Quote:
Originally posted by NoSoup
I hate to be the bearer of bad news....
It will be extremely difficult to obtain a loan without credit. You might be able to with one of the high risk auto lenders that usually advertise "No Credit, Bad Credit, ect is fine! 29.9% Interest... " If you do decide to go with a high rate loan, after six-seven months you should have a score that will allow you (hopefully) to refinance for a lower rate. However, if you are going to be paying much more than you need to, you may not even want to refinance.
You might just want to by a "beater" until you have enough money saved up to buy the car, or at least put a large amount down, as financial instiutions are more likely to lend if you have a lower LTV (loan to value ratio)
I would suggest beginning to build your credit ASAP, the easiest way is likely with a secured credit card. If you have any more questions, please ask!
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In University, they practically threw a credit card at me (no secuity, no income information, no credit history (not even student loans), as far as I remember). It was a small limit. Is this a Canada/US difference, or was I just lucky?