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Posted in Auto Loans
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Spooderman

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Auto Fico Score of 750, only 21 years old can i get an auto loan without a co-signer?

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Yes, IF...

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I was a finance director in the automotive industry for many years. Short answer: YES! But the loan has to make sense.

Three years on the bureau isn't very long, especially considering that most car loans take twice that long--six years--to pay off. But if you have stable employment, and are looking for a reasonable car and payment for your situation, you should be able to purchase an affordable, late model car, without a co-signer.

But lenders will not give you carte blanche. 

HIgh FICO buyers with decades of "as-agreed" installment loans, credit cards, etc., can pretty much buy whateverthey wants, and the banks will finance it at favorable terms. However, a "First Time Buyer" (FTB) with only three years on the bureau is a risk. Especially if your high score resulted from only a few low-limit, low-balance credit cards, some authorized user accounts from your parents, and perhaps a deferred student loan. Yes, you are responsible, but *not* a good candidate for a $40,000 car loan (or lease) with zero down! Even if your income can support the payment.  Most lenders will require a down payment, and will want to keep your monthly payment below 15% of your monthly income--preferably below $400, no matter how much you make. The rate may also be higher than for those with established paid installment or auto credit--or even a lengthy history of credit card usage and payment on high-limit cards . (Note: Capital One is an exception; they seem to like FTBs, and sometimes grant surprisingly competitive rates. Quirky matrix...) 

One exception is new car financing through the manufacturer's lenders, such as FMCC, TMCC, GM Fin (former GMAC ), etc. The scoring system used by captive lenders favors new vehicles. With a decent down payment (including the rebate), you may be able to get a very comptitive rate. Perhaps even more car (and payment) than you *should* take on, once insurance and other contingencies are figured in. 

Bottom line: you *should* get approved on your own, but may pay a higher rate, depending on what you purchase. Good luck!

Reply by
nwinfield03

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Enter Your Reply Can you tell me how can I get a new auto loan if I 

Reply by
nwinfield03

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Enter Your Reply

Can you tell me how to get a new credit loan if I have  a charge off on my account?

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Don't forget

Helpful to 10 out of 10 people

There's really good information already offered, however, if you do end up purchasing (or already purchased) a car with a higher interest rate don't forget that you can always refinance in the future.  Through some unforeseeable events, I let my credit go by the wayside.  in fact, when I went to buy a car and they pulled my credit I had nothing on it at all (which is almost as bad as having bad credit).  Anyway, I got a loan with a much higher interest rate than the average.  After about 8 months I refinanced my loan and it reduced both my monthly payment and interest rate a fair amount.  I'll be doing the same thing again on my car purchase two year anniverary.  

So, even if you have to take a higher than you'd like interest rate loan, if you stay on top of your payments and credit, you will be able to put yourself in a better position down the line.

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Yes you can

Helpful to 5 out of 5 people

Yes you can if i got a loan with 6 months credit and with out a co signer my score was 680 i only gave $1,000downpayment it also mayter what dealer you go to

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Helpful to 8 out of 12 people

Your age has nothing to do with it. If your credit is good, you make enough money and your debt to income ratio is ok, then you should be fine.

Reply by
jqhuynher

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This is true. Your age has nothing to do with it.

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Model

Helpful to 2 out of 2 people

I'm just curious about the make & model of the vehicle 

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1 Person Helped

Credit build up

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How can I build my credit from scratch who do I go to what website do I go on and how do I start

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Car loan

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I have a car with exchange leasing I have a 2013 Nissan Sentry and I make my car payment every week of $118.89 a week I don't know why its not showing on my credit report

Reply by
jqhuynher

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Helpful to 1 out of 1 people

It is likely the credit company is not reporting to the credit bureau that CreditKarma uses. For example, the dealership may only report to Experian and not Transunion or Equifax.

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Helpful to 1 out of 1 people

I think this site is great unfortunately the last couple years I have a few credit cards long story short I just got me a new car my credit is excellent other than my credit cards and that is a big issue but I thank you for all your advice

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C

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Don't buy a car from dealer

Financially speaking, it makes much better sence to save up for a car to buy cash. You can probably get a good car for less than $1500! Buying a car from a dealer may sound like a good idea now, but think of your long-term financial goals. You're young, so now is the time to start saving. And if you already have a good credit score, just keep up payment on current credit cards. 

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