How do I get fast credit for a new car when I have no credit?

Question

Yesterday I went to go buy a car. I found out that I don't have any credit... does anyone know how to get credit established quickly. I don't want a co-signer, and I want this new car ASAP.

Answer 1

Auto finance is what I do for a living and you can be approved with little or no credit.



Find a dealer near you that advertises Special Finance and call and talk to the manager. If you have been on your job for 1-year and at your residence for 1-year and have $1,000.00 for a down payment, you can be approved under whats called a first time buyer program.

Answer 2

Yeah, no fast way to accomplish this.



Try getting a signature loan at one of those Quick Loan type places that are all over the place.



They'll usually give you about a $500 loan on your signature depending on collateral, etc.



Just keep that money stashed and use it to pay the loan off over the next couple of months. You might have to add a little to cover interest. Consider that the cost of establishing credit.



Make sure that whoever you're dealing with reports to the credit bureau. Wouldn't do any good if they don't.

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Another idea. I know you don't want a co-signer. But if you use a co-signer and you have your own banking account, you can usually get the loan re-done to take the co-signer off once you've paid on the loan steadily for 6-12 mos.



But long story short, there's no easy way to just "get credit."

Answer 3

If you don't have the money to buy the new car you are just going to get into more trouble later. I recommend you get a cheap used car and make the payments you would be making on the new car to yourself. In just a few months you can upgrade to a better used car, and if you repeat the process you can have a very nice car in a short time. If you make car payments into an investment instead of to the bank, you can have millions of dollars by the time you retire! I know it's nice to have a new car, but if you can live without it, it can really improve your financial situation. If you are stuck without transportation, maybe rent a car until you can find a reliable used car.

Answer 4

Try these car loan lenders:



Credit.com - can approve borrowers with past credit problems. They have very low interest rates for people with good credit, as low as 3.9%. You must have $1800 minimum income and the loan amount must be between $7,500-$50,000 to be approved.



1-800-AutoYES - Can get approved even with the most severe credit problems. Past bankruptcy or foreclosure are ok. They provide a response from a few minutes to a few hours.



E-Loan - They have relationships with many different funding sources, so you can receive up to 4 different quotes. This will help you get the lowest interest rate and terms possible. Application process is quick and easy. Response within 24 hours.



Poor credit APR varies from 13.95% to 20.95%. Payments range from $539 to $751



HSBC Auto - A sub prime lender who specializes in auto loan for people with bad credit below the 550 credit score.



Remember, large car dealerships that deal with credit problems have a large amount of resources to get you approved for a new or used car loan. For the best possible auto loan, contact your local dealership and explain your situation.

Answer 5

There is no such thing as fast credit.

You have to build it yourself.

I probably till don't have good enough credit to buy a car, and even then, it would have really high interest.

I have a credit card for a year now, make monthly payments on time, as well as a phone by contract I pay each month.

Answer 6

Get a credit card and pay it off and 3-6 months try and get the car again... and there is no fast way to get credit..