I'm an onario resident and neeed a personal loan of about 13000 which is almost impossible being 18 and having little credit history. I don't want to use a co signer or whatever else. Someone please tell me what to do! I'm getting desperate! Thank you:confused:

What could you possibly need 13,000 for at age 18? Is it for school? A Car? A trip? This could affect why your being refused (apart from age and no credit score)

For a car actually! I know it's a little absurd but I can more than afford it monthly!

Why don't you want a co-signer though? Also you could look at cars that cost less, you should be able to get a decent used car for 6000, maybe less.

EDIT: Are your parents refusing to co-sign because they say its too expensive? Also how much do you make (if you don't mind saying)

Without a co-signer I'm afraid you will be seen as a poor risk. Actually, you are a poor risk since all that you would have would be the car. Loan institutions do not want to repossess items if a debt defaults. They much prefer their money and you have not be able to demonstrate financial security yet in your life. Go with Lowtax and buy a less expensive car.

I'm making 23, 000 a year! I don't want a co-signer cause I don't have anyone really to ask! My parents wouldn't

"My parents wouldn't..." because why?

That's not a lot, but its more than minimum wage for sure, how many months have you been at your job? No one will give you a loan if you haven't made 6 months at a full time job yet. If you absolutely need a car get a low price used car and try getting this 13,000 dollar car again in a year, you can use the first car as a trade in.

Also get your credit score up, make sure to pay any bills you have on time, if you have a credit card, use it (wisely) and pay off the whole amount due each month (not the minimum payment). This will bring up your credit score fast.

I am being hard headed and want what I want! Terrible isn't it! And no its not a lot of money but for 18 years of age it is and I haven't got any bills except my cellular!

And my parents won't because they just aren't like that! Against their morals!

Well banks look for financial stability when giving loans, if you just started a 23,000 a year job and have no other bills that's good, but if you haven't passed your 6 month evaluation period that's bad. If you have a debt or paid your cell bill late a bunch of times this is also bad.

Talk with your bank once you have passed the 6 month mark and see how much they would give a loan for. I had to get a co-signor when I moved out of my parents house because of my credit score not being great

Now I should not be reading in facts not presented but from what you said you may be living at home, correct? In all fairness, if mom and dad won't sign why would a bank? To get a credit score to buy a home I bought furniture on credit. I paid off the furniture in record time and surprise, surprise I was told 6 months later that I had a good credit score. You need to create a papertrail of good payment history.

Ok, I'll try to be on your side on this one. $13,000 isn't a very big car loan, even for a 18 year old with about a $2000 a month income. You should be looking at a payment of about $275 per month, which is more than manageable with your income (less than 15% DTI). Now, as far as what you can do in terms of credit options: Your parents won't co-sign for you, but perhaps they'll help you improve your own credit rating; also have you heard of that website called prosper.com? On that website is a collective of investors who all pitch-in a little bit of money to help one person get financed for a particular purchase or investment. Now, I would definitely caution you not to just go to that website and shoot out a loan request in hopes to get funded; talk to someone who's already posted a listing and been funded and get some pointers (I know a few people who have been funded if you need a direction to go in). I take it you don't have a down payment? Even without a down payment, there are car dealerships out there that can get you financed with no credit. Don't be too discouraged, you definitely have options to get what you want; it may take a couple of months, but getting a $13,000 car with your income should not be a problem.

PS - In terms of looking for a car dealership that'll finance you, look at the big ones in your area, the ones with the TV infomercials on the weekend and such; they'll get her done.

Thank you for the advice but the prosper.com is only for the US while I'm in Canada! But you have helped me the most and its appreciated! If you have any other ideas, please let me know! Thanks you

Get a secured credit card a pay it on time. That should give you a score. Don't use more than 1/3 of the credit limit, as that can lower your score. Open a checking/savings account at a Credit Union with direct deposit. After a while ask them what % down paymen would be needed to secure a loan; 10%? 25%? 50%? At some point they will say yes. Don't get a loan from Guido at Vampire Loan Co.