Denied Auto loan due to no credit history but dealer says different.

[Anonymous]

Ok so Im trying to get this car, this will be my very first car ever, starting rate is like 26,000. Im currently paying a personal loan of 2500 bi weekly of 58 bucks. I went to the credit union and they said I can’t get the loan because I have no credit history and I just started this personal loan a month ago. I was in talks of the dealer and told him I got denied at the credit union but he is telling me so far the financing manager is still going over my info and nothing has been denied as of yet and I still have a chance. I told the dealer im willing to put down 2000 or alittle more because I REALLY want this car. Ive been researching about the “yo yo scam” am I a victim of this and what can I do to get this car soon rather than wait 6 months?

Im currently a 1099 contractor and I make at least 1700 every two weeks before taxes I mean I can definitely payoff this car on time no problem and I live with my parents I HAVE NO BILLS! I told the dealer all of this information.

[PutThatMoneyOnTheTable]

First Rule of car buying.....always show your poker face, even if you really want the car, act as if you are willing to walk away from the deal.

That been said be wary of the mutliple inquiries on your new profile. Also, have you tried Capital One Auto Navigator.

[Anonymous]

So wait its still possible to get the car with no credit history???? And crap if thats the case I think I might have sounded a bit desperate by saying i would pay a bit more.

And no I havent tried the capital one, i will research that though.

[calyx]

+1 the Capital one Auto Navigator site.  It will give you a preapproval without HPing you, so it doesn't negatively effect your scores (shopping around can do that).   If you are preapproved and use them, they'll HP your files when you're actually purchasing.

[Anonymous]

Went back to the bank and shockingly got approved for 15,000 rather than 26,000. So I gotta get a mustang or something close for 15,000 and 100k miles. you guys know any good suggestions other than the capital auto???

[sccredit]

Financing a car with 100k miles (or anywhere close) is foolish.  Find a certified econobox with low miles and work your way up.  

[Anonymous]

---

@sccredit wrote:

Financing a car with 100k miles (or anywhere close) is foolish.  Find a certified econobox with low miles and work your way up.  

---

Another reason to do this is your age and insurance.

I've always had sports cars and at times, had insurance that was more than my payment. The last thing you need is to settle on something that has a $250 payment but costs $300/month or more to insure.

Make sure to get a quote BEFORE you buy!