Im just 21 years old and have been looking for a car loan for about £5000 yet few lenders are willing to lend me funds at all. I think this is slightly unfair as i have never had any poor credit, just lack of credit against my name. Any suggestions for car finance companies who may be willing to help. Im getting kind of desperate here. Thanks

I would avoid car finance companies and look to either your regular bank or else a building society.

At least your regular bank will have a clear background on your financial situation and be able to adjudge accordingly, though you may find a building society can do the same and offer you cheaper rates.

Hope that helps.

I know it sucks but the best way I found to establish credit is by getting yourself a secured credit card. Most people hate them because its kind of like paying money just to spend your money. There are a few companies out there that do not charge a monthly or annual fee for a secured credit card. Also you have to make sure that whoever you do decide to go with actually reports to all three of the major credit bureaus. Most credit unions and smaller banks on report to one. Another really good way to build credit is to see if someone you know will co-sign on a small car loan for you. Most banks will approve a car loan application regardless of your credit history if you can find a qualified co-signer.

Another thing to beware of is that even if you've never had a loan or a credit card you may have some negative remarks on your credit from your cell phone or tv provider. Most of these do not report to the credit bureaus unless it goes into collections but some do.

Hope that info helps!

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Scott McKay
Private Banker
IncomeandCredit.net

if you have no credit history you need to start somewhere and apply for a creditcard some time or another..
You have to start apply for credit..
if not you can get a secured credit card is a good way to build credit as long as they report to the the big 3 credit agencys

You must get some credit going some where i would recommend a secured credit card like one from orchard bank you put a deposit down and after 12 months you a graduate to a secured card ..

My husband and I had the same issue when we bought his truck. We had great credit, but not a long enough history. What happened was we ended up getting the loan through Fifth Third, who we had both been banking with since we turned 18 (we were 23 at the time of this purchase). They saw our history there and knew we were reliable.

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-Crystal-
Our financial motto: Needs vs. Wants

This is what I would recomend you do. Stay away from department store credit cards no matter what. Believe it or not you're actually in a good position and you're probably better off than like 70% of americans lol. But the best thing I would recomend you do is to sign up for one of those credit card offers you get in the mail. find the one with the best rates. Only use the credit card for gas. you will probably have a 500 dollar line of credit. Never let your debt go over 250 dollars because if you borrow more than half of what you are actually allowed to borrow than this doesnt make you look good. Also whenever you get your statment in the mail, you will probably have to pay like 15 dollars minimum. Pay the whole card off, and make sure that you never ever miss any payments and taht they are always mailed in on time. After you do this your credit should increase slowly.

Hello
dont be bother. everything will be fair in credit history.Please check it site:
freeannualcreditreports.us
thanks