I need a small auto loan..

[Anonymous]

Im only 19. I've had a steady job off the books at a pizzeria for 2 years now, but I am currently waiting on a position for another on the books job. My credit history is weak, I've had a cap1 CC for 5mo now. Only a $750 credit limit & my balance is $400. I need a car loan, nothing excessive only like 2 - 3k for a used car. I tried roadloans and got denied. Am I SOL? I need a car bad and as of right now I cannot get a cosigner. Thanks. Oh BTW, im waiting on a decision from driverloans.com

[Anonymous]

Jenger,

The on the books job is the right idea for sure.

1) You need another month of payment history before you have an actual credit score - which may be part of the reason why people are reluctant to give you a loan. I recommend you pay down your balance as much as possible and wait until you have 6 months of history to apply for a loan.

2) If you can get your parents to co-sign with you that would likely help. You might still have high interest, but on a 2-3k loan it shouldn't be too bad.

[jdp1]

the majority of lenders these days have either a min. amt. financed of either $5000.00 or %7500.00.  It doesn't make much sense for them to take a risk on a limited credit/no credit applicant on $2k because regardless of the rate they get you, it's not gonna make them much money.  As a dealer I would reccomend the following.

Most first time buyer programs require at least 1 yr on the job (and on the books).  $1500-1800 monthly income.

Your best chance of getting a loan for that amount, and with your current credit/job situation is a local credit union, probably whoever you bank with.

[Anonymous]

Also wanted to add that if you do get the first time buyer loan, you have to pick a new or used thats less than a couple years old. This will make Insurance very very expensive. GL