How soon after obtaining credit can I finance a car?

Question

How soon after obtaining credit can I finance a car?

Answer 1

Not very soon. A car loan is an expensive thing. You are asking the bank to trust that you will pay them back thousands of dollars, when they have no history report of good behavior to go off of.

If you are new to credit. In other words you're young and don't have a lot of history. You will probably need a co-signer. This is someone (preferably a family member) that has had credit longer than you, and has a good score. Good is 620 and above. Although 620 isn't that high, it's enough for a co-signer.

The co-signer goes on the contract with you and basically is saying to the bank that if you don't pay the loan back they will do it.

You both get the car loan listed equally on your credit reports and everything is 100% on yours and 100% on theirs. So if you flake out and miss a payment or two it shows up as "late" on their credit too. So be respectful of that persons willingness to put their credit on the line and NEVER make a late payment!

I used to sell cars and what I'm saying is the truth. You won't get a car loan on your own unless you are 21 or older, have a great paying job that you've been at for over 2 years, AND have a sizeable down payment.

If you're just 18 or 19 you will need a co-signer.

Hope this helps.

Answer 2

You can finance a car whenever you would like, it would just depend on what your score is and who you go through!  

You shouldn't have too much trouble though, just shop around a lil' to make sure you are getting the best interest rate!

Answer 3

6 mos to a year....you have to create a history..that you make payments on time early....Brfor anyone gives you credit they have to feel  assured you will pay and on time....