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I am trying to purchase a new vehicle, but my credit is not established. What helps my credit?

cfz
  • I've gone to several dealerships and had no luck, i understand today's economy is not stable, but it seems like no one will give me a chance. I've tried financing with banks and credit unions and even asking relatives to co-sign, but nothing. I was told that i have "young credit", so what can i do to improve my credit to purchase a vehicle and also to improve my future?


  • The best way to for you to get a loan is to save enough money for a down payment at least 10-30% the price of the car. Look for a cheap car with a big rebate or maybe a good used car. Sometimes you can try credit unions or your own bank also.


  • Pretend that you have the car loan and pay that amount every month into a savings account. Do this for a year then go back to the dealer ship and buy a good used car. (pay at least $300 into the savings account every month and add another $100 for the insurance payment).

    Or get a credit card and make only small monthly charges every month that you can easily pay off when the bill comes.
    Do this for a year to establish a good payment history and then go back and try to get a car loan again.


  • Get a credit card or a loan from the bank.

    Pay it off entirely every month ( NOT late), for a year and your credit rating will go up.


  • If you have $500 in a saving account, convert it into a secured credit card. Most banks can set it up for you. Also make sure they belong to the credit bureaus. After 12 month activity, your credit score should increase.







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