What Financial Institution Will Extend Credit For An Auto Loan To A First Time Buyer Who Has No Credit?

A Reader Asks…

My daughter, who is 19 years of age, only has 2 student loans (which are deferred) on her credit. Her credit scores are over 630. She has been gainfully employed for over 12 months.

(Scroll down to see responses)

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Tags: Auto, Credit Score Help, Extend, Financial, First, Institution, loan, Time, What, Will

This entry was posted on Saturday, July 18th, 2009 at 7:22 am and is filed under Bad Credit Refinancing. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

4 Responses to “What Financial Institution Will Extend Credit For An Auto Loan To A First Time Buyer Who Has No Credit?”

1. not d baby Daddy Says:
   July 18th, 2009 at 12:41 pm

   NOw, few at best. I agree to go with your credit union as they will give you the best chance. To get your credit going, get a company card from Target or macy’s and just use it a little paying it off every month. then apply for another co card and from there, get a bank card at bankrate.com

2. J Says:
   July 18th, 2009 at 5:28 pm

   Go anywhere. I got my first brand new car (Jeep Cherokee 2000) in 2000 when I was 19 from Chrysler. I had just started a new full time job working as a junior typist for the City of Detroit in Jan 2000…I got the car with no co-signer that same year. My note was like $250. Not bad. She can go any where…especially with the auto industry being how it is now…they’ll be glad to have her. I didn’t put anything down either…and that was 9 yrs ago. damn…9 yrs? I don’t feel that old. lol good luck

3. Reena Says:
   July 18th, 2009 at 10:16 pm

   She should join a Credit Union and see what deals they have to offer for their members.

4. My Take on It Says:
   July 18th, 2009 at 10:45 pm

   None
   She will need a cosigner

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