Where can I get loan?

Where can i get a car loan if i have no credit/no cosigner?

• i need a loan of about 5k. i have job and no bills. i just turned 18 and therefore have no credit that i know of. i dont have anyone who i feel comfortable asking to cosign. i was told that i could put 5k in a savings account, then be automatically approved and as i paid my loan, the money in the savings account would earn interest, and that when i'm done paying the loan, the full amount in the savings account would be given back to the person who put it there. now obviously if i had the $ to put in savings i wouldn't need a loan, and no one i know has 5k laying around to leand me until i pay off my loan. is there any other way to get a loan or any place that will finance to types such as i?

• Answer:

  a buy here pay here dealer but most cases, they are REALLY bad deals. You will often get a car that is worth (At wholesale) not much more than your down payment yet you will owe many thousands more plus a high rate of interest. For example, if you put $800 down, you might get a car with a wholesale value of $700-1200 and your balance to be financed will be $3500-3900 or more. Plus interest at 21-29%. On somewhat nicer stuff, say $1500 down, you might get a $2500 wholesale unit Yet owe $5900-6900 more plus interest. And at 21-29% that interest can REALLY add up. Most cars are sold as is. Any "service contracts" they sell are usually worthless too. More often than not, the car will break down sometime before its paid off and many buyers stop paying. The dealer repos it and reports the repo on their credit which ensures continued bad credit for another 7 years. So, TRUST me when I say your best bet is to save up $1200-2000, shop around for a really good deal from a private party, have an independent mechanic check it out only AFTER you are sure you want it and have agreed on a price. Then have him make sure its a good car. There is no such thing as a "good deal" at a buy here pay here car dealer. If you pay as agreed, you are making up for all those who do not. If you do not, some other guy is making up for you. And BHPH dealers often know nothing or do nothing to their cars. They go from Auction to their lot to you. They have no idea whats wrong or might go wrong soon. And they don't really care. With bad or no credit, you simply cant afford to borrow....for ANYTHING.