Getting a Loan for a New Car with Insufficient Credit History?
I am a 23 year old female who has held the same job for three years, I live at home with my mom (unfortunately!), I do indeed have a checking account with Citizen's Bank and have for about three years now and haven't overdrawn my account in almost two years. Problem is, my credit history always comes up as "insufficient", I know it. I can afford a down payment of 2,500 – 4,000 max on a new car worth about 16,000 dollars and am hearing mixed opinions. I was wondering, has anyone been in my shoes or similar before? I've heard large down payments and goo employment history help but I'm still nervous and unsure. Just hope to hear from those in similar situations and what was done in order to get a loan. I will truly be heartbroken if I cannot get this car and I live in a small town far from just about everything and cannot go to school and work full time at the same time without a car or even get promoted further at my job until I get one. So I am basically stuck in a rut until I can but am now weary about it. All stories of opinions and experiences welcome.
Suggestion:
Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool – carquotes.fateback.com
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Apply for a couple of credit cards and buy some things on them and then pay them off. Go on line and buy something from there if you cannot get to a store. That will give you an acceptable credit rating. Do it today. Make sure you pay them off though. After that you should be fine to get a loan. Good luck.
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