I was denied an auto loan because I don't have a history of a car loan?

I have always paid for my cars in cash. So why take out an auto loan for a $10,000 car. They said I would need a cosigner. Is there any way around not having a cosigner? Can I ask for a lesser amount or submit income?

8 Answers

Relevance
  • 2 months ago

    If you've always paid cash, why finance now? Buy something less expensive (that's reliable) in cash and save your money until you have the cash to buy what you want. 

  • Anonymous
    2 months ago

    They got the car so it is THEIR RULES.  I avoid the middle man whenever possible. Avoiding a loan whenever possible because a loan charges interest.  My parents made 10 years worth of payments on a house and after 10 years I did the calculations and they paid $1000.00 on the principle - the rest went to service charges and interest...so they still owed the same amount as when they started to make payments. So $35,000.00 in interest payments only.. 

    . They are not interested in you income sheet. That is a piece of paper with numbers anybody could have put there.

    Do your calculations and figure with compound interest...to figure out how much money you would have to pay at the rate they suggest.

    Google it: the math equations are there and you plunk in your numbers.  Automatically the answer shows up.   Saves a kitchen table full of paper and doing Long division by hand.  (no computers in my day and I was not wise to the accounting formulas to figure this out.

  • 2 months ago

    Find a different dealer, The Chrysler dealer was ready to sell me a new car even thou my credit rating is low.

  • Anonymous
    2 months ago

    Build some credit. That takes 6 months to a year. Learn how: https://www.wellsfargo.com/financial-education/bas...

  • How do you think about the answers? You can sign in to vote the answer.
  • Barry
    Lv 5
    2 months ago

    Ask your bank if they can help. They have a record of your finances.

  • 2 months ago

    You could try another lending institution or find a used car dealer that does it's own financing.

  • 2 months ago

    I suspect the real problem is that you don't have a credit score, or have a very low one due to the fact that you probably pay for everything with cash and have not established a credit history.

    If credit, not income, is the problem here, a co-signer would be necessary. However, you might be able to find a lender on your own (not through the dealer) who is willing to provide you a loan, probably for a limited amount and at a high interest rate.

  • Anonymous
    2 months ago

    Much depends on your credit score, your income and other obligations and down payment. A large down payment can sometimes get them to finance you without a cosigner.  Many of the subprime lenders might too but they are usually only available at dealers.

    If you can avoid having to finance, its best to do so. This is why...

    https://www.daveramsey.com/blog/drive-free

Still have questions? Get your answers by asking now.