How can I get a auto loan at 19??

I have a credit score of 697, I have three credit cards which I pay on time and usually make much more than the minimum payment each month. I am 19 and have had one of the cards for over a year. I also now have a great job making $10 a hour and working almost forty hours a week so a car payment won't bankrupt me each month, unfortunately I have only had the job for 2 months and I know that affects the loan. I applied for a loan at my bank, and they turned me down, and also through Capital One who also turned me down, saying I don't have enough credit. The car I want is $7,000, and really a great deal on a 2001 VW Passat w/ only 51,000 miles! I love this car and just don't know how to get the money to get it. I am going to a dealership today to look at cars but don't really want to buy from a dealership and "settle" for a car that will be much more expensive just because they will give me a loan. With a very high interest rate I'm sure. Please help if you can any advice would be great.

How can I get a auto loan at 19??
Auto finance is what I do for a living and if Capital One turned you down the only other lenders that will look at you are first time buyer programs and you do not have enough time on your job to qualify.





Even with a 697 score at 19 you have only been in the bureaus for 1 years and that is simply not enough. Most auto lenders require a minimum of 4-years, some even require 5 and at least 4-open lines of credit paid as agreed for 12-months.





Don't mean to be negative, that's just the way it works.
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Reply:You already know the answer. You *told* us the answer.





A $10/hour job, you aren't even working 40 hours, and having had it only 2 months.





On $1000/month take-home, how are you going to afford that car? A cheap apartment ($500), plus water ($15), electricity ($50), gas ($40) telephone ($35) and cable ($60) is $700. At 21% interest, a 3-year loan for $7000 is $263.73.





That leaves you 36.27 monthly to pay for everything else. You can't drive the car, because you can't afford insurance. You can't even afford one tank of gas.





Or anything to eat. If you got mugged, and they broke a tooth, how would you possibly pay a dentist to stop the agonizing pain?





Until you get a decent job, you can't afford a $7000 car.
Reply:Maybe you should consider scaling back your expectations a bit. You can get a good reliable car for a fraction of that price. It may not be the coolest thing on the street, but it'll get you around, and at 19 I'd guess you have better things to spend your money on than interest and depreciation.
Reply:Why dont you try getting a co-signer with good credit. But like everyone else is telling you. You doing it in only your name will probably be hard. Go to a local bank, usually a credit union is more likely to give you a loan, but call and inquire because everytime your credit report is pulled, that means more points are taken off .Good Luck
Reply:I am a credit analyst for a captive. Usually the only way we will put a first time buyer in a car is with proof of income, proof of residence and 3 months bank statements showing no non sufficient funds during those 3 months. An easier way to go would be to have one of your parents co-sign for you assuming they have good credit. Of course your payment to income would have to be in line as well as the amount your advancing on the auto. $7000 shouldnt be too much of a payment. What will hurt is your not working a consistent 40 hours a week. Even at your pay rate you only clear $1733 a month assuming you work 40 hours a week which you dont. With your limited credit and time on file it will be very tuff for you to get approved but not impossible.
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