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Old 07-10-2014, 04:38 PM   #1
FBody4Life
 
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chance of getting a 1LS loan with no credit? lul :(

So I now have no cosigner for my 1LS. I am 20 with next no credit and have only had this job for a few weeks. I assume chances are nonexistent
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Old 07-10-2014, 04:40 PM   #2
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you first need a credit history, start by applying for a credit card
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Old 07-10-2014, 04:51 PM   #3
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I was in the same boat. I was 21 with no credit history but I knew I wanted the car. I opened a credit card and used it for EVERYTHING trying to build up a balance then paying it all off. After about 4 months I found a credit union that would give me a loan. The trick is this: Find a small bank that will actually listen to you, and put a lot of money down. The bigger banks don't care about you, the smaller ones want your business. I was basically able to convince the guy that I was a zero risk loan. I put more than enough money down to cover any loss if they had to repo it and resell it. Money talks, just find someone who will listen. Also it would help big time if it's a used car. The deprecation on a new car makes the bank more nervous.
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Old 07-10-2014, 05:08 PM   #4
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Quote:
Originally Posted by TheGhosty View Post
I was in the same boat. I was 21 with no credit history but I knew I wanted the car. I opened a credit card and used it for EVERYTHING trying to build up a balance then paying it all off. After about 4 months I found a credit union that would give me a loan. The trick is this: Find a small bank that will actually listen to you, and put a lot of money down. The bigger banks don't care about you, the smaller ones want your business. I was basically able to convince the guy that I was a zero risk loan. I put more than enough money down to cover any loss if they had to repo it and resell it. Money talks, just find someone who will listen. Also it would help big time if it's a used car. The deprecation on a new car makes the bank more nervous.

I had an easier time financing a new car vs. used cars. Also there are lower interests offered for new.



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Old 07-10-2014, 06:03 PM   #5
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Quote:
Originally Posted by TheGhosty View Post
I was in the same boat. I was 21 with no credit history but I knew I wanted the car. I opened a credit card and used it for EVERYTHING trying to build up a balance then paying it all off. After about 4 months I found a credit union that would give me a loan. The trick is this: Find a small bank that will actually listen to you, and put a lot of money down. The bigger banks don't care about you, the smaller ones want your business. I was basically able to convince the guy that I was a zero risk loan. I put more than enough money down to cover any loss if they had to repo it and resell it. Money talks, just find someone who will listen. Also it would help big time if it's a used car. The deprecation on a new car makes the bank more nervous.

All of this.
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Old 07-10-2014, 06:14 PM   #6
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You shouldn't have any problems with enough money down...1LS will run you 22k before incentives and trade ins. In your position I would try and come up with $4k cash+what ever your trade in is worth. If you have a account with a Credit Union, you can talk to a loan officer there and see if they are willing to finance it for you. They are more likely to approve you, especially if you have a account open with them already. I've bought 3 cars in the last 6 months, 2 of them are with credit unions, the third I got through a bank bc they gave me a lower interest rate, and Im only 25, bought my first brand new car when I was 18. In the end, money talks...Camaro isn't going anywhere, keep saving up if you get denied, ask the loan officer how much they are willing to finance you for that specific year/make/model, then you come up with the rest
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Old 07-10-2014, 07:27 PM   #7
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I've been a CU member for 3 years. My down payment is like 1000-1500
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Old 07-10-2014, 07:32 PM   #8
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Open an account at a credit union. All members get easier loans.
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Old 07-10-2014, 08:06 PM   #9
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I just I have been for 3 years haha. I'm trying for 2011 now. The loan will be about 15k. Let's hope it goes well
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Old 07-10-2014, 08:56 PM   #10
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Last year my son bought a 2014 2LT. He started his first job out of college on 9/23. Ordered his car on 11/1 and took delivery 12/26. He had no credit history and would have had to pay 7% interest on the loan. Being a nice guy, I co-signed his purchase and he got a much lower rate. When he completes his first year of payments, he is going to refinance the loan thru his CU at a low rate.

The point of this is, you will probably be able to get a loan at a high interest rate with an insufficient credit history. But you will be able to refinance thru your CU at a lower rate after the first year provided you are faithful with the payments.
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Old 07-10-2014, 09:17 PM   #11
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Thanks for that info.
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Old 07-11-2014, 02:58 AM   #12
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I was told something along the lines about the "Chevrolet first time buyer program" I'm not sure what it is and it probably has a high interest rate, but you could ask for that.

Edit:
Info regarding that program
The URL is for another dealer, but most likely your dealer also has it.
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Old 07-11-2014, 05:25 AM   #13
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Well I won't qualify for that unfortunately.
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Old 07-11-2014, 10:48 AM   #14
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I got my 2SS with 5988 miles. I had my job for exactly 2 months prior to that. Age 21 no credit at all (had even taken out a secured credit card the month before but hadnt even paid my first bill). they tried so hard to get me in an automatic 1SS that was brand new but after about 50 or so loan apps they finally said they couldn't approve me for anything over $30k. They told me the only reason i could get that much was due to income. If you make enough you can overcome your lack of credit to a degree. I did have to put 7k down but i got the damned car! Start saving now for a big down payment and you can do it in a few months if you make enough.

My total loan ended up being $26k on a 2011 2SS Manual. Not too bad considering.
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