Blink33089 Posted November 16, 2008 Report Share Posted November 16, 2008 I'm just a little curious is to why i haven't been able to obtain a used car loan? I'm 19 years old, i've had my first credit card for about a year a half now, other accounts that i have are Platinum Visa($600.00 limit) Capital One Platinum Visa($750.00 limit) Best Buy($1200.00 limit) Dell($1500.00 limit) WaMu($2000.00 limit)never missed a payment on any of these accounts......please help?? thanx for reading! Link to comment Share on other sites More sharing options...
legal_loansharking Posted November 16, 2008 Report Share Posted November 16, 2008 The credit markets are tight now. If your FICO score is not above 700 and in some cases 750, you will not get it right now. Link to comment Share on other sites More sharing options...
Slow Eddie Posted November 16, 2008 Report Share Posted November 16, 2008 Its probably your lack of credit history. What are your scores? How much are you putting down and how much is the vehicle you want to buy?Eddie Link to comment Share on other sites More sharing options...
Blink33089 Posted November 17, 2008 Author Report Share Posted November 17, 2008 My current score is 690 and thats from a web site called CreditInform Premier, i have a 1000 to put down and the car is $15000.....but yeah thats the only thing that i could think of was just my history of credit.......thanks again. Link to comment Share on other sites More sharing options...
cap1kid Posted November 17, 2008 Report Share Posted November 17, 2008 At your age, work experience etc.... they probably want a co-signer. Did you try road loans? crappy rates but you should get a loan. Link to comment Share on other sites More sharing options...
Blink33089 Posted November 17, 2008 Author Report Share Posted November 17, 2008 i'm gonna say that i've never tried for a road loan just because i've never heard of it. Link to comment Share on other sites More sharing options...
JustaTexan Posted November 17, 2008 Report Share Posted November 17, 2008 I would say it's probably the economy right now. Lenders are really tightening up. Where all have you tried? Link to comment Share on other sites More sharing options...
big easy trip Posted November 17, 2008 Report Share Posted November 17, 2008 i guess the only advice i can lend here is that on all rate quotes we get from the banks (usually the 1st and 15th of the month) in the "minimum" requirements for approvals section you always see a line that states "minimum of 2 years in the bureau". with a 690 score and over 18 months in the bureau though you should be able to go through a credit union. i am not saying you will see near prime rates but you should be able to get approved nonetheless. you could expect a rate somewhere between the 10-16% range i would think.on all of your open lines, what is your utilization? this could play a key role in the process as well. you may be better off using your grand down to lower utilization. and don't believe the bs about "minimum down payment required". unless you are a sub 580 beacon the only way you need to put money down is if you are paying too much for the ride in the first place. Link to comment Share on other sites More sharing options...
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