How can you get a loan without a cosigner when you have a limited credit history?
Car Loans Specialist in USA offers a variety of car finance for your new or used cars with no co-signer. Credit doesn't matter if you have good credit, bad credit or limited credit! Getting a Loan Without a Co-Signer - Save up for a larger down payment. The more EQUITY you have in the purchase, the more likely you are to get a loan.
So if I happen to have no credit, how am I going to get approved for a car loan?
Well, with the majority of car loan companies, just being young and having little to no credit isn't a factor when it comes to granting an approval. Why is that? Well that's because a auto loan is a secured sort of loan. The lending institutions are protected by the fact that if your loan does go into default they get to take your car.
Usually auto finance companies won't require a cosigner for auto loans up to the $25,000 range. If you happen to be a student, there isn't a need to have a auto loan for a car that costs more than $25,000.
Car Loan financing is what I do for a living and car loans are based on the following factors;
1. LTV (loan to value).
2. Term requested.
3. Age of vehicle.
4. Down payment.
5. Miles on vehicle.
6. Time at residence.
7. Time on job.
8. Monthly income before taxes.
9. Credit score/profile.
10. Total debt to income ratio.
With bad or poor credit, the only way you will be approved for no cosigner car loan is if the LTV is around 85% of wholesale. This is goin to require you to find a dealer that first owns something that far back of book and second is willing to sell it that cheap. Very, very hard to do.
First of all collect some more cash for down payment and then go online and search loan with no credit you will find lots of sites on internet who provide no credit car loans just fill out form they will contact you if you will qualify.
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If you are a cosigner on a loan will a loan company repossess the vehicle then let you pay it off and take possession without ruining your credit?
Contact the lender and let them knoiw that if ANY case the debtor defaults to notify you so you can payoff the loan. Add that you will payoff after repo with NO repo reported on YOUR credit.
Depending on the car lot you go to they may carry there own contracts, the downfall is they dont carry high quality vehicles. As for new cars all you can do it try. You may have good chances
Well that's a tricky question it depends. There are 5 major types of loans to fund an education. Stafford Loans (sub and unsub) No credit checks are required but they have certain loan limits. 3500 Freshman 4500 2nd year 3rd and beyond $5500 per year. But if your are older than 24, married, in the… military, or your parents have poor credit you can be eligible for an additional $4000 in un-sub Stafford loans each year. Perkins Loan- which your eligibility for these loans are for the neediest students can be an additional $ 2000- 4000 for more info you would need to talk to your school or check your financial aid award package. PLUS loans- Parent loans for Undergraduate Students- are taken out in parents name and certified by the school and it will cover the rest of the cost of attendance. School Certified Private Loans- require at least a 620 FICO score and it will cover the rest of the cost of attendance. and if you didn't meet that requirement you would need a co-signer. Direct to Consumer Private Loans- where the money is sent directly to the student for education related expenses. Housing, Transportation, Books, Beer, etc. The credit qualifications are hardest. So you better have good credit or a good co-signer. (Direct loans through the department of education aren't any better or more lenient when it comes to credit. ) Some schools are only direct loans schools that's what the other person said everyone he knows has direct loans. Because they couldn't get any other loans. From other contributors: * Similar situation here for my daughter. She has no credit history whatsoever. We make too much money for grants but here's the problem: my husband refuses to help pay for school at all, in any way, shape or form. He also will not allow me to co-sign any loans even though I was prepared to do so. Basically she's on her own with this. She has applied for loan and after loan after loan and so far all have been rejected due to no credit history. We haven't heard anything back from Stafford or the Direct Loan she applied for yet. FAFSA said she didn't qualify for any grants and she didn't get any scholarships. She's set to start school at the end of next month but are at the end of the road here. What does one do in this situation? And does anyone know how to check online for the status of a Stafford loan? * Yes. Everyone I know in college has gotten a Direct Loan through the government. As long as you are not bankrupt or owe the government, you are approved. Many people do not realize that pretty much everyone is eligible for a government loan. * Hi - problem with Federal Government loans like Stafford are that the student with no credit history can not fully fund their tuition with a Stafford loan. Stafford has very low limits (like 2,650.00 in freshman year). As a parent it was my expectation that my daughter would just get student