Private Party Auto Loan and Thin File

[Anonymous]

Hello Everyone,

My Credit history is 5 months old. My oldest account is 5 months and I have No Fico Score but expect to be in the Mid to high 600s since no negatives are reporting and I have 6 positive TLs, I just called my CU to verify if they offer a Private Party Auto Loan and explained my situation. Per her statement  I need at least one CC reporting for 18 months with a CL of at least 4,000. I was thinking on possibly using my tax refund and depositing this on my Capital One Secured Card as this is my oldest account and leave it there until I'm ready to apply. Any one has any ideas? Any thin files ever approved for an auto loan with a low APR?

[SamsungHDTV]

The main thing that you need obviously is time. Let your 6 accounts age. In the meantime, consider a cosigner if possible and refinance into just your name when your able.

Cap One secured card is maximum 3k credit limit, or at least last time I checked. So you could consider another secured card that has a higher limit, although I think you have enough trade lines. What I would suggest instead is wait until you have credit scores, and simply talk to every credit union out there.

[Anonymous]

The issue is that I already own the car, well not own it but Its the car I'm using and its under my dad's name only. I am actually trying to buy it from him by paying the original loan and asking for a Private Loan at hopefully a better APR than his, (his is 8%) I'm aiming at least to a 4%.

If capital one's Highest CL on secured is 3,000 then I'm fried

[Anonymous]

not sure where you live, but many CU have frest start/builder programs. Try Chevron Federal Credit union, that have a program for car loans up to 15k for thin files. You can join by joining the contra costa historical society. I did and did it all online.  worth a look