Civic, Saturn Ion or something else) with one of the current low APR promotions, and limit yourself to no more than $15,000. It will be much easier that way.

Answer 2

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Answer 3

I woud think of on condition that they're the two 5% it is going to likely be the comparable. besides the shown fact that i might recommend you do the economic corporation very own loan because of the fact on your credit checklist a $20,000 automobile very own loan from a economic corporation is regarded upon extra favorably than a $20,000 mastercard very own loan. besides the actuality that in case you have sturdy credit, you will possibly nicely be conscious for a no pastime very own loan or get an fantastically low stability circulate value and beat the economic corporation. additionally undergo in concepts that on maximum credit taking part in cards until eventually the automobile is the only ingredient on the automobile, you could finally end up having to pay plenty extra. working example say you have a 5% pastime on the $20,000 automobile purchase. after which you go and purchase some thing for $1000 on the comparable card however the pastime went as much as ten%. once you mail on your money, that $1000 with the nigher pastime would be paid off final, there by utilising inflicting you some substantial funds issues.

Answer 4

Well many banks don't offer loans with co signers anymore. With all the incentives if you own a home or have a steady job there are many programs through the new car dealers that might help you. If your a student with a job for example. I would check with one of the domestic dealers, Ford, Chevy and Dodge. They need the business the most and if they can put you in a car they will.

Answer 5

Get a co-signer. A car loan is generally a secured credit loan - talk to the dealer. Good luck

Answer 6

You CAN get a decent car loan, even with bad or no credit. I've done it, but you'll have to look around. Shop around with lenders who specialize in bad credit car loans.

There are usually some nationally based car loan companies who specialize in bad and no credit car loans who advertise on the page linked below...

http://www.axalda.info/bad-credit-car-loans.html

Answer 7

Most likely you will need a co-signer to cover you or them really. Either that or you will pay a high interest rate.

Start getting credit cards that do not charge an annual fee. Only charge small amounts on them and jpay the bill on time. This will give you a credit history and will start your credit record.

Answer 8

pretty hard. dont get a cosigner if at all possible. best way to lose friends. why a new car. the minute you drive off of the lot, you have lost a pile. i have bought acouple of new ones, never again. unless of course, you are loaded,. if you are going to anyway, saturn ion is a very good car, i have a new one with 5000 mi on it. however, it doesnt get as good mileage as some of the older ones. gm took over and put their ecotech 2.2 engine in it. however, you dont have to put oil in tranny at all, and you cgange oil at about 6 or 7000 mi. has on=star and phone built. nice reliable car, though, thry will financr through chase auto loan, or one other. i forget.

Answer 9

Get a co-signer or bring in about half of the purchase price as a down payment. Sorry, but those are really your only choices. Hope this helps and good luck!

Answer 10

The lowest interest rates are with 100% down, 0% a month. Folks who constantly buy on credit end up paying twice as much than folks who buy with cash.