when i got my Talon last march i was still 18. i had had my credit card for almost a year, and never missed a payment, as well having a cell phone. but they still wouldn't do anything for me. so i had to have my mother co-sign. the good thing about that is that if you have rents with really good credit, you can get a great interest rate. this was for a used car though, not new. but i would say the chances are slim of many banks accepting you. its worth a try though. at least find out first, and if no, find someone to co-sign.

-PJ

 

You will probably need a co-signer.

I'm 21 (22 in April), make over $50k a year with a near 4 year employment at this company, have a mortgage, have had a credit card for over three years and Wells Fargo still denied me on my '03 because I didn't have 36 months history paying a car loan.

Ironically, they denied me for the same reason almost 36 months ago when I tried to buy a used car. Since then, I did have a car loan for almost 24 months through a credit union, but still no dice.

You might try doing like I did and go to a credit union. They usually have better rates than most banks (like Wells, BofA, etc). In fact, a loan officer at Bofa sent me to a credit union when I went there for a loan two years ago. He wouldn't even let me fill out any paperwork - he says "Trust me, go to Schools Credit Union. That's where I go - I won't even have a loan through Bofa..".

Credit companies can be very contradictory. I guess they aren't used to young people having the ability to buy such nice things (house, car) because I always have problems due to my credit history being so short. I got a credit card as soon as the banks would let me (18) so that I could start building credit - and I can't make time move any faster. It's stupid, but it's life I guess.

BTW: The credit union approved me then (on my s14) and another credit union approved me on my '03 WRX even after Wells denied me. Guess they don't want my business - guess they'll never get it. They suck.

 

Usually the way a co-signer situation works is that the title will be in the name of the bank (since they technically own the car) and the car will be registered to you and (I think) the co-signer.

The ***** about it is that the co-signer gets the history on their credit report because they are ultimately responsible for the payment of the note. I'm not sure if it will show on your credit, but it might.

A good way to go with credit cards is to keep a balance on them (don't keep them near the limit, and don't keep them at 0), but make good payments each month. For example, maybe charge $100 the first month, pay $75, then charge $25 - $50 each month and pay off the amount charged. You'll always leave a small balance on the card, and that will look good for you. Honestly, you could even be closer to the limit if you wanted, but I wouldn't carry more than 75% of the balance.

If you want some great credit tips, you can look around on the web or call around to find a loan officer. You might find a good one that could give you some tips - and if you like them, you can give them your business in the future.

Good luck.

 

after 6 months of paying for my car i was approved by a different back ni My own Name, and at a lower rate. this is often the case. that may work for you as well.

-PJ

 

Ok, for those of you buying, or already bought one and between theg ages of 18-25. Have you put any $$ down on the car? How much if any?

I'm thinking of putting at least 10k down on the STi, and I'm 21. Now I'm a little worried I wont be able to get the car because I wont be able to get a loan....

 

Do your homework! Just because you are young doesn't mean you cant get credit. Its been said before, check the Credit Unions! Often times the person interviewing you is the person who approves the loan at CU's. Dont be afraid to apply at several, you have nothing to lose and possibly everything to gain.

 

Talking to me, or the thread starter?

I have a few co-signers if I need one.

 

I paid tax, title, license and my first months payment and drove off the lot