Have 2,000 to put down on a down payment, and I'm looking at an evo 9 that's around the 20-21,000 mark. Here's the thing, I don't have any credit. I know, most of you are reading this and at this point are like "nope" but hear me out. I'm a college student with absolutely no bills (except my student credit card, which is only a 700$ card), have a full ride through college (thanks to parents) and make 1200-1400$ a month. Also my job is virtually impossible to get fired from (backed by the union, basically I'd have to be a dumbass and steal from my company to get fired) so I have financial security.

Think there might be a dealership who'd work with me? Of course I would have pay stubs to show my financial standing and whatnot. I'm probably asking a moot question but I figure with the way the economy is going I might as well give it a chance and ask anyway. My parents don't want to co-sign because they've already got loans out on three properties, and want me to do this on my own.

Thanks for the help in advance.

 

Unions mean nothing, no job is 100 % secure... I don't care what field it's in or what products your making! No credit means you'll have to have a co-signer. Good luck!

P.S. No bills = lack of credit establishment, therefore banks aren't willing to work with you since you have no prior history of credit rather than a 700 student card.

 

BTW you should post this in the Evo 9 board.

 

I got a car loan (no cosigner) in my early 20's when all I had was a $500 department store credit card. The interest rate was high but that was in part due of the economy at the time.

I'd shop your loan to a credit union if you have one or a bank before going to the dealer since it's for a used car.

 

You might get a loan with a credit union in your situation but the interest rate will be so ridiculous that it'll make me cringe as if I just saw Rosie O'Donnell, naked.

 

Go with the co-sign if your parents are cool with that, you'll get a good interest rate... Have you consider an X? Right now you can find some phenomenal prices on them, sometime 0% interests rate!

 

I think you'll have to eat a high interest rate.

In any case, go here and post what you want to do: http://creditboards.com/forums/index.php?showforum=17

A bunch of really nice loan officers help out in their free time. If you provide all the information they require, they'll run it through their algorithms and tell you if you're likely to get approved. You won't get an interest rate, but expect it to be on the high side with no credit. Just be sure to be courteous and follow the posting rules: http://creditboards.com/forums/index...owtopic=197666

An alternative that might be presented if you can swing it financially, is often they'll let you "buy" a low interest rate by making a larger down payment on the car. This increases the loan to value ratio, and sweetens the deal for the bank/credit union.

 

Extremist: With no previous credit history, being a college student, and his parents wanting him to do this ALONE... He will not qualify for 0% financing.


Sometimes Mitsu will offer special student financing, but I do agree go with a credit union or bank and see what they will do for you.

 

Alright thank you guys for the help, and also thanks for the link to that credit union forum, I'm about to check that out right now.


And oops, for some reason I thought I was on the evo 9 forum, I must've had the wrong tab open on firefox heh.


Now this makes me wonder....my union has their own credit union. I should go check that out too!

 

u kan try it wit them and see wat happens, i had got approval for financin for my first car while i was 19, military too. ur student credit card builds credit on ur report, dispite wat people say, it does but very little, thats the only thing. so depending on how long u been payin that card and if u miss a payment will determine ur interest rate, but since ur still young it will still be high.

but good luck wit it, lets us kno wen u get it

 

You WILL get financing. The problem is that it'll be really high interest rate and you WILL have to have a co-signer. But sure, you will get financed. Get the car and then refinance it with a different bank. The chance of getting financed without a cosigner is very low.

 

tier2 is only 700+ credit... which isn't *that* hard even with a short history.

 

Also just a question....if I somehow managed to get my parents to cosign, what are they giving the X's away for right now? As far as the GSR is concerned. The 0% apr only works on new vehicles, not used correct?

man I saw a grey X in downtown riverside by my place yesterday.....inspired me to move up to the X instead of the IX lol.

 

go look in the dealer forums... socal mitsu appears to be selling X GSRs for 28,500, however they say there are no base models left.

I got a lightly used X with 15k... loan for $17k, rest was cash... even at 5% or whatever my credit union has me at, my monthly payment is a stupid low $320.

 

Have your parents cosign for 6 months and then refinance, that's what my girlfriend did for her Mini-S she just bought. After the 6 months passes her credit will be good enough she can refinance it on her own. Chances are you may be able to get approved on your own, especially at a credit union, your union, or the dealership... but the interest rate may be insane. With a co-signer, especially if your parents have decent credit (it sounds like they do) you'll be able to get a great interest rate locked in, like the 0% if you choose a X.

There is a thread on "how much" for Xs, but I think a base GSR can be had for around 30k give or take a few thousand.

If you've had that student card for awhile and have been using it, you may already have decent credit. All I had was a single credit card from 16-19 and I had a mid 700s score, course, it was an AmEx gold, linked to my parents' account... but still.