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Huge down payment, but little credit history?*

Heres, the deal. My credit is fine, however I have very little history for the banks to approve me. I was told by a car salesman that if I put a few thousand down I would probably get approved. I have NO possible co-signer. Just have the money to put down...has anyone ever had little credit, and tried this out?

Answers:

1) I advise you to run from that car salesman and seek out a more honest one. Go directly to a bank and see a loan officer. Tell him you want to begin a good credit history and would like to buy a car. DO NOT let them over charge you on interest and make your payments realistic, not too high and NOt low. Pay your payments before they are due and soon, like me, you will be able to finance almost anything you need. Remember think hard B 4 you buy what you WANT. What you NEED is more important. God Bless

2) Have you checked your credit report yourself? Go to www.annualcreditreport.com - this is the official site to check your credit free once a year. The others are trying to sell you something. You could also take some of the money you have saved and open a secured credit card (if you don't qualify for a regular one). You use it each month and pay it off and that will build your credit. Have you talked to your bank about a car loan? Are you assuming they won't approve you? Honestly, car loans aren't that difficult to get, particularly when you have a large amount of money for a down payment. I'd suggest you talk to the finance person, not the car salesman at the dealership. Good luck.

3) For my first auto loan, I had little history, but what history I had was good. I had about a 10% down-payment and was able to get financing. Are you trying to get dealer financing or will any lender do? If you want to increase your likelihood of getting a loan, you should consider some of the online loan qualification providers like LendingTree. You only need to fill out your information once and you might end up with several offers from different lenders. It's a huge time-saver versus filling out forms at different websites or filling them out by hand at each place you want to apply.

4) I would not do this. If you put cash down on a car, you will never get it back because cars, with rare exceptions, are not investments. It will depreciate in valule every single day. You are better off going to a different car dealership. Be patient and shop around, and you will find someone who is willing to work with you.

5) you'll get it. i have horrible credit & i got a car loan for a $30,000 car with a $2000 down payment. you'll be good. most places will spprove you, especially with the down payment. i hope that helped & good luck :)

6) I'm not sure why everyone is so against this idea even to go as far to call the car salesman dishonest. The more money you put down, the less you will borrow and the less interest you will pay. Just make sure you are getting a good deal on the car and a semi-decent interest rate. It may pay to shop around.

7) I hope you have your answer by now, but you should be able able to get it, make sure you fill out your credit application correctly first, go here and there is auto finance link there too. http://www.slicemypayments.com/personal-finance/how-to-do-application-1.html Good luck and email me if you need my help. Thanks

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