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loans.
okay im 18 and have no credit. could i get a loan for a car?? and would that be a good idea or how does that work ????
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Maybe give some free advice about: Random Weirdos?
Whether from the bank or the dealership, you need credit.
I have a fair credit score, but no credit history. My bank won't even give me a car loan, though I have a stable, secure job with excellent pay.
Right now, lenders are just really cautious about lending because of the economy.
You may be able to get a secured credit card or a store credit card to build some credit, but for a car you will likely need someone to co-sign for the loan. If you are reliable, this shouldn't be an issue. Just keep in mind that if you don't make the payments, it doesn't hurt just you but your co-signer as well. If you do make all the payments, you will have great credit history and a car.
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I don't think you need credit to take out a loan from the bank. If you are looking at buying a car from a dealer ship than it is good to have a credit history because buying one without credit is almost impossible.
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