How can I get this car loan? 20yr. Fulltime Job. No credit history?

I am needing to get a car in a few Weeks. (Basically need to get one by the 1st of march). My parents lease is up and they will be taking my car. I need a car to drive myself to work every day (20 miles) so this is a necessity. I will have about $1500 for a down payment on the 1st and I am looking to get a car around $5k-6k. I will not be able to have a Co signer. I am 20, turn 21 on the 10th. I have no credit history. How easy would it be to get a loan for this. Or how are some ways I would have a better chance?
Answer:

I would say yes you would get a loan but it will probably be higher interest rates that if you had established credit. Also if you go to an independent dealer they will probably overcharge and overrate your interest just to get some money because they do not sell as many cars as the major dealerships. If you get something where you are at 15-20+% walk away its not worth it. Good luck.

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Other answers

If your company has a credit union that is your best bet. They will have lower rates than the banks and they are more forgiving about no/slow/poor credit history. If the credit union is not an option the next best chance is to go to a well known dealership. They have clout with the banks. So the banks will usually help them get the deals done for all types of credit seekers.

Billy

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