loans on her own to fully pay for her own college without involving her parents. We can not afford to pay her tuition and have never started a college fund as we could not afford it. And now our income is better but we can not afford to pay it without changing our lifestyle. Anyway, I decided to help my daughter by applying for a PLUS Parent loan but was rejected due to bad credit. I was told that she can get additional Fed. Stafford funds up to another $4,000. That helps but she really needs the whole amount of the tuition and room/board. In this case she needs a total of $10,000 per year. Stafford sucks.. they should not cap the amount that can be borrowed. The student should be able to borrow the whole tuition amount without help from parents. * I agree with you Stafford sucks! but, it does not change the fact that the tuition still needs to be paid, I have been to every website, talk to over 25 lenders and had my credit ran 10 to 15 times and I still can't get anywhere. My son want's to go to school, I can't help him and no one will lend him the money without credit and no cosigner. what am I going to do? school starts in about 13 days and he still needs $13,000. * This only applies if you own a house. My husband and I just moved from England so we have no credit history but we bought a house here about a year ago, even though we have no equity in the house we were able to get a home equity loan for $20,000 from our bank (Wachovia Bank) Our house is worth about $126,000, and our combined income at the time we applied for the loan was only $30,000. Both of our credit scores were about 620. We got this loan so I could attend college. The only thing about it is we have to pay $177 a month right away to pay off the loan, however it is a 20 year loan, with no prepayment penalties. Its not as desirable as a student loan but it was our only option because we do not have a co-signer for a student loan. I cont think I would have been able to attend school without it. * What no one else really says is that you have to have a COSIGNER for pretty much all loans besides Stafford and PLUS loans. I, myself, haven't been able to find ANY loans that I can get without a cosigner. I don't have bad credit - just NO credit. I'm actually at a complete loss, but it's just FYI that a cosigner is needed for loans if you have no credit or bad credit. * There really is no private lender that will approve you without credit history or a co-signer. The only sure thing is to get a credit card and use it responsibly for a year or two. That is, until the government cleans up it's federal aid system so it works for everyone. * It depends that how good you are in your education how efficient enough you can proof your self to get a loan of any type. Federal students loan and private students loan offers various advantages. You will not need any cosigner if you have good academic record. (MORE)
If you recently became free of all debts but used to have bad credit can you apply for a private student loan without a cosigner?
You can APPLY until the cows come home. Yes, it is very possible. More so IF you have established some good lines of credit for a length of time and did not go in default previously if you did, then that needs to be clear up first.
How do you get an alternative loan with little or no credit as an independent student with no cosigner?
Answer . \nUnless you have property such as real estate, a fairly new car, etc., then you are out of luck. I know it's tough and student loans from the U.S. gov't and the Canadian gov't are the biggest scams going. Don't try to find an easy way out of loaning money or you will end up paying a h…igh price.\n. \nEach college has a counciling service that could provide you with a solution, so please talk to them. There may be a way.\n. \nIf your parents or a relative are willing they could co-sign for you, but if you know you can't keep the loan payments up don't do this to them.\n. \nI live in Canada and most of the students unfortunately, are doing loads of homework plus working 2 to 3 jobs. It certainly isn't fair and hard stress-wise. \n. \nGood luck\nMarcy (MORE)
Answer . \nIt depends. If it's for a car you can go to any bad credit car place and they will give you credit. If it's for a house you can call a bad credit mortgage broker and they will give you a mortgage if you have a downpayment. If it's a small personal loan you need, go to a payday loan or …cash advance store. You need a job and a checking account. Or you can try to get a loan from a bank or credit union if you have collateral like a car or house or something of value. Or you can go get an Auto title loan. You need a clean and clear car title and you get money the same day. These are the only ways I know of. (MORE)
Answer . No, so far I have found out without good credit no student loans are available. Except for the federal stafford loans.. RMAK Adds Although it is true that it is much easier to find student loans with good interest rates if you have a great credit rating, but even if you have a bad cr…edit rating you don't need to panic and give up your hopes. There are loans that cater for bad credit students other than stafford loans. see link below to get details (MORE)
Answer Many places are willing to provide that service, but the interest rates are ridiculously high.
