Credit Cards Center Credit cards from our partners
Reply
New Member
Posts: 3
Registered: ‎03-07-2013
0

Limited Credit History! Need Vehicle!

[ Edited ]

I am 18 years old and I am driving around a care that is 23 years old and is falling apart every day. I make about 1600 gross pay a month currently, I have a down payment of 1000. I also have 2 credit cards but the longest one open is for about 5 1/2 months. I do want a 2012 Chevy Cruze to help save on gas to get to work and back. I found some that are 15000 yet I am unsure if that is too much to ask for. I can afford the payment up to about 400 because I don't pay for anything else besides gas. can someone help me figure out who to go to for a loan or what to do in my situation? Oh and I forgot I have a fico score of 699.

Established Contributor
Posts: 505
Registered: ‎11-05-2012
0

Re: Limited Credit History! Need Vehicle!

I guess you have to save 20% down and look for Credit union near you,they'll work with you.Google for credit union and first time car buyer,i trust you can find out some information you need

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Valued Contributor
Posts: 1,057
Registered: ‎09-29-2009
0

Re: Limited Credit History! Need Vehicle!

Your income is going to be a problem for almost any new car. I know you are not paying bills now but banks think in the longer term. If you finance for 60 months in their minds it is probable that you will be paying rent and utilities within that time. As mentioned above you are going to need to come up with some serious down payment funds for a bank to even consider this loan in my opinion.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


Take the FICO Fitness Challenge

Valued Member
Posts: 38
Registered: ‎06-26-2012
0

Re: Limited Credit History! Need Vehicle!

Well if they are assuming all that would not they also assume her income would also go up in the next five years??


HoldingOntoHope wrote:

Your income is going to be a problem for almost any new car. I know you are not paying bills now but banks think in the longer term. If you finance for 60 months in their minds it is probable that you will be paying rent and utilities within that time. As mentioned above you are going to need to come up with some serious down payment funds for a bank to even consider this loan in my opinion.


 

2fst4u
Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
0

Re: Limited Credit History! Need Vehicle!


angelbaby12 wrote:

I am 18 years old and I am driving around a care that is 23 years old and is falling apart every day. I make about 1600 gross pay a month currently, I have a down payment of 1000. I also have 2 credit cards but the longest one open is for about 5 1/2 months. I do want a 2012 Chevy Cruze to help save on gas to get to work and back. I found some that are 15000 yet I am unsure if that is too much to ask for. I can afford the payment up to about 400 because I don't pay for anything else besides gas. can someone help me figure out who to go to for a loan or what to do in my situation? Oh and I forgot I have a fico score of 699.


Talk to the dealer. There is a chance they can get you approved at a high APR. Don't count on a refi down the road, because unless you make large payments you will have some major upsidedown equity.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Frequent Contributor
Posts: 442
Registered: ‎03-19-2010
0

Re: Limited Credit History! Need Vehicle!

[ Edited ]

HoldingOntoHope wrote:

Your income is going to be a problem for almost any new car. I know you are not paying bills now but banks think in the longer term. If you finance for 60 months in their minds it is probable that you will be paying rent and utilities within that time. As mentioned above you are going to need to come up with some serious down payment funds for a bank to even consider this loan in my opinion.


I have purchased 2 cars on making $23K/year and I have to disagree. My last car was almost $22K OTD and i didn't even have to put a cent down or show proof of income. My score was top tier and I had prior auto history so i'm sure that played a part in it.

 

If you can find a co-signer that would help you ALOT. I know it's hard to find someone these day willing to do it but when i was your age (actually was 19) I had to have a co-signer. I had less than 1 year of credit history at the time and my income was about the same as yours. All i really can suggest is go in and apply and see where you stand. Dealers are pretty aggressive these days. I do like your car choice. I would suggest you stay around that price range because your rates aren't gonna be pretty if you get approved.

Frequent Contributor
Posts: 388
Registered: ‎02-15-2013
0

Re: Limited Credit History! Need Vehicle!

[ Edited ]

When I was 18 years old, I bought a car and my monthly income was less than that. I bought a 2008 Chevrolet Cobalt (brand new since it was 2008) with $1000 down. My interest rate was high but I NEEDED a car and my parents credit was too bad to even try to get it in their name. It can be done!

 

Edit: I had two credit cards opened that year.

New Member
Posts: 3
Registered: ‎03-07-2013
0

Re: Limited Credit History! Need Vehicle!



Thank you everyone! I just got approved at a credit union! 15000 for a Malibu LTZ 2011 with a 5.7 % interest rate! Smiley Happy Im so excited! My experian is 663, my transunion is 683!

Regular Contributor
Posts: 180
Registered: ‎12-08-2012
0

Re: Limited Credit History! Need Vehicle!


angelbaby12 wrote:



Thank you everyone! I just got approved at a credit union! 15000 for a Malibu LTZ 2011 with a 5.7 % interest rate! Smiley Happy Im so excited! My experian is 663, my transunion is 683!


Grats. What is your monthly payments and how many months did they finance you for?

Amex BCP 12,500 - Amazon Chase Signature 10,000 - Discover It 9,000 - Walmart MC 7,500 - Citi Diamond 6,100 - Lowe's 6,000 - Fulton 6,000 - Amazon Store Card 2,000
Valued Contributor
Posts: 1,507
Registered: ‎09-14-2012
0

Re: Limited Credit History! Need Vehicle!

Congrats!! The LTZ is a nice ride!

Never take credit personally

NFCU cashRewards $25,000; BofA Business Cash Rewards $20,000; Amex Business Platinum; Chase Sapphire Preferred $24,200; Chase Marriott $20,000; Discover It $18,600; Citi DC $12,900; Capital One Venture $15,000; Penfed Platinum Sig $5,000; Barclay Arrival Plus WEMC $15,000; Barclays Hawaiian Air Biz $20,000; US Bank PLOC Overdraft $1,500; PenFed PLOC $20,000

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.