topic Re: Auto Loan 25k No Credit History in Auto Loans

Auto Loan 25k No Credit History

Anonymous — Sun, 26 Oct 2014 14:51:55 GMT

Hi. I need help with buy a car from private seller state (WA) i am from IL

Car: Mercedes CLS 63AMG

Year: 2007

Milage:86000

Amount: 25 000

Incomce:4000-5000 monthly

I just got SSN and no credit history... CLEAR

Can you guys help me what i have to do ? best ?

Credit Union ? I can put down 1000$

Any ideas ? Thank a lot !

Re: Auto Loan 25k No Credit History

Creditaddict — Sun, 26 Oct 2014 15:30:04 GMT

1. no

2. that sounds cheap (surprisingly) clean title?

3. usually with no credit or bad credit you need to go as new as possible for car not super high end old... most banks and credit unions don't want to give that large of loan for 4-5 years on such an old car especially with no credit.

Re: Auto Loan 25k No Credit History

Anonymous — Sun, 26 Oct 2014 15:37:14 GMT

yep its clean title, i dont want pay same amount monthly for toyota or honda and not be satisfied.... i know its possible to get this amount loan , but need good contact or good CU or some people who can help

Re: Auto Loan 25k No Credit History

Creditaddict — Sun, 26 Oct 2014 15:39:55 GMT

@Anonymous wrote:
yep its clean title, i dont want pay same amount monthly for toyota or honda and not be satisfied.... i know its possible to get this amount loan , but need good contact or good CU or some people who can help

you can do a credit union search at suzeorman website under resources. I only know Alliant off the top of my head for IL... find a local one and go in and speak to lending about having no credit and wanting a loan and bring your paystubs with you and maybe they will give you a chance.

Re: Auto Loan 25k No Credit History

Anonymous — Sun, 26 Oct 2014 15:55:35 GMT

ok thanks i will try, but maybe other mmebers got any ideas or experiance in IL ? thank you

Re: Auto Loan 25k No Credit History

Anonymous — Tue, 28 Oct 2014 01:24:20 GMT

? Any1 ?

Re: Auto Loan 25k No Credit History

firetech593 — Tue, 28 Oct 2014 01:51:44 GMT

Try Great Lakes Credit Union or Consumers Credit Union, both in northern Illinois (Waukegan Area).

Re: Auto Loan 25k No Credit History

sccredit — Tue, 28 Oct 2014 15:56:32 GMT

Find a CU close to you and walk in and talk to a loan officer. That is going to be a difficult loan with no credit history.

Re: Auto Loan 25k No Credit History

Jlu — Tue, 28 Oct 2014 21:27:13 GMT

The price is actually a bit on the higher side depending on maintenance records and past ownership history. The AMG's value drops like a rock off a cliff.

Only way this deal gets bought is if you find a very liberal CU with a first time buyer's program.

Also, if I were making $5k/month I wouldn't even think of looking at this vehicle. A brake job costs about a whole month of paychecks for you.

Re: Auto Loan 25k No Credit History

sccredit — Tue, 28 Oct 2014 21:45:38 GMT

@Jlu wrote:
The price is actually a bit on the higher side depending on maintenance records and past ownership history. The AMG's value drops like a rock off a cliff.

Only way this deal gets bought is if you find a very liberal CU with a first time buyer's program.

Also, if I were making $5k/month I wouldn't even think of looking at this vehicle. A brake job costs about a whole month of paychecks for you.

Only way to drive an AMG is to lease it and give it back in 3 years

Re: Auto Loan 25k No Credit History

pipeguy — Wed, 29 Oct 2014 02:18:29 GMT

@Jlu wrote:
The price is actually a bit on the higher side depending on maintenance records and past ownership history. The AMG's value drops like a rock off a cliff.

Only way this deal gets bought is if you find a very liberal CU with a first time buyer's program.

Also, if I were making $5k/month I wouldn't even think of looking at this vehicle. A brake job costs about a whole month of paychecks for you.

+10 - exactly what I was thinking, but we see it again and again on here, usually new posters making $30k a year and 1 year out of Chapter 7 taking a 12% loa for a new high end car - I don't think they want to hear don't do it, I know no one I've tried to advise has taken that advice. Oh well, I guess someone needs to make $1000 a month insurance payments so that I don't....

Re: Auto Loan 25k No Credit History

Anonymous — Tue, 11 Nov 2014 02:29:08 GMT

ok i got STRONY co-signer. what the best options to get a loan ? CU ? which one is the best ? i need best % and max monthly payment 450-500 . thank you