Answer . SallieMae.com offers loans to sophomore or higher college students with out a cosigner.
Answer . The cosigner's credit score is used. They are the one responsible if the primary signer defaults on payment. Both credits are ruined if the car payment is missed. Be very careful of who you sign for!
How do you get a car loan and finance a car with limited credit and no cosigner and no down payment?
Hi I used to work in Creditplus car finance last year. They are guaranteed car finance even if you got bad credit history and their car loans were low rates. I think their web site is http://www.creditplus.co.uk Wish my answer will help. Thanks
I have had a lot of experience with private student loans that are non-certified (they do not have to go thru your school to get approved). Next Student has a bit more lenient credit guidelines than many other private student loan companies. You might also try Sallie Mae Tuition Answer Loan. Other l…oan companies that participate with "fair" credit are American General and Citifinancial. Good Luck! (MORE)
Answer . It is very hard to obtain a private loan without credit or a co-signer. If you have collateral such as a vehicle/boat, then you may be able to obtain a secured loan from a credit union. Try building credit with a secured card or a student visa with a low limit before attempting to get… a loan. (MORE)
\n. \n Answer \n. \nThe only way to be removed from the obligation of cosigner is for the loan to be refinanced.
What can you do if you have no credit history and no cosigner and can't get a student loan and are ineligible for the 60 or 70 grants you researched and FAFSA didn't give you half of what you need?
Answer . \nI had a similar problem. I was actually unable to find a solution, and the employees of more than one college financial aid office that I spoke with had NO advice and were not helpful.\nI have actually been unable to get even HALF as much funding as I need, since Stafford is a joke, i…f you're going to a University. Also, my parents were ineligible for a Plus loan. I got a little more money as a result of this, but not much.\nI definitely wish you luck. (MORE)
Answer . \nAs to your credit status--you can request a copy of your credit reports from each of the repositories on the\ninternet. Just type in "credit reports"- pick one that will give you all three at once or get one at a time.\nIt will cost you to get your scores so be prepared.\nWhen you ge…t your report, there will explanations for everything on it.\n. \nAs far as getting credit, go to your bank/credit union--hopefully you have been with them a while. Talk with a\nloan officer and state your case.\nIf you want to buy a car and use it for security, make sure it is a car that doesn't lose it worth quickly.\nIf you just want to just borrow some money, start with a small amount--pay that back and then start again.\nIt won't take as long as you think.\nGood luck. (MORE)
That depends on a variety of factors including: your age, creditscore, job history, the down payment you plan to make, the car youwant to buy and the dealer you buy the car from. Smaller and less reputable car dealers will often sell you a carwith little or no money down and a bad credit rating but… you'llprobably have to pay by the week and they will come to your houseand take back the car if you miss a payment. Unless you are 18, nocontract is legal so no one will loan you the money for a car oranything else if you are under 18. If you are over 18, but have notheld the same job for at least six months and have not establishedcredit or have bad credit you will need a co-signer. Exceptions maybe made for someone who has a substantial downpayment and wants arelatively inexpensive car. There are many variables, but these arethe basic facts. Some place will work with you if you have bad, no or good credit.But if you have enough credit established most banks or places willlet you go without a co-signer. All the factors mentioned above, are being computed and they have agrading system of those people who are eligible for the financing,with or without a cosigner. (MORE)
Answer . Usually no. You can try like a cheaper car dealership and see if they will, but they look at credit history to see if you made previous payments on time.
Answer . \nYou need good credit and/or a good income. Start by applying for Store Cards at Sears, certain clothing stores, or even a gas card and using it every month and paying your bills on time. This will build your credit rating and increase your chances of getting a loan.
