for the fact you have never had a car loan before and i take it you havent had a mortgage under your SSN your chances are pretty much 0, i went through this because i was going to finance my s type r to build car credit. All my credit was good, similar score at 750, pretty much 0 credit card debt as i paid them all off every month usually etc. Every car ive ever bought i paid cash, which to me you should get rewarded way more on the credit scale for. If you can get your parents to co-sign for you or brother/sister you could probably get approved no problem. Due to my parents estate planning and tax situation they arent able to co-sign for me, so i was left to pay cash as usual. the next car i get im going to have my brother co-sign for me so i can get car credit and just pay it off reasonably quickly most likely. your target price for that car should be more like $30-$32k max before TTT. hope this helps

 

yeah i offered to do up to 50% down and that still didnt help, do you have grandparents who can co-sign? my parents have a really technical estate plan in place and tax plan which is why mine was a no go, it will now get 10x more techincal since the democraps r managing to take over more[:'(]

 

yeah man sorry to hear that sounds like the parents r just gonna have to help, i mean its not a big output at all if they dont mind being "exposed" and having assets showing up with them

 

Yeah man, it's going to be tough, especially based on what going on at the moment. It doesn't hurt to try, the worst thing that comes out if it will be "why" you didn't get approved and you can go from there.

 

It DOES hurt to try. Every inquiry on your credit negatively affects you, especially if you're declined. Given the current credit market, your job stability and your credit, you WON'T get approved for that amount. Even if you had an extra 1K in gross income and another $5K for down payment, you're still not a favorable lender. You don't have collateral either, like a home. The reason you won't get approved will be plain and simple...insufficient credit history. Save your dough and get a co-signer, or save the 5 until you get some more money for a down payment for a home. You'll get much further with a home than with a dope car. You probably already know that though, and being 19 you won't pay any head to me.

 

You sound like you come from a fairly well off family and as such I would suspect that you have a "family" banker. Why not go to him/her and tell him the case, if he knows your family well enough setting up some loan for you should not be a problem...

 

I had my parents co sign for me once. I had the loan for about a year and always paid my payments on time and after that year my parents wanted me to try to get it refinanced in my name so it would free up their credit. I ended up trading it in for another car thatI originally wanted in the first place (but couldn't get because I was between jobs) and got it financed in my name with a good finance rate. My parents credit was now clear of my loan and I had a car that was in my name only. It's true that too many inquiries are not good for your credit but you have to try sometime. If you have only been at your job for a month I would wait 6mo at least and then I would go into the dealer and talk to them ... tell them what car you are looking at and what your situation is. Let them know that you don't want to waste your time or theirs if they can't work with you. At least you will know where you stand. Good Luck! : )

 

I believe car loans and home loans do not hurt your credit for checking as you have the right to shop around.

 

Fustrating situation you have there. regardless of your age or the 5k your looking to put down. You could be 50 years old and have a great credit history. The main reason you will not get the loan is that when you take into account the fact that theprincipal, sales taxand interest on a 60 month loan for 30K will be about $550 per month. Your debt to income ratio is what 's going to kill you. They will not give you a loan that will eat up over 25% of you income.

Sorry about the bad news

 

I hate to be a pessimist and an age discriminator, but your age and the type of car you are wanting just ain't a gonna happen unless you have cash!

 

What about just an XJ8 then? You can get something in the low 20's that would be easier to get a loan with.