Is there anyway that a 19 yr old teen that just got a credit card a month ago get an auto loan by himself?
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Ive been on the same job for 1.5 yrs now, and i need a loan for a truck for 11,500 and im putting 3500 down cash. Is there anybody that would give me a loan without a co-signer, because that is my problem right now. Thanks.
Filed under: Auto Cash Loan
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Auto finance is what I do for a living and this should shed some light on your question.
Below is a list of factors that auto lenders look for.
Factors.
1. Loan to value (LTV).
2. Age of vehicle.
3. Term of loan.
4. Miles on vehicle.
5. Down payment.
6. Time on job.
7. Time at residence.
8. Monthly income before taxes.
9. Credit score/profile.
10. Total debt to income including new payment.
What they look for;
1. Between 85% and 115%.
2. No older then 8-years.
3. 36-72 months.
4. No more then 60,000.
5. 10% of the sales price or $1,000.00.
6. 2-years.
7. 2-years.
8. $1,500.00 to $2,000.00 depending on lender.
9. 540 or above with 4 paid as agreed lines of credit with 1 being a installment loan paid at least 12 times for at least $150.00 a month and in the credit bureaus for at least 3 years.
10. Not to exceed 45%.
Another thing that comes into play is called payment to income ratio so depending on the term of the loan and the interest rate you would have to budget for the payment. Most lenders do not exceed 16%.
Your problem is going to be number 9. At only 19 years old there is no way you can have the years in the bureau, trade lines, score or profile to qualify without a co-signer.
Good luck and please do not respond to any offers you see here they are all
No, as you are finding out. You would do better to buy a vehicle for $3,500 and no debt.
No. Get a $3500 vehicle. It’s what you can afford.
Highly unlikely.
Why does a 19 year old need to take on $7,000 in debt????? buy a good used truck for the $3,500 and continue to save, then trade up.
You don’t finance depreciating assets. Very bad idea!