 | How hard it is to get a used car loan from a credit union when you have very little credit? |
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Question: How hard it is to get a used car loan from a credit union when you have very little credit?We don't have bad credit, but we have very little credit because we don't have a credit card (our choice -- we despise being in debt). What are the odds of us being able to get a $10,000 car loan from our credit union? (I'm sure it may be a little easier than getting one through the car dealership.)
Answer: -When you have very little credit, most places will require a cosigner who does have credit.Honestly, you can sign up for a credit card, use it once for 20 bucks, pay it off, cut it up, and never use it again, and it will help out your credit by showing an open line of credit that you do not have maxed out. Just something to consider. You needn't be in debt to have credit. -In my experience, when I had no credit. My credit union approved me for an auto loan at 80% loan to value requiring 20% down payment. Which would be $2000 in your case. That maybe an option?
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