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18 yrs. old - auto loan possible?

New Contributor

18 yrs. old - auto loan possible?

Hi all - my sister just graduated in June 07 and is looking to get a loan for a car.  She only has one credit card which she got in November, other than that nothing else.  Ideally she should wait some to let her score rise with timely payments and good util, but she needs a car asap to get to work (she works 2 part time jobs). 
 
How lenient are dealers/banks with giving loans to people with no/little credit?  She would have up to 3k to put down which hopefully will boost her odds on an approval.  Does anyone here have any experience with this?
Message 1 of 9
8 REPLIES
Valued Member

Re: 18 yrs. old - auto loan possible?

That is a good downpayment, I would recomend pulling her scores. If there are no negatives other than short history I don't think she would have trouble securing some kind of loan with that downpayment and somewhat decent scores.
Message 2 of 9
Established Member

Re: 18 yrs. old - auto loan possible?

Worst case scenario she'll have to agree to a high interest rate, but she shouldn't have a hard time at all.
Message 3 of 9
New Member

Re: 18 yrs. old - auto loan possible?

Definitely possible, esp if you can get a co-signer. Try First Security Bank--they gave me two different auto loans at pretty good terms when I was just starting out.
Message 4 of 9
New Contributor

Re: 18 yrs. old - auto loan possible?

I'll be sure to pass along all the good info. Thanks everyone! Smiley Happy
Message 5 of 9
Frequent Contributor

Re: 18 yrs. old - auto loan possible?

Graduated what? If she just graduated college, they have programs for people who have just got their degree and you get a very good rate. I guess the manufacturers want to get you in and try to develop some loyalty. good luck
Message 6 of 9
New Contributor

Re: 18 yrs. old - auto loan possible?

RGordon - she just graduated high school. Hasn't started college yet as shes working so she can't bank on all those fold-out tables they have during registration
Message 7 of 9
Frequent Contributor

Re: 18 yrs. old - auto loan possible?

Don't they also factor in income and employment status in deciding whether or not to give the loan out though?

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Message 8 of 9
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New Contributor

Re: 18 yrs. old - auto loan possible?

That's what I thought, but I know when I was 19 I got a car loan for 20k after being at a new job for 4 months. But then again I had a newborn baby so I was hoping they'd think I was (am!!) responsible since I have responsibilities and the whole bit. That was a few years ago but I'm sure much has changed with lending practices given the economy and mortgage lending failures.
Message 9 of 9