# I have no credit history, what is my chance of getting a loan?



## dschrier (May 6, 2002)

I just graduated from college and just got a full time job at a biotech company. I've never had a credit card or had any bills to pay so I have no credit history at all. I was looking to buy a 97 sentra which is going for $5500 at the local dealer. What are my chances of getting a loan by myself? Would I need to co-sign with someone to get the loan? Thanks guys.


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## Token Moron (Mar 28, 2003)

depends who u go thru, a co signer will make the loan interest less but if u go alone, trust me u will be raped........bad.


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## dschrier (May 6, 2002)

Well what is considered a good rate? Bad rate? What would be a resonable rate for someone in my situation?


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## Adam (Apr 30, 2002)

I doubt you'll get anything without someone to cosign for you. I tried getting one from my bank for the Lexus, but they denied me just on the fact that I only have 3 years of credit history. It was good history, but they wanted 7 years just for the minimum requirements.


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## Neil (Aug 13, 2002)

hell i couldnt even buy a cellphone plan without credit, i had to have my parent sign for it. I can just imagine what a loan would be... I know that credit plans for those with no or low credit are rediculously high.


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## James (Apr 29, 2002)

actually a major factor is how much you get paid and how long you worked at your current job, and how long you've lived at your current residence. I had no credit when i bought my first car but still got the loan because I was in the military (you can't just quit). I think my first loan was like 6.5 or something but right now I have 4.9 on my I35.


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## Adam (Apr 30, 2002)

James said:


> *actually a major factor is how much you get paid and how long you worked at your current job, and how long you've lived at your current residence. I had no credit when i bought my first car but still got the loan because I was in the military (you can't just quit). I think my first loan was like 6.5 or something but right now I have 4.9 on my I35. *


I told the bank I had been living at my current residence for 3 years, I've been working at my job for a little over 2 years, and I make $37,500 a year (didn't say I was just an intern though). They wouldn't approve me for a $5,000 loan


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## James (Apr 29, 2002)

sheesh! guess it might be different with credit unions. I got 9500 for my first car when I got paid only 1200 a month before taxes! (Private First class pay...)


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## CHI-B14SENTRA (May 1, 2002)

well I can tell you this from working in the loan servicing department that you will not get approved, since you just got your job and they can't figure out your monthly debt/income because they won't have a credit history to look up!!!! see banks figure out your monthly debt and take in count whats your monthly income is, thats all I can tell you. One more thing your collateral will be the sentra, don't get me wrong but its a 6 yr old car. Also if you can get someone with good credit to cosign with you, THIS will help you in not only getting the car and your credit very much as long as you make the payments on time.


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## Adam (Apr 30, 2002)

Yeah, they actually told me I might have better luck with a credit union, but I ended up working something out with the seller (the lexus) so I just pay her $200 a month. Luckily it's my godmother


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## Lazarus_023 (Jun 3, 2003)

i had no real credit history, either... bills, student loan payments, (none late, of course  ) 3 jobs in 4 years, less than 10 months at my current job when i applied, renting (less than 2 months at the address) blah, blah, blah...

i got a shining star, and 0.9 from nissan on my spec... 'course that's manufacturer financing on a new car, but...


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