I'm in need of a car up grade, but i never had any loan, credit card, or even a telephone plan that requires credit... what can i do to get approved for a car loan of 7,000 or less?|||Depends on your age, income, length at residence, time on job, down payment %26amp; so forth.
As a general rule, most people with no credit cannot get a $7000 loan without a HUGE down payment and/or a cosigner with very good credit.
Oh, and you must be at least 19 to finance.|||A lot of banks and credit unions will only give loans for $7,500 or more - but most of them say so right on their website. Your best bet might be a dealership, maybe even one of those bad credit dealerships. With no credit you'll likely have a high interest rate, so do whatever you can to pay the loan off early. Lenders look at your credit score, but also other factors like how much your down payment or trade in is, how much income you have each month and how long you've been at your job. On the bright side, as long as you make all the loan payments on time you'll be building a good credit score for the future. Good luck!|||The question does not mention a tiny detail: country, region and city. Thus the answer would be as useless as "please try some local bank". In many countries new credit history would mean only a bit higher rates. $7000 can be too small for some countries, that's worse.|||Ask!
Well, that was complicated.
No credit is basically the same as bad credit for companies, but someone will be happy to risk it to get money out of your pocket and into theirs!|||Your best bet is to check with a local credit union.
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