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Getting an auto loan without buying a car

Established Member

Getting an auto loan without buying a car

Hello guys, just wanted to know is it possible to get an auto loan without getting the actual car? Reason being is cause I want to have a different type of credit to diversify my profolio, like student loan, mortgage, auto loan, etc.

Credit cards and personal loans help but I think those are more heavier and I wish I took out a loan back in college but whatever.

Even if I can't get the car without an auto loan, could I at least get the auto loan by leasing a car for maybe a year or so? I just want to establish a different type of credit that's all.
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Valued Contributor

Re: Getting an auto loan without buying a car

You can buy a boat/snowmobile/motorcycle/ATV/jetski and get a loan, basically the same as a car loan as far as credit mix - seems like a "less than wise" choice to spend money for an installment type loan, just for the tradeline - even if you pay it off in 6-12 months, you spent money on something you really didn't need or want just for a tradeline that will only "help" when it's open, meaning active with a balance.  

Message 2 of 7
Established Member

Re: Getting an auto loan without buying a car

True, thank you bro for that info.
Message 3 of 7
Member

Re: Getting an auto loan without buying a car

You can get a secured loan if you just want an installment loan to show up on your Credit.
Message 4 of 7
Frequent Contributor

Re: Getting an auto loan without buying a car

Depending on your financial situation, it might be possible to buy a cheap used car, and then rent it out to recoup costs/make profit.

Message 5 of 7
Valued Member

Re: Getting an auto loan without buying a car


pipeguy wrote:

You can buy a boat/snowmobile/motorcycle/ATV/jetski and get a loan, basically the same as a car loan as far as credit mix - seems like a "less than wise" choice to spend money for an installment type loan, just for the tradeline - even if you pay it off in 6-12 months, you spent money on something you really didn't need or want just for a tradeline that will only "help" when it's open, meaning active with a balance.  


These type loans don't show the same on my credit report as my auto loans. My current motorcycle loan falls under "Other Loans," the same category that a personal loan falls under.



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Message 6 of 7
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Established Member

Re: Getting an auto loan without buying a car

Yeah, I can't have it be a secured personal loan either, was thinking self lender but even that wouldn't help as much. I need an auto loan that is a specific type of loan or a student loan but even so I don't even go to school anymore, wish I took it out when I was a student but not going back to school. And a mortgage loan would work but I can't even buy a house yet... One leads to another, can't even get these specific loans unless you have this and that smh.
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