22M - Can't get approved for an auto loan because of insufficient credit history, but I have no one to co-sign with me. What are my options if my current car is on its last leg?
My current car (2002 Jeep Grand Cherokee) has a myriad of issues including broken A/C, transmission problems, fluid leaks, etc. The cost to fix all the issues is more than the car is worth, and I make a decent salary (~50k/yr) so I want to upgrade to a small used Sedan (~10-13k). I have applied for pre-approval for around 10 auto loans ranging from big banks to online lenders, and all of them have denied me due to having insufficient credit history (all I have is one payment of a student loan). I've heard it's recommended to have a cosigner in order to get a loan, but I don't have anyone that will/can co-sign on a loan for me. Im not sure how much longer my current car will last, but I definitely don't have another 6 months to a year to establish a credit history. What are my options if I need to get a loan for a car?
Posted Jul 21, 2017, 10:12 PM UTC