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> Can apply car/house loan with zero credit history?

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TS contestchris
post Feb 11 2019, 09:58 PM, updated 3 months ago

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For a person who is 27 yrs old and who has got a zero credit history, would it be possible to apply for car/housing loan? Some people have been trying to scare me, saying banks will not loan me the money...is it true? The only reason I have zero credit history is cause I was fortunate to get scholarships throughout my college/uni days and got an old car handed down to me from my parents. I have never needed credit cards and I live within my means and have been gainfully employed for 3+ years.

I will want to get a car soon and a house too but I really hope the lack of credit history will not be a major issue.
David83
post Feb 11 2019, 10:02 PM

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To apply both loans at the same time would be tough!
TS contestchris
post Feb 11 2019, 10:05 PM

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Not same time, one after the other. In total, it should be at under 70% of my net income. Probably a house first (at 55%) then a car (at 15%).

This post has been edited by contestchris: Feb 11 2019, 10:06 PM
HAoCHa
post Feb 12 2019, 03:50 PM

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Go get a credit card, it has good rebate lerh. why not?
If you a have good payment on your ccris will be a plus point, if you dont, at least you have constant epf and salary payment right? But still, good payment record will be the influential factor. Last time my friend trying to get loan from bank but his statement is too clean, so ended up cannot.

It's never too late to know..
Zot
post Feb 12 2019, 03:53 PM

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When I first apply for house loan, I did not have credit card but car loan.

They look at your salary and how much you pay for other loan.
David83
post Feb 12 2019, 03:57 PM

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QUOTE(Zot @ Feb 12 2019, 03:53 PM)
When I first apply for house loan, I did not have credit card but car loan.

They look at your salary and how much you pay for other loan.
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Your car loan is already a credit history.
lifebalance
post Feb 12 2019, 04:27 PM

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QUOTE(contestchris @ Feb 11 2019, 09:58 PM)
For a person who is 27 yrs old and who has got a zero credit history, would it be possible to apply for car/housing loan? Some people have been trying to scare me, saying banks will not loan me the money...is it true? The only reason I have zero credit history is cause I was fortunate to get scholarships throughout my college/uni days and got an old car handed down to me from my parents. I have never needed credit cards and I live within my means and have been gainfully employed for 3+ years.

I will want to get a car soon and a house too but I really hope the lack of credit history will not be a major issue.
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nah you can still apply, just need to show some savings, margin may cut to 80% instead of 90%
blackseed202
post Feb 12 2019, 04:31 PM

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Of course you can
mini orchard
post Feb 12 2019, 04:33 PM

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Apply to the banks where your salary is credited every month.better if you have FDs record. Should not be a problem.

This post has been edited by mini orchard: Feb 12 2019, 04:33 PM
marukopi
post Feb 13 2019, 11:43 AM

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Can, better provide some supporting documents too.
Saving account or FD helps too.

Jordy
post Feb 13 2019, 04:45 PM

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QUOTE(contestchris @ Feb 11 2019, 09:58 PM)
For a person who is 27 yrs old and who has got a zero credit history, would it be possible to apply for car/housing loan? Some people have been trying to scare me, saying banks will not loan me the money...is it true? The only reason I have zero credit history is cause I was fortunate to get scholarships throughout my college/uni days and got an old car handed down to me from my parents. I have never needed credit cards and I live within my means and have been gainfully employed for 3+ years.

I will want to get a car soon and a house too but I really hope the lack of credit history will not be a major issue.
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Smart consumers will apply credit card for daily expenses (grocery, makan & minum, fuel, touch and go, pay bills, watch movie, buy gifts, shopping, etc etc).
It will automatically tabulate your daily spending in easy to read downloadable form. At least you know where your money is going.
Another good reason is for cash back or airmiles. Since you will be spending your money anyways, why not get the perks that comes with spending all that money?

Just be sure to pay off your outstanding amount every month, don't just pay the minimum amount.



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