Can I apply for a car loan with only 9 months of credit history?
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I’ve had a secured credit card for 9 months. My credit report says that’s bad. Can I apply for a car loan or do I need to wait until I have at least 1 year of credit history?
Can you come up with a down payment?
Credit history & credit score is not everything when it comes to making lending decisions.When your credit report says that 9 month of credit history is bad, all it means is that your credit score is negatively affected by the short credit history. This means that your credit score is probably low, because there is not enough data (credit history) to truly estimate the risk of lending you money.
Short credit history (& low credit score) are negative factors in the loan decision, but other factors such as what down payment you can come up with, your DTI ratio and your annual income may help.
In the end, no one can tell you in advance if you’re gonna get approved or rejected. You need to actually apply (probably with a few lenders).
A co-signer may also help
In your case (short credit history), a co-signer with good credit can certainly help, and may even tip the scale for approval.
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