LOAN OFFER . You can get your Education loan here even without credit\nI am Mr Habert Robin a private loan lender. I lend out loans to those who are God fearing who will not fail to pay back my money with low interest rate.I do this to help those that are fanacially stressed.I will be able to he…lp you if you are still in need of the loan you asked for on the website www.wiki.answers.com. If interested contact my mail via; email@example.com (MORE)
Answers from several contributors: . Have you talked to your admissions officer? Are you a single mom? There are a lot of government help that you might want to look into. . Find a cosigner with good credit in order to get a student loan. . try calling a loan officer to find out for sure. some…times they can make it work and sometimes the loan can't be worked out and it is then trashed. . See your financial aid counselor at the institution that you are attending. Also try salliemae.com. . Have you tried Sallie Mae? . When I got mine I 1) signed up at fafsa."something" and while filling it out I was asked if I would be interested in loans as well as the Pell grant that I signed up for. Try fafsa.gov or .edu . It's safe to say that it is a basic fact than many, if not most, applicants/ students have no credit history or that they have a bad credit history. Then, of course, there are those applicants/students who exhibit financial responsibility and fiscal abilities that would shame a banker. Some students need not worry about credit at all because of their family's financial status or because they are on some sort of academic, athletic or other type of scholarship. . There's a plethora of private and public scholarship locators available to match a wannabe student with a cornucopia of financial assistance options. The schools themselves offer US Government PELL grants and locally funded special scholarships endowed by alumni, businesses, local citizens to not a small percentage of applicants/students. . [Aside: When I attended Ole Miss, most of my education was paid for by myself using Federally Guaranteed (i.e. follow you to your grave if you don't repay them in full)Student Loans. However, I also received a local alumna's $300 per semester scholarship which required no repayment at all and was available each following semester if a required GPA was maintained. Good ol' Miss (no pun intended) Annie S. Tillman of Panther Burn, Mississippi, had majored in and taught English at Ole Miss and she wanted others like me to follow her lead. Thanks, Miss Annie.} . Don't dismiss the possibility of attending a Junior/Community College(J/CC) for your first two years or so of the pursuit of your degree. Staying and eating at home while attending J/CC allows you to work and save money to augment any scholarship or other types of financial assistance. (MORE)
Answer . \nTry going to the financial aid office at the college. They can help you apply for loans and grants.
Yes if you are a US Citizen you may get a loan without a cosigner. However, your % will be higher in terms of interest. As a result it is best to have a cosigner.
Plenty of homes are sold to individuals without a cosigner. Usually there are only 2 reasons a bank will ask for a co signer. One being, if their prospective client does not have sufficiant funds available to make the estimated mortgage payments and other monthly debt payments and stay under 50% deb…t to income ratio, two being credit issues. (MORE)
Answer . Yes, as long as the cosigner's credit is in good standing. This is a good way to build credit for yourself.. Answer . Try a KIA dealership. KIA has been known to assist people to build credit.. You will need a good job. (a plus if you have been with the same company for 2yrs or… more). Another plus is to be able to provide a decent down payment. ($2,000.00 or more. ). Having a car to use as a trade in will help.. Good Luck (MORE)
When you cosign on a loan, you are liable for payment of that loan if the other person does not make payments. Any late payments and other negatives will be reflected on your credit report. The debt will be included in your debt-to-income ratio. If the person makes all payments on time, it could act…ually help your credit score. Usually, it's the other way around, though. Bottom line: as a cosigner, you are treated as a signer. (MORE)
Answer (FAFSA). The FAFSA is used to apply for all types of federal student aid and serves as your application for the Stafford loan program as well.If you qualify for grants, they help with this too. Both my sons have used this program. There are other lenders out there...if this doesn't work..….just google student loans... just stick with names you have heard before. Good Luck! (MORE)
Although it is very difficult to get loan without cosigner. Majority of the students don't apply because they don't have any cosigner. But now a day many organization are helping such student who don't have any cosigner. You can apply for such loan that not required cosigner. These loans called no c…osigner student loans. You can find a detailed procedure through link that is in "Related Links" (MORE)
Answer . yes, the reason for the co-signer is either due to lack of credit or the possibility of insufficient income to repay the loan
Answer . no you do have to have a cosigner with good credit in order to get a student loan.
