Bad Credit Auto Loan Approval
Auto loan approval for someone with no Fico score?
I am 18 years old, working for roughly 2500 a month at my job for 2 years. I have an experian plus credit score of 693, but no FICO yet due to lack of history! I have 2 accounts in good standing though since 10/1/08. I however do need to get a car loan and I was looking at something under 12k with 3k down, I applied at capital one and was turned down. Is there any way I can get approved? I do not want a co signer at all because both my parents have bad credit and I dont think that would help lol, let me know what you all think is the best way to go about this!
Thanks!
You need to apply for a loan with a dealership that has a Special Finance Department. They work with lenders that have First Time Buyer Programs. Your monthly income is good and you have a decent down payment, so they may be able to qualify you. Good Luck.