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Posted in Auto Loans
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Zjseventy1

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Can I get approved for a new/used car with fair credit (693) WITHOUT a cosigner?
I have no idea how any of this works and I have no one to talk with. I have a small savings that I could use towards a down payment, but I don't have anyone who could co sign for me. Any help would be appriciated.

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GO to your bank or Credit Union and ask them if you qualify for a new or used auto loan.   If you do not qualify then what would you need to do to get there?

Start saving More. 

How much of a car payment can you handle?   ( are you putting that much and more into savings each month? Hope so )

Reply by
Zjseventy1

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I applied online through my bank and it appears that I'm still not eligible, at least not for the amount I was hoping for since I've seen a lot of used vehicles locally for around 12k-14k  And yes, I feel like I do a decent job of putting into savings each month. I put 10% of my checks into savings, and then a little extra here and there as I can manage. Usually ending up around 200-250 a month. I've got around 3k saved. I do have a car, so I guess it isn't urgent that I get a new one and spending more time to save is always good.

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Definitely

I just got approved for a brand new car at 8% with $800 down, and a FICO score of 639.  Incidentally, the used car market is really bad right now, and lenders prefer lending towards new cars than used.  I would find an inexpensive new car that you like, and use it to build your credit toward a car you really want.  One thing to pay attention to is % of income.  If you bring in $1000 a month, and have payments at $500, that's 50% of your income.  You want to keep that as far down as possible.  My payments, for insance, are 15% housing, 12% car, 15% food for me and dog, etc.  Rent/mortgage payments should never exceed 40% of your total income.  If you need to know what payments will be like on a given loan, you can use an online payment calculator.  Most lenders have one on their websites.  

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