View Single Post
Old 06-28-2004, 02:50 PM   #197 (permalink)
Yakk
Wehret Den Anfängen!
 
Location: Ontario, Canada
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!
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?
__________________
Last edited by JHVH : 10-29-4004 BC at 09:00 PM. Reason: Time for a rest.
Yakk is offline  
 

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73