When applying for loan at a bank...

[nyk438]

Do you not have the option to put money down or do you not need to and the loan is based mainly on your credit or lack there of. Right now, I don't have any credit cards and am 18. I know this is prolly not going to work but is there any way of getting a 5k-10k loan. By showing them my month income of about $500 per month and show that it's the only bill i have to pay....would that work if i'm still a dependent for my parents. Just wondering if I should even bother applying for one.

 

[redaddiction]

YOu should be ok but get your parents to cosign and that will keep youre rates down and will help youre credit in the process basically they are saying that they will pay if you dont.

 

[nyk438]

Originally posted by redaddiction
YOu should be ok but get your parents to cosign and that will keep youre rates down and will help youre credit in the process basically they are saying that they will pay if you dont.

Oh yeah, I don't know if they can co-sign right now thats the problem bleh...I'll try...Thanks for the info tho! :rockon:

 

[99cobrablack]

Since you have no credit, if your banker is cool he will start you out in the middle of the scale as a "b" rating. That is what they did with me, but they know me, and are my parents banker as well. If you show sufficient income it shouldn't be a problem. Good luck:rockon:

 

[FordSVTFan]

Originally posted by nyk438
Do you not have the option to put money down or do you not need to and the loan is based mainly on your credit or lack there of. Right now, I don't have any credit cards and am 18. I know this is prolly not going to work but is there any way of getting a 5k-10k loan. By showing them my month income of about $500 per month and show that it's the only bill i have to pay....would that work if i'm still a dependent for my parents. Just wondering if I should even bother applying for one.

No bank is going to loan you money based on income of $500/month. They use a formula based on your income, age and expenses(considering living at home).

As others have mentioned you will need a cosigner and that should get you a loan. The rates will be reflective of your not having a credit history (sometimes as bad as having crappy credit) as well as the cosigners.

Good luck