Overhaulin'

I want to buy a new car and want to know if I can get a car loan with very little credit?

Im 20 years old and trying to buy a $25,000 dollar truck, I have 8,000 to put as a down payment on the truck. I have the money to pay it off which I got from my grandma when she died to use as callateral, but I really dont want to use all of it to pay it, I would like to save it and just pay it off myself ya know. Do you think that if I went to like washington mutual (where I do my banking) or anyplace in that matter that they would hook me up with an auto loan? To the people that are thinking why not just get a credit card, buy something, then pay it off, theres only one problem with that, it take almost three years to establish your credit. If anyone has anyplace they used to maybe get a car loan that was at a low APR then please let me know. Thanks!

Public Comments

1. use the cash from your grandma to pay for the truck, then save the money that would have went for payments to replace the money from your grandma that way you will save yourself lots of intterest
2. Your best bet is the finance offered by the car manufacturer. They are more lenient due to the fact it is self serving. The car maker moved another unit from their inventory. The fact that you are putting down 25% is a plus for approval. Your chances for approval will also depend on which car you want to buy. GM and Ford are hurting. Honda and Toyota are not. In either case do not expect a prime rate. In a worst case scenerio, you might need a co-signer. Shop around. A hungry dealer needs you to make his numbers. Here is an insider tip. Shop for a car on the last Saturday of the month. I worked at a dealership. The word was on the last Saturday "No one leaves without a car no matter what it takes". A car loan will give your credit status a better boost than just a credit card. Pay you car payments on time and you will establish a good credit score.