Quote:
Originally Posted by flaguy
You are going to need a cosigner plain and simple. 1 year of credit history means absolutely nothing to a lendor...especially now that the economic crisis has struck.
As far as the 5 credit cards. That is pretty much the dumbest thing i've heard of this year. All 11 days of it! My score is a tad under 800 and I have never had more than 2 credit cards, both with zero balance, and I've never had a mortgage either.
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He's mostly right. Each dealer has about 12-15 banks they work with to finance people. Because of your lack of credit, there may be one or two banks that would give you a loan, provided you do AT LEAST 20% down. You may not need a cosigner, but it's hard to say with these times. It would help if you had utility bills and other proof of a payment history. But if you were to get YOUR OWN loan, expect the interest rate to be AT LEAST 12.
I got a brand new car in the midst of our last recession; no credit history, no cosigner. Just 20% down and a 12.99% interest rate over 72 months. The times have changed since then so it's hard to say.
My personal advice to you is to heed some of these members advice and maybe hold off for a little. A lot of us members speak things based on life experiences. Many of us have been in the same position you are in now. As enthusiasts, we want to see you in a Camaro, and we want to see you succeed, professionally AND financially.