Auto loan with no credit score

Anonymous · ‎08-29-2008

I'm looking for anyone with information on how to get an auto loan if a person doesn't have a credit score. Are there any options?

Anonymous · ‎08-29-2008

You might be able to if you can get a co-signer that has a decent credit score. You will still probably pay a higher APR but you should be able to get a loan from someone.

Other than that maybe a credit union that you are eligible to join.

Goodluck!

jdp1 · ‎09-03-2008

the dealer should know of some first time buyer programs.

Requirements are generally 1 year on the job, and gross monthly income of $1800 or more.

Your best option is going to be a credit union though.

Starting score: EQ08 - 590 (08/14)
Current Scores(11/14):
EQ08 - 662 : DCU - 656
TU08 - 656 : CK - 655
EX08 - 636 : CS - 674

$500 Cap1 : $500 Cap1 QS

Goal: 720 by 4/15

Anonymous · ‎09-03-2008

I got my Honda financed at 8.99% with 1 month credit history through the honda dealer. They used Honda Finance company for that.

All you need to show is that you are serious buyer, also I told them that I will downpay 50%, i guess that helped.

Message Edited by voidman on 09-03-2008 04:05 PM

Anonymous · ‎09-03-2008

Every place the person tried said no since he didn't have a credit score yet. I know he doesn't have a co-signer. I suggested he either wait a few months and start out with a credit card to build credit, or save money for a nice used car until he has gotten established. I'm worried that if he tries for too long it will affect him with the number of inquiries.

Tons_of_Debt · ‎09-04-2008

Does he want a specific type of car? I believe VW may have a program that would suit him...

08/01/2008 - 472 EQ; 523 TU; 454 EX
03/01/2009 - 574 EQ
08/08/2009 - 648 EQ
01/27/2010 - 671 EQ
07/04/2010 - 713 EQ
01/05/2011 - 730 EQ
05/14/16 - 762 EX

Anonymous · ‎09-04-2008

I technically don't have a credit score either and I bought a car recently. But like voidman I paid a heck of a lot down and my loan is at 25 percent.

Anonymous · ‎09-04-2008

@Anonymous wrote:
I technically don't have a credit score either and I bought a car recently. But like voidman I paid a heck of a lot down and my loan is at 25 percent.

25% wow that is a lot, which car did you buy if I may ask.

Message Edited by voidman on 09-04-2008 04:03 PM