DONALD asked in Business & FinanceCredit · 1 month ago

No credit but Can I get a bank Loan with savings?


I am currently looking at a recreational item that costs $40,000

I have no credit. But I owe no debtors. I have been saving up my money, I've saved $25,000. and I have a fairly decent job at the hospital that I've kept for 2 years. 

Would a bank grant me a $15,000 loan (not a secured/savings loan) but an additional $15,000 to go with my $25,000 to buy the $40,000 item?...

Any tips/advice?... I've never even attempted to take out a loan before...

9 Answers

  • Kim R
    Lv 7
    1 month ago

    The only way to get a solid answer is to ask the loan officer at your bank. They can tell you exactly what you need to do. Don't be afraid to ask! 

  • 1 month ago

    No, the bank will not. Keep saving.

  • 1 month ago

    It will entirely depend on the seller of the item--whether or not they want to grant you the credit and work out a payment plan for you based on your large down-payment alone. You say you have no credit--but have you checked at all?  You can check for free--and if you really don't have any, you'll know within seconds. Try Credit Karma. It's totally free. You probably have a score--you just don't know it. Check it because it may make this a lot easier. 

  • Anonymous
    1 month ago

    Nobody is loaning you $15,000 with no credit. Especially a recreational item.

    Now, if you wanted to buy a car and had a large down payment you could.

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  • 1 month ago

    You do have a credit score even if you haven't gotten a loan before.  If this 'recreational item' is some sort of vehicle then that would be what is securing the loan.  If you're willing to put down 25k (62%), then you have a chance.  

    Go talk to your bank and talk to them as a start.  AFTER you do this transaction, consider getting a credit card which you use for small purchases a couple times a year and pay off right away.  That will cost you nothing and help with your credit score for the future (as will this loan if you get it.)

  • Scott
    Lv 7
    1 month ago

    A good credit history demonstrates your ability to meet your obligations. You don't have that, so a lender sees you as a big risk. While it's admirable that you have no debt, creating debt and then paying it back is how you build a credit history.

  • 1 month ago

    There is no way you are going to get an unsecured loan for $15,000 with no credit history.

    You *might* be able to get a secured loan where the bank holds a lien against the item you're buying and even that will be a big stretch. IF you get a bank to approve you the interest rate will be very high