I have a few things on my credit that I'm paying on. Everything is literally perfect never late always on time or early.

So when it comes down to a car I get denied......wtf?

Reason:
Limited or No CAR Credit history

Where in the hell are you supposed to start then?

I'm the only one in the family with good/perfect credit so no one can co-sign. So in life to get a car how in the hell is someone supposed to start car credit if no one will finance you?

Makes no sense to me at all.

 

You need someone to co-sign for you to help build credit history.

 

A nice down payment would help I would think.

 

start with a small car loan from your local bank i financed my first car thru my bank and financed 6k got approved no co-signer/ No credit...

 

+1

Who told you no? Lots of times the car dealership credit providers will avoid newbies but your bank or credit union will usually be much more agreeable.

And as stated above, your down payment also helps. Gives the credit provider more margin if you default and they repo your car.

 

And the stealerships will lie and say you were denied to get you back in and give you a much higher rate or try to put you in a car they can make more money off of.

 

THIS!! When I was buying my Altima, Lokey Nissan tried to pull that shit, and I knew something was up. Luckily I ended up finding a deal on a pre-owned Altima and got a loan from my bank instead!

Here's a tip: Start small. Don't go and try to finance a $20,000 car. Get into something a little older and a little cheaper. Infact, if it's your first vehicle loan I'd stay less than $10,000. These days, banks are VERY wary about who they loan to. However, if you were to save up atleast 1/4th of the total amount of your vehicle and use it as a down payment, most banks will be more than happy to give you a loan at a decent rate.

Good luck!

 

I would say 80% of the people who bought cars from teh dealership I worked at had an additional 2% on average added to their loans which was all profit for the dealership.

 

try a credit union .

 

i work for a dealership and got denied(friends with the owner and even he couldnt help out) i went to achieva(the best loan peeps i hear) and got denied. i may try bank of america since my credit card and bank account goes through there..