@Anonymous wrote:
The whole process is one ridiculous goose chase with no direct answers.
My lowest score is a 726, oldest account is 5 years old. No negatives, no late payments but since I have no previous auto loan or mortgage I am viewed as having an "insufficient credit history".
They want you to have previous auto loan experience but noone wants to give you that first loan to being with.
Nothing but a **bleep** show.
I'm in the same situation. Yes, it's frustrating; but there are lenders out there willing to offer you a loan. You have to find them. It may be limited and the APR may suck, but that's how the world of auto loans apparently works. My plan of attack: find a lender willing to give you the highest loan at the lowest APR and provide a downpayment for the remaining balance (even if that means the downpayment is $10k+). If you're determined enough to buy your "dream" car with no prior auto loan history, you still can. If you've managed to raise and maintain your financial status to what it is today, and the only thing stopping you is the underwriting policies - I'm sure you can dedicate yourself and keep a budget. It'll just take time, and you may even be able to lower the APR down the road.
