Hi guys & girls

I need to build credit and fast...what's the best way to do it? There is an amazing car for sale that I'd like
to get but don't have the credit to get the loan. Any advice will be appreciated..!

 

It takes years to build good credit but it can be destroyed in minutes. I suggest finding a cosigner or try getting the loan from some other places. You can't just snap your fingers and get good credit. If you are young (I'm assuming you are) the problem is probably that you have little or no credit, which basically puts you in the same situation as having bad credit for getting car loans. There are places that will give you loans, but expect an outrageous interest rate. Like I mentioned, your best bet is getting a co-signer with excellent credit

 

I'm 20 years old

I have 'no' credit...
Finding a co-signer would be tough. Even the places that usually give anyone a loan wants me to have
a co-signer and the interest rate would be over 20% - I have tried many many different banks including my own...
all of which wouldnt loan me the cash ($9,000 or so)

Are there any other options besides a co-signer or no? My dad filed bankruptcy so...lol

 

Its probably too late to establish credit for the car. Get a credit card, Im sure a visa or mastercard will give you one. Use it SPARINGLY and pay off your purchase at the end of the month. This helps establish a credit record.

 

Get a credit card like turtler said and use it to buy stuff but if you are trying to build credit you cant pay it off right away.
You need to make payments so they can see a pay history on your credit after a couple months of paying on it (Make sure you are paying more than the minimum monthly payment) then go ahead and pay it off.
Unfortunately it does take years and years to build up good credit but this is an excellent way to start.

You can take a loan with bad or no credit and get an insane interest charge and then after a year or so refinance it with another institution and get a better rate. The only thing that will suck is after a whole year of paying on it the first year you will be close to refinancing the same amount you originally paid for the car.

 

Well man, I know this isn't what you want to hear but there is no way to build up good credit fast. Even ten years with a credit card and being responsible my rating is just "good". How that works I'll never know. For your first car loan you should feel good to get less than 8% APR, but 20% is just ridiculous.

What you should do is establish a bank account with a Federal Credit Union and get a VISA or Mastercard thru them, and do as someone else stated "use sparingly" (sp?). Banks suck, dealerships suck worse, but the credit system just blows.

Good Luck...

 

Having financial discipline is about the most important thing you can ever learn. When you do, and you only borrow what you know you can pay back on time or preferrably ahead of time, your credit rating soars. If you fall into the trap of "I can have this NOW" even though you really can't afford it, it can and wil wreck you. I know lots of people mired in debt for stupid reasons.

ALWAYS spend less than you have coming in. NEVER get buried in payments and live behind the 8 ball.

My wife and I have not owed money on credit cards in over ten years, not a dime. We use them a ton, but pay them off every month. Thus, we have credit card limits so high we could buy a house with our American Express.

If you can live within your income, it sure is a nice feeling when you do go to buy a new truck or something, and the credit department guy dials your name up and in one minute they're saying "Yup, anything you want Mr Roberts". Stay ahead of that and your life is very stress free and one day you just write a check for that new YFZ. It's worth the wait.

 

Building credit is a pain in the ***. One of my buddies just recently purchased a YFZ, and had to have a co-signer...even though he has a loan out on a $27,000 truck without one. What kind of crazy sh*t is that?

 

The closer you come to what they think you can afford the higher the risk... so if he has a 27k truck and a 6.5k quad and his payments would come close to equalling his monthly payment they want to insure they are going to get their money. So they request a co-signer.

 

His truck is considered a necessity. The YFZ is considered a luxury. Hard to get financed for those things. He'll make the truck payments before the quad because he needs transportation.


Try and get the car. Even if it has high %. Tuff it out for a bit, then go get re-financed and get the % dropped way down. Car credit is easy to build, you just gotta know how to build it. I stiffed all my credit cards and screwed my credit up. But, I was never late or even missed a car payment. Therefor they will finance me for just about any car. Check out my ride on my bio page.