I applied at my credit union , where I have been a member for 4.5 years; never had overdraft fees or had my account go in the negative, always have at least $500 in my account; am still at the same address where I have lived for 6 years and never been late for rent; have a steady paying job for the lats 3.5 years. I am 29 single, and have no debt. so I ask for an auto loan of $4500 because it is for a decent used car which I will probably pay off in 6 months tops anyway. The loan officer acts smug and says you have been approved for whatever high rate (which is fine, i don't mind) but you need a co-sign!!!!!
Ok so here's the dilemma, I have no living relative in this country; I have few friends, not to mention credit worthy ones. What is my recourse here I desperately need the car but my small credit union has no faith in me even though I am as good a borrower as they could ever find?
OK, so I need an auto loan...But?
The reason you can't get a loan is right there in your question. %26quot;and have no debt.%26quot;
Therefore you have no credit record. Therefore you are a risk. If you would pay it off in 6 months anyway, save up for 6 months and pay cash. In the mean time, at least get, and use, a credit card so you can start building a credit rating. Use the card like you would cash, and pay it off in full on or before the due date.
OK, so I need an auto loan...But?
TRY WWW.CAPITALONE.COM
WORSE CASE, BUY A FORD OR MITSUBISHI.... THERE FINANCING EVERYONE STILL TO SELL A FEW CARS
OK, so I need an auto loan...But?
Try some online sources such as eLoan.com. Your lack of debt is a negative and will continue to cause difficulty. If you shop around, you'll find a lender that will accept you. If you have to pay a high interest rate, it's not that bad if you pay off the loan quickly.
Not that it will help you in this situation, but you should get a couple of credit cards, use them fairly often, and pay off the balances every month. To be without a good credit history can be a real problem.
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