I found an awesome car yesterday and the dealer said that in order to finance through them I would have to have my parent cosign since I have no established credit.

I did some research and I found a lot of info. on a "No Credit Car Loan" Does anyone know anything about these and what is required to get one?

Thanks so much for your help!

Any info anyone has on buying a car for a new buyer would be greatly appreciated!

The no credit car loans are a really bad deal and I strongly encourage you to AVOID them at all costs.

A cosigner is a good bet and if you cant get someone with good credit to vouch for you, you shouldn’t except a for profit company that doesn’t know you do to so either.

What typically happens is you will need a LARGE down payment, $1000-2000, and they jack up the price of the car by 20-200% and charge you a very high interest rate on top of it. (21-29%)

Chances are you wouldn’t be able to afford a $17000 car, more likely they will sell you a $5000 car for $9500 with $1500 down. You could end up paying $12000 for a car that might be worth $1000 when you get finished. And pay for any repairs it might need.

If you cant get a cosigner, your best bet is save your money and buy something you can afford with cash.

And maybe get a prepaid mastercard to start building your credit. You are many years away from being able to borrow a large amount on your own at reasonable terms.

I found an awesome car yesterday and the dealer said that in order to finance through them I would have to have my parent cosign since I have no established credit.

I did some research and I found a lot of info. on a "No Credit Car Loan" Does anyone know anything about these and what is required to get one?

Thanks so much for your help!

Any info anyone has on buying a car for a new buyer would be greatly appreciated!

You will still need a cosigner.
Not only because you have no or limited credit history, but I am guessing you also do not have 2 years of income tax returns to show the lender.

Didn’t you ask this before a week ago or something? You need to be able to document your income. If your nanny jobs are paid cash and you don’t claim them, you cannot use that as income, because you cannot prove it.

I’m considering doing a cosign with my fiance, however I don’t want any of my past credit issues to effect his, so I’m hesitant to do this and mess with his good score.

I know I was really irresponsible with my credit and this is why I have really sat down and started to put all of my finances in order and I was actually really optimistic about establishing good credit for once and then this happens.
What would be the credit score of a cosigner that I would need to help me get a car loan?
Who is that number for? I’m working on my credit BUT I need a car to get work and one that is dependable! Ugghhhh

EDIT–The number in that answer you are asking about is a scam. Once something is on your credit report, if it is legitimate you can’t get it removed until it drops off over time. You cannot legally delete bad items from you credit report. Those guys charge a hefty fee, most don’t do anything, and if they do…if it was a legitimate (bad) item that was deleted it constitutes fraud. Because someone had to lie to get it removed.
-Your bad credit won’t affect your fiance’s credit. His credit is his and yours is yours, even after you get married. If he cosigns only this car loan with your name on it as well will be on his credit. Your score won’t lower his. This loan will affect his debt to income ratio if he goes out and trys to borrow money himself though. Anytime he goes to open a line of credit they will see this loan too. So that could possibly knock him out of getting a car loan himself, or you two buying a house after you’re married.
-And although I am in Florida, across the country from you, if you keep looking you can find a $2000 car. Check the paper, craigslist, autotrader. Generally, try and find a toyota, honda, nissan, or subaru. Any big name japanese import should be very reliable. At least enough to get you through a couple years till you can save up more and move up in car.

It sounds as if credit has not been too kind to you. So now it seems silly to me that you would want more of it. I am not trying to beat you up, you are where you are and now you have to deal with it. I don’t know what credit issues you were speaking of that put you into a debt management plan but you should know that on your credit report, that debt management plan looks almost as bad as a bankruptcy. The delinquent student loans and whatever the credit issues were, those have dented your credit report pretty bad, and now the "debt management plan" has just totaled your credit report much like your old car.

Most likely with the credit situation you are in, you are going to have to use a cosigner if you are wanting to get a good rate. Just know that if for some reason credit trouble sneaks up on you with this new loan, your cosigner will be as liable as you. I wouldn’t want to run the risk of making someone else be on the hook for something I owe. And I have had to use cosigners before and I have been a cosigner more than once. I will not do either ever again and everything went smoothly in all my situations, I just won’t do it.

Now as to you needing a replacement car, if you can get the $2000 together like you said, why don’t you shop around for a $2000 dollar car? There are plenty of good, reliable, cheap cars out there for that money. You won’t have something new, nice and shiny but you will have a good car with no payment. Think about that for a few minutes before you walk into a car dealer hoping to get a loan. And if you really like a car payment, still buy a $2000 car and make the new car payments to yourself (I’m guessing you have been paying $200-$400 a month for a car payment). Just make that payment to a savings account and don’t touch it. Try that for 6 months to a year, then if it just isn’t for you and you have to have a new car you will have a good amount saved up, plus your car would still be worth the $2000 you paid for it. I know this, because that is what I have done. I have bought a few cars in that price range for cash, been great cars with no problems, and I haven’t had a car payment in 2 years. And I am not driving a beater car either, I have a GMC Yukon with all the options.

All in all, if you have been turned down at 2 dealerships, without the cosigner, you are not going to get a good rate. A dealership is the worst place to get financed (you can get a better rate by going to your hometown bank or credit union) and a dealership will do whatever it takes to put you in that car if they can. You are going to have to have a horrible rate from a finance company or worst yet have to go to a "Buy Here, Pay Here" car lot which is the last place you want to get a car.

Many people do this but turn around and run the credit cards right back up. And of course, you will need to buy a new car long before that mortgage is paid off. Now you have that bigger mortgage and all theother debt. If you can’t keep up, you could lose your home.

If you refinance, do it to lower your interest rate. That will lower your payment and free up cash to throw at that credit card debt.

And if your credit is bad enough that you can’t get a car loan through the bank where you do business, you don’t need to be financing an $8000 car. You’ll just be digging the hole deeper.

Get your mom paid off for the totaled car, then save up for a replacement. Take the bus until then. And don’t be asking them to co-sign another loan.

Im trying to sell my vehicle however it is a gas guzzling truck and I need to buy 2 gas efficient cars. My husband will be starting a new job next month and he will have to travel 40 miles to work and back everyday. Since this new job doesnt pay enough to cover our expenses I am also looking for work and will need my own car to get there!

would a car dealership give someone with bad credit and no job or a new job a loan on two cars with a trade in? are there any banks or credit cards that offer loans to people with bad credit?

any suggestions of how I can find help?

if you are in a credit bind, bills piling up – then why in the world would you add to it by getting TWO car payments? the truck uses gas – but it wont use as much gas as a new car payment, gas, an insurance on TWO cars.

Keep the truck, and get ONE cheap, realible car. Since he has to do the traveling, he gets to use the more economical car, you drve the truck locally. You will save a lot that way, as compared to getting TWO car notes on your already shaky finances.

I know you had some loan scams – they are all over the place. For shaky credit, try roadloans.com or drivetime.com. They specialize in bad credit loans. If they can’t approve you, then you are down to a buy-here pay here lot

If you go that route, be aware that most of the cars are marginal, and the rates are high. Miss a payment and the car is on a tow truck. BHPH lots should only be used as a last resort.