Answer It's extremely hard!!! I'm going through something similar right now. I have massive amounts of medical bills from a car accident almost 2 years ago. My credit score has gone down by 200 points leaving me no option but to have someone else sign for me. Which creates another problem. Apparen…tly, lenders will not allow me to carry insurance on a vehicle that's in someone else's name. They call it a "straw loan" and this is now illegal because it originally referred to someone buying a gun for someone who wasn't allowed. I guess this is how the Columbine shootings happened. So, those idiots who killed so many (which is far worse than not being able to get a lousy car loan) has screwed it up for others as well. May they burn in HELL!!!So, I guess the bottom line is that you really don't have a good shot at getting a car loan unless you want to go through one of those places that will finance you w/ bad credit. Here's the problem, your rates are going to be way high. Like, you'll be paying $35,000.00 for a $22,000.00 car at the end of your loan!!! (MORE)
If it is a bad credit history still the loan market is full of lenders who are always ready to offer a new loan. But you should meet some conditions, the set of lenders. Loans for people with bad credit are actually easier to get then they never before, thanks to fierce competition among lenders. Le…nders give loans to people with bad credit late payments, defaults, arrears, judgments of the district or credit problems. These loans are meant for other purposes like home improvements, buying a new or used car of your choice, for wedding and holiday tour, debt consolidation, or available to pay for education of the child. Each lender loan approval certainly like to see if the bad credit borrower has sufficient capacity to repay the loan on time. If the borrower earns well, has regular bank balance, has been an employee for several years and a loan repayment plan in place mandatory, while the lender usually does not hesitate much. So make sure you have enough capacity to repay before applying for a loan. Also, you should first check your credit report for errors. If your credit score is low, then you would be charged an interest rate very high. It is therefore advisable to first pay off debts easily and improved credit rating, then you should apply for a loan at best rates. Answer Yes, you can get a car loan with bad credit with a cosigner.for that you should take care of following things. first of all you should decide which car you want to buy.how much you can afford for this car loan.then contact to your lender. you should have continuous source of sufficient income that can pay your bills and your bad credit car loans,repairs,insurances, maintenance costs. you must have steady job of 6 months or more than it. you have to stay your same residence for 2 years or more. if you are having a large down payments it will also help you. credit union is also a good option for getting car loan with bad credit.you can be a member of credit union.it will help you. with cosigner if your cosigner having good credit score then he/she will help you in getting approved for a car loan with bad credit. (MORE)
Some who has character My Friend it is very difficult to get car loan with no credit and no cosigner although you have to contact some good car lenders in your area they can guide you better.
You do not need a co-signer for Federal student loans, so be sure to fill out the FAFSA form!. ==. For private student loans, you will need a good credit history, along with other lender-specific eligibility requirements, such as school attendance status, minimum current income levels, etc. If you …cannot meet those requirements, then you will need a co-signer who can meet those requirements.. A co-signer doesn't have to be a parent; it can be your grandparents, friends, etc. ; anyone willing to be a co-signer for you. Bear in mind that your co-signer will be released from this obligation anywhere from 36-48 months after the loan is disbursed.. Compared to federal student loans, private student loans typically have slightly higher interest rates. However, the interest rates on private student loans can be lower than conventional credit products such as personal loans, credit cards and even home equity loans.. ==. If you've exhausted the options listed above, then try perhaps a home equity line of credit, whether it's yours or someone you know who's willing use their home as collateral. This, along with credit cards, are borrowing options of last resort.. Good luck. (MORE)
I dont think so.. I actually am the one that posted the question but i do have a partial answere--myrichunccle.com was able to give only $5000 rates are sky high though but they did it with no credit history
Possibly. However, the cosigner needs to understand all the implications should the one needing the cosign on the load default on payments. If the primary borrower doesn't pay the co-signer will be held personally responsible for paying the loan in full. That's what they agree to when they sign as c…o-signer. (MORE)
Hi- Cosigning a loan will not lower your credit score unless payments are late, or if the borrower defaults and you cannot make the payments yourself. A cosigner is equally liable for the loan, so if you cannot make the payments, you should not sign. The way that cosigning will affect your cre…dit report is in your debt-to-income ratio. The loan you cosign will show up as part of your debt, so a lender may not want to loan you more money if it looks like your debts are too high. Something that people often overlook though, is that cosigning a loan can actually improve your credit rating if the borrower makes his payments on time. You will get credit for making payments and paying off this debt as if it were your own. (MORE)
if you take it to your personal bank and ask them how much you need to have paid already they can indeed refinace you and remove the cosigner
How can you get a private student loan when you have hit your federal loans limit and you are an older graduate student with a poor credit score and your only cosigner has a poor score too?
