I've been at the same job for 2 years. I make $24,000 a year. I had one blemish on my report but I paid it off this month. I have no score for two reporters (equifax, transunion) but I have a poor (not very poor) score for experian. Thanks ahead!
2007-12-06 02:05:51 · 7 answers · asked by Spirit-X 4 in Business & Finance ➔ Credit
I forgot to mention...I applied to HSBC band for a secured credit card two days ago. I haven't heard anything back yet about the approval.
2007-12-06 02:06:54 · update #1
Auto finance is what I do for a living and with a 0 score you will require a dealer that has Special Finance, there are lenders out there that will give you a loan with no score but you will need a down payment and will pay a high interest rate.
Find a large dealer that advertises Special Finance and go talk to the manager they will be able to help you.
2007-12-06 02:11:41 · answer #1 · answered by ? 7 · 4⤊ 0⤋
No......To be approved you would need to provide a significant amount of cash down, percentage wise. Set your sites on a less than 3 year vehicle that runs at or under the $10,000 price range. Then gather up about $2500 to put down. Applying for that HSBC doesn't help, especially if you don't get it. You want as few inquiries on your credit as necessary, that includes you or car lots checking on it. Transunion is the probably more used at car dealerships, so not having a score is bad. The time on the job is significant, so that should help you.
It will take anywhere from 30 days to 90 days before the blemish is shown paid on your credit report so you should wait, or make sure you keep the receipt showing your account fully paid. Any score under 600 is awful on the Transunion.
Best bet would ask your parents to assist you. If they trust you then it shouldn't be a big deal, if you have shown the ability to pay for your responsibilities. Going in debt is not a disaster but going too far in debt is, so be careful. Your parents would hopefully also be able to provide for a better interest rate, thus giving you a cheaper payment....and by cheaper it could make $100 difference on a loan as small at 10,000! But put as much down as you can to ensure a better chance to get a loan.
2007-12-06 10:17:41 · answer #2 · answered by georgerin 2 · 1⤊ 0⤋
Maybe. I mean, there's always the car dealers that will give ANYONE a car loan. But you'll be paying like 26% interest or have one of those loans that you can't pay off early without paying a fee. Can you get a great loan? No, I doubt it. Not without a co-sign. But you should be able to get a mildly decent loan. I'm sure it will still be high interest though.
2007-12-06 10:10:14 · answer #3 · answered by Nick 5 · 1⤊ 0⤋
Why not get a cash car? It'll get better gas mileage if its not dragging a payment book behind it.
Take what would have been your payments in the bank until you get enough to pay cash for a better car.
No Payments = cash in the bank.
You can make interest instead of pay interest.
Of course the bankers and their loyal followers are gonna tell you to borrow, borrow, borrow.
Debt free is the way to be!
OH What a feeling!
2007-12-06 13:31:37 · answer #4 · answered by heybulldog 5 · 0⤊ 1⤋
Hi.
I am Clara jones and i saw your question about needing a loan,In the internet they are alot of scams out there.I decided to answer your question to prevent you being scammed.
I got a loan of $200,000 from an agency online and i was lucky not be scammed.
Contact them at email:globaly_aquinted_org@yahoo.com interest rate of 0.2% is simply great.they use a yahoo email account on our request because its makes contacting them easier. i pomise you that you will not regret taking a loan from them.
sincerly,
Clara jones.
2007-12-14 07:21:55 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You can get a car. Be aware of the interest rate. You may not get anywhere near a prime rate.
2007-12-06 10:14:54 · answer #6 · answered by ed 7 · 0⤊ 0⤋
you only need to make about 1500 per month to get approved. Your score will only affect your interest rate.
2007-12-06 10:09:08 · answer #7 · answered by Anonymous · 1⤊ 0⤋