Can't get approved

[jean11]

I am currently in the process of selling my car and buying a new one. So far, I already have a buyer and a deposit down on a used car I found. My only problem now is getting financed. I applied for an auto loan at my bank (Bank of America) and then GMC financing, but both said that while my credit score was sufficient, it was too shallow. I am in a hurry now since the buyer is anxious to complete the transaction and I absolutely refuse to sell my car without having another one.

 

I am 20 years old and have two years of credit history with a score in the 700's. My current vehicle is one I got from a "buy-here-pay here" dealership that has not been reporting my payment history to the credit bureau; however, they are willing to mail it in once the car is payed off. I would use a co-signer, but unfortunately, no one willing to help me has strong enough credit.

 

Is there any chance for me to get approved for a car loan anywhere else or am I out of luck?

[MarvBear]

On behalf of CreditBoards Admin, MarvBear would like to extend a sincere and warm welcome to the Automotive Forum. We have an Automotive FAQ (Frequently Asked Questions) section that should prove to be very helpful in your automotive knowledge quest.In the Reading and Resource Section of this forum, which is a read only forum, you can look up information regarding Sales Tax by State, Lemon Laws by State, along with a number of industry specific topics very relevant from the dealership's perspective.In the main section of this forum, there are two pinned topics both of which are read only topics. The first concerns Bank and Credit Union rates and tiers. You might find this useful in predicting an interest rate on your next vehicle purchase. The second is a general purpose credit application that you can use to get an idea if you might qualify for an automotive product loan based on an insider's perspective of the information you provide.You, as a consumer, have a unique advantage to "pick my brain"as I have been in the Automotive Industry since 1972. I will endeavor my utmost to give you up to the minute information and explain any insider workings you may question.Due to time constraints on my part, I may not always be available to answer your question right away. Don't be discouraged, this is a very busy board. If some extended time goes by without a reply, feel free to reply to your own post by typing the word *bump*. This will *bump* your post back up to the top of the forum where it is more easily seen.We make every effort to maintain a warm and friendly, and particularly non-judgmental attitude here on CreditBoards. If you find someone is discourteous to you, use the REPORT button located at the bottom of every post-that will ensure that either I or another moderator or Admin looks at the post and decides if it is against our TOS.Off-topic posts should go in the General Forum. And if you are a credit newbie, take a glance at our Newbies Section.Come get your new keys!HAPPY MOTORINGCB Admin: LKH, Pam, radi8, breezeCB Mods: CargoJon, Chris in CA, cotterpin, CramItCCCAs, Cristy, fla-tan, hardpull, MarvBear, pryan67, psp, stealthmidget, Stryker, yourguide, ZeRo_C0oLForum Leads: Brian B The Loan Professor, cedski, DallasLoanGuy, four20nik, hoapres, hurricanesfans27, Lighthouse84, Linx04, Neen, orangecrush, Peekaboo, TeeSharice

[mrbill]

Do you have any local CUs you could join?..You may try that route. GOOD LUCK

[MarvBear]

Local credit union might do a 1st time buyer. Or you find a really really good F&I manager at a dealership.