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TIA,
OD
overdrive wrote:Hi all,My friend has just started his credit history by applying for a secured credit card. For 5 months now he's been making timely payments. He applied for a car loan for a small amount (5K-7K pre-tax, license and fees) and got denied by Cap1, roadloans and few other banks either because the loan amount is too small or he doesn't have any credit history.So these are the options for him
- Wait for a couple of months till he gets a credit score and then apply again. Now he needs a car badly and I'm not sure if his situation will improve anyway then
- Get the 15% APR he's getting from his CU. Don't know if this is too high (See below)
- Pay cash for the car. The only reason he's getting an auto loan is because he wants to build his credit history. Is the 15% APR dinging him financially and not helping much? (he'll apply for (substantial) credit next time only when he plans to buy a new car in 2 yrs)
TIA,
OD