I need a big car loan. i have some questions. please help.?

i am soon to be 22 years old. i got my first credit card at 18yrs old and immediately maxed it out ($6500 limit). i made a late payment about 6 months into paying off the amount, but all other payments were above minimum and on time. late last year i paid off the rest of it (about $4000) all at once. i cut up my card and havent used it since.

I need a big car loan. i have some questions. please help.?

You can't afford that car without working more hours. A lot more hours by the sound of it. At $10/hour, which is what it sounds like you make, you'll need to work full time without any other expenses to be able to afford the payment and insurance. With your short credit history, a history of maxing out your credit, and the late payment on your record, you are not going to get a loan at 3 - 5% like the previous poster wants you to believe. i wouldn't even bother to contact that person. I doubt you would get one at your %26quot;average%26quot; caluclation of 7.45% either. I'm guessing that with your income and credit, you can get qualified, but it'd be closer to 15% APR.

A website I've recommended in the past would be...

http://www.safelinked.info/go.php?link=a...

Good Luck.

I need a big car loan. i have some questions. please help.?

Good going on having the discipline to pay off that big credit card bill! You're doing fine, but with a little work, you can do yourself a lot of good, both for the loan you want now, and for whatever credit you want in the future.

The first step is to see where you are. Go to www.annualcreditreport.com and downloan the credit reports from all three major credit bureaus -- TransUnion, Experian and Equifax. These three companies are the ones that keep track of everyone's loan payments, and they give that information about your credit history to lenders. So before you apply for any auto loan, you want to look at that information first. Because any auto lender is going to look at it, too.

If the information is accurate, OK. If it's not, challenge it. Follow instructions they have online.

If you had just one single late pay a few years ago, don't worry about it. We've all been there. You did the most-important thing -- you paid off what you borrowed. You won't have perfect credit, but almost no one does. A single 30 day late pay years ago is not a big a deal; if you let it linger for 60 or 90 days before dealing with it, the damage to your credit will be worse.

So here's the most important thing: Get the loan you deserve, based on your credit. If it's only a little bitty ding on your credit, don't take a terrible deal because you're ashamed of it. Do your research. Comparison shop.

You might want to pay the bucks it takes -- about $10 for each of the three credit agencies -- to get your credit score. A credit score is the 3 digit number distilled from your credit report. The average score is in the low 700s. The further below you are, the higher the interest rate will be. See http://www.creditcards.com/Credit-Scores... for more information about the basics of credit scores.

I know that you cut up that credit card, but unless you have another card of similar vintage, that also shows a history of payments, don't call the issuer and close the account. Even with the late pay, that credit card shows your history of being responsible with a loan.

Finally, see if you can qualify for and join a credit union in your area. Your job or hobby or where you live can qualify you to join. Credit unions traditionally have better rates than banks on auto loans.

.Good luck!