Seems like i'll be buying an used vehicle soon so I need a loan. I tried to takeout a loan a few months ago and got rejected (Bank of America and Capital One Online). That was before I had a full time job and 2 CCs I always pay in full on time. Granted its only been like 3+ months of it.

Questions is:

Should I go for a small local bank or a bigger one (Sovereing?).

Should I do a co-signer? (I'd hate to "rely" on relatives again, but maybe the APR/chance of approval is worth it?)

What kind of deposit should I put down? Deposits on a loan really dont make sense to me. Because if I put (random numbers here) $100 on a $1000 car right, why dont I just go buy a $900 car? Like... if all they want to loan me is $900, whatever I put on top of it really is meaningless to the transaction.

I just dont wanna be rejected again even though I can afford the payments...

Thanks guys.

 

I don't think you'll establish any credit on a credit card until you've had it for at least a year. So you probably still have zero credit. But that's just what I've been told.

 

Check your credit report and see what your score is before you apply again.

 

Credit Unions > Banks

That's where I go.