I don't think you can. I believe you are at a dead end my friend I'm sorry to say. Graduate study is still for the wealthy in this country. You should probably change to a university which is less expensive.
Someone will probably loan you money under those circumstances, but it will be a very expensive loan. You might have to pay twice or more money back at the end of the loan. It would be best to try to live without such a loan.
The rising costs of college tuition have made it almost a necessity to apply for a student loan today. Students not only have tuition costs, but the cost of books, meals, gas, cell phones, recreation, etc.. The variety of student loans enables students to take care of their varying college expenses…. A student loan however, is a loan that must be repaid under specified circumstances. (MORE)
How to get a loan for plastic surgery with no cosigner no credit history no job but full time student Help?
Ah, this is what I would like to know. I don't know if that's possible. I think you at least have to have a part time job. But I am a young person who has had gastric bypass and now I need some stuff done and I can't afford it. It sucks. I hope that you figure your stuff out though. I am a full t…ime college student as well with no credit history and I doubt anyone would cosign for me. (MORE)
start building your credit, get a department store credit card, like a target card, buy stuff then pay it off the next day.
Apply for a low limit credit card - $100.00. Use it sparingly and make regular payments for 3 months, pay it off in the 4th month and repeat the cycle for 12 to 18 months. This will establish you as capable of making monthly payments on time and of paying off a debt to a $0 balance. Never be late wi…th a payment. (MORE)
Without a credit history and a co-signer, you may find it very difficult (really impossible in this environment) to get a traditional loan. I would recommend, if at all possible, to borrow money from friends and/or family if the loan you need is not large since the following options are not ones th…at I would want someone to use: * If the amount that you need is a small amount (less than $1,500), you only need that money for a short period of time (a few weeks), and you have a job with verifiable income (your paystubs will usually do), you may consider a payday loan. Though the fees are quite high, you do not need a credit history or co-signer to get the money. * Alternatively, if you own your car outright (have title), need a larger loan (which will depend on the effective value of your car), need the money for a relatively short period of time (a month or two), and you have a job with verifiable income (paystubs again), you may consider an auto title loan. The fees are lower than that of payday loans and credit histories are not needed, however, if you don't pay back the money, you will lose your car. (MORE)
Some countries provide government student loans to any student that needs one (provided you are a citizen of course) regardless of your credit rating; you are of legal age to sign a contract, so you do not need a cosigner. The only requirement is that you are enrolled in an accredited university or …other tertiary education institute. (MORE)
Government student loans. Some companies also offer contracts to those with bad credit, but the interest is much much higher.
To get a personal loan with no credit or cosigner you can go online to find an online short term personal loans lending service. They are easy and convenient if you are in need of extra cash between paychecks. One great aspect of short term personal loans is that you do not need a cosigner… on the loan and the lender will not perform a credit check. To qualify for short term personal loans , you must: . Be 18 years of age or older. . Be a valid United States resident. . Have a job with monthly income. . And, you must have a current checking account at your bank. (MORE)
It all depends on your personal credit history. If you have a bad credit history or no established credit then it can be difficult to get a loan. Anyone can get a payday loan but it is not recommended as the interest rates are outrageous. Contact your local bank for more information on how to get a …personal loan. (MORE)
You can get a loan if you are a student without a cosigner however it can also be a little tricky. I would suggest going to your local bank and chatting to a financial advisor for better advice.