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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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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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Old 07-11-2014, 11:06 AM   #15
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Totally possible

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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
It's possible man. I currently am 21 and i have a 2011 1LS. I had 0 credit and i had no cosigner. I did get 18% interest; My payments are a little high (around 400$) but if you can put up with it for a year you can always refinance and it brings it down SUBSTANTIALLY. I STARTED my credit with this car, and i LATER got credit cards to help my score. You're fine man trust me. It depends on the dealership you go to. If you go to an actual chevy dealer they will give you a hard time since you have no credit. I went to carmax and they approved me. Carmax is more lenient on first time credit.
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Old 07-11-2014, 11:09 AM   #16
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Originally Posted by 1hevy_chevy View Post
It's possible man. I currently am 21 and i have a 2011 1LS. I had 0 credit and i had no cosigner. I did get 18% interest; My payments are a little high (around 400$) but if you can put up with it for a year you can always refinance and it brings it down SUBSTANTIALLY. I STARTED my credit with this car, and i LATER got credit cards to help my score. You're fine man trust me. It depends on the dealership you go to. If you go to an actual chevy dealer they will give you a hard time since you have no credit. I went to carmax and they approved me. Carmax is more lenient on first time credit.
I went to a dealership and they tried crazy hard to get me the loan. I told them flat out i had no credit but i could afford it. I was getting loan rejections from banks for months afterwards. 58 or so i think in total. So definitely depends on the dealership.
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Old 07-11-2014, 11:14 AM   #17
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I went to a dealership and they tried crazy hard to get me the loan. I told them flat out i had no credit but i could afford it. I was getting loan rejections from banks for months afterwards. 58 or so i think in total. So definitely depends on the dealership.
The problem is that if you're 21 and under they think you're totally BSing them when you say you can afford it regardless of whether you have good or bad credit. In their eyes we're just kids. Carmax despite some of the bad stuff i hear about em they were totally going hard on trying to get me approved. and they finally did. I was super happy (obviously not about my 18% interest rate :p, but hayyy)
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Old 07-11-2014, 11:20 AM   #18
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It's def possible. I'm a little older at 23 but I have next to no credit and just financed a brand new 2014 2SS/RS. You'll have to put down a hefty down payment though so your best bet is to save up for it.
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Old 07-11-2014, 12:05 PM   #19
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Hey no credit gets you a better chance at a loan than bad credit. My first car was with no credit and I got it but that was a very long time everyone got a loan back then.
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Old 07-11-2014, 12:07 PM   #20
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I was in the same boat. I got a loan through my personal bank, and they gave it to me based upon my history with them. Don't know if that would work in your case, but it's an idea.
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Old 07-11-2014, 12:11 PM   #21
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Fat down payment is what is going with win the banks over
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Old 07-11-2014, 12:59 PM   #22
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Credit cards are REALLY easy to get with no credit and some income.

Get a credit card, wait 3-6 months, then apply for the car loan. You'll save yourself THOUSANDS of dollars in interest.

Whoever pays 18% interest on an asset-backed loan is getting robbed. You should never consider this acceptable. Most credit card rates are lower than this. 0-5% is the about what anyone with average credit should pay for an auto loan over 5 years. As some one said earlier, no credit can be better than bad credit if you can prove a reliable source of income and make about a 15-20% down payment.

Source: Financial expertise, work for a big bank, experience
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Old 07-11-2014, 03:38 PM   #23
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Just to throw some numbers out: I put about 10k down on a 25k loan with 4 months of credit and got 5.99%. Walked into 2 of the big banks and barley sat down before they told me no. CALLED a credit union and got approved. I felt like there was some age discrimination going on but I could be wrong. You might have better luck over the phone...
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Old 07-11-2014, 03:43 PM   #24
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New cars have way more equity than used cars. You will probably need a cosigner if you don't want a crushing interest rate.
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Old 07-11-2014, 10:51 PM   #25
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Advice from another 20 something: Credit Unions for the win. I got my loan at a credit union that i already had a ton of student loan debt with. They are real people and treat you as a real person. Best interest rate by half as well. Good luck !
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