I'm looking to get a car loan and buy an SN95 cobra. I'm 18 and don't think i have a lot of credit. What all things effect my credit at my young age. Does the fact that i own my 86 help? I'll appreciate any tips you guys have. I can't get a cosigner because my parents won't sign with me and my brothers wife won't let him.
Black 1998 GT- PI swap, 3.73's, off road h pipe, flows & some suspension goodies
White 1986 GT T-Tops- BBK shorties, RAM clutch/flywheel, Bassani catted x pipe, MSD ignition, MAC cai, LMM lowering springs, adjustable skocks & struts, MGW short throw, DD
Black 2009 Yamaha YZF-R6- custom levers, -1 front sprocket, Jardine GP-1 exhaust, HIDs, custom undertail, custom black windscreen.
good luck in this economy. banks are a bitch to deal with anymore especially if you dont have any credit. any bill that you never paid for if any will show up on you credit score...good luck
most banks only give you loan value so if the car is selling for 10 grand and the loan value is 7 grand you have to come up with the rest. also banks dont care about superchargers, cams, heads or any other mods that the car has, so dont go in there with a car that books for 6 grand and think it is possible to get a loan for 10.
most banks dont like to finance cars that are older than 5 years so you might have trouble there. no credit is worse than bad credit. i had a hell of a time when i was your age, the only thing that helped me out was the first car i finaced belonged to a loan officer so he kinda pencil wipped the loan app.
the odds are stacked against you but dont let it get you down. if you can come up with a good down payment and find the right car and the right bank it is possible.
good luck
2011 gt
2013 wrx sti
2011 yz450 dirt scooter
2012 yfz450 wuad
There isn't any bills i didn't pay so i should be good in that sense. Does anyone know someone like the guy blaze referred to that can "pencil whip" the loan app and hook a brother up?
Black 1998 GT- PI swap, 3.73's, off road h pipe, flows & some suspension goodies
White 1986 GT T-Tops- BBK shorties, RAM clutch/flywheel, Bassani catted x pipe, MSD ignition, MAC cai, LMM lowering springs, adjustable skocks & struts, MGW short throw, DD
Black 2009 Yamaha YZF-R6- custom levers, -1 front sprocket, Jardine GP-1 exhaust, HIDs, custom undertail, custom black windscreen.
I agree with blaze. The newest sn is already 11 years old, making it very hard to get a loan for that car. I think thats why people have trouble selling them. They have a little value, but not to the banks. Good luck either way!!
try joining a credit union
06 SC-281 #538
JDM tune,98maf,JDM tube/airbox,3.2 pulley,
39lb injectors,GT 500 twin fuel pumps,Mac headers,bassani xpipe w/cats 480rwhp
racing quarter windows
pioneer AVIC-Z3 -dvd-nav-bluetooth-backupcam-Sirrus-Ipod
Billet int pieces
"Power in the hands of a FEW"
Originally Posted by SaleenX538
I'm off to Allegheny Credit Union here in a little bit. We'll see how it goes.
Black 1998 GT- PI swap, 3.73's, off road h pipe, flows & some suspension goodies
White 1986 GT T-Tops- BBK shorties, RAM clutch/flywheel, Bassani catted x pipe, MSD ignition, MAC cai, LMM lowering springs, adjustable skocks & struts, MGW short throw, DD
Black 2009 Yamaha YZF-R6- custom levers, -1 front sprocket, Jardine GP-1 exhaust, HIDs, custom undertail, custom black windscreen.
X3 on the credit union, though at your young age, they may still want a co-signer.
i just bought a 96 GT vert in october through a loan. I'm 19 years old so i know where your coming from. I applied through my bank (PNC) first for a loan and got declined. I joined my dads credit union, applied for a loan and got approved but barely because of my short credit history.
You said you don't have any bills. That fact actually hurts your chances. Because you don't have any bills, you have no way to prove to your lender that you are reliable and responsible enough to pay back a loan.
I applied and was approved for a credit card three days after i turned 18. You should definitely do that because there will be a low limit and it will give you an excellent oppurtunity to build credit.
The entire economic system is based on lending and borrowing. Building good credit now will allow you to do and buy most of everything you will want down the road.
check out your credit score at freecreditreport.com
see what your number is, most places want atleast a 550+ score to even look at your loan app.
ridin fast,hittin da hills,throwin some dirt
2003 polaris predator 500
(wanna ride,just pm me!!!)
And remember just cause a car is selling for 10k cause its in great shape fast does not mean its work 10k to the bank.. You actually have a better chance getting a loan for a new car rather than used
Kinda true but not. They do look at your income to debt ratio. So really having less bills is a good thing. Being young without credit FTL.i just bought a 96 GT vert in october through a loan. I'm 19 years old so i know where your coming from. I applied through my bank (PNC) first for a loan and got declined. I joined my dads credit union, applied for a loan and got approved but barely because of my short credit history.
You said you don't have any bills. That fact actually hurts your chances. Because you don't have any bills, you have no way to prove to your lender that you are reliable and responsible enough to pay back a loan.
I applied and was approved for a credit card three days after i turned 18. You should definitely do that because there will be a low limit and it will give you an excellent oppurtunity to build credit.
The entire economic system is based on lending and borrowing. Building good credit now will allow you to do and buy most of everything you will want down the road.
im 22 and have my car in my own name along with my insurance as well. The thing that got my credit started was my Snap on credit card. I took a hit, i got a extremely high intrest rate on that(32%). But i pay everything i have on time, which gave me enough to get my streetbike on my own.
You might want to get a credit card first and start that way. intrest my be high but build your credit then the bank will be like he pays his shit on time lets take a risk
Credit union is the place to go. i got a locked rate of 5% for my rocket. there great!
Last edited by 04svtzx3; 06-30-2009 at 04:02 AM.
x2 plus ever since i got my first real job at 16 ive been with pnc and they have always been good to me...i dont know if anyone has had any problems with them but ive always been a okay
2003 Cobra w/ very mild mods, Magnaflow catback and cold air intake
1992 Mustang lx hatch back, cold air intake, underdrive pulleys, offroad h pipe, mac muffs with dumps.
1988 Toyota pickup w/ 4inch suspension lift on BFG 33's Stainless steel header and full exhaust
2005 Honda Trx 450R w/ protaper bars and grips, nerf bars and under body armor. ~for sale~
I think that site tries to sell you stuff? I think the one that I've used in the past is https://www.annualcreditreport.com/cra/index.jsp
Yea i know they do. I didnt mean like having a ton of bills because then their would be an issue. If you have quite a few prior financial commitments where most of your money already has to go, the lender will think you are over-extending yourself asking for a loan. I just meant it would be good to have one or two $30 dollar credit card payments every month to show that you can repay a financial agreement.
nah, i use it all the time. and it doesnt affect your score everytime you check it.
ridin fast,hittin da hills,throwin some dirt
2003 polaris predator 500
(wanna ride,just pm me!!!)
Posting Permissions
Reply With Quote
Bookmarks