So I went into the dealership, built my perfect car to order have everything ready to go, BUT I did not qualify for the loan! I was shocked because I make more than enough money, and one of the main reasons I went with a MIN is because it was well with in my budget. See the problem is I’m young and this is my first new car purchase, and I just don’t have any credit history to back me up! Long story short I’m not really in contact with my parents and have no relatives so I have no clue what I’m going to do! I need a co-signer to get my car. However my MA was amazingly awesome, she still put the car on order so it should be here in two months, but its only mine if I can find a co-signer for my loan otherwise someone else will be driving MY MINI!  Any advice on how I can go about this or any way to get around it?! All input is appreciated! Thanks!!

 

I would suggest looking around at different lenders. I am a member of a local credit union, and it has a cooperative relationship with my dealer. On my last purchase, I actually hammered things out with my credit union before I even went in to the dealer. I had a preapproval for an interest rate that MINI couldn't touch (and while my credit rating is great, my income is lower than it should be for my level of debt...blame graduate school).

So, I would visit your banking institution and see what they can do. And when you say you're young, how young is 'young'?

 

About all you can do is shop around different banks and lenders. Some may have more lax lending criteria and will be able to help you out! Hope something works out for you, I remember being without a credit history and how much hassle it was. Just keep paying your bills on time and be responsible with your credit, you'll build it up in no time.

 

a credit union thru work is a good idea but what also comes into play is how much are you putting down? I nice fat down payment can help some over the hump . . .

{having lived there, IMHO part of the problem is your location . . . banks just assume everyone is quite cash and credit flush out there; or they did when I lived there anyway}

 

Talk to the lenders, when you find one that you think can do the deed, then and only then let them run your credit. Each time your credit score gets hit, will effect your score - so don't let each lender pull your score.

 

So... if you can't get financing, will you lose your deposit?

 

Maybe look here for similar advice:

https://www.northamericanmotoring.co...h-my-mini.html

 

That is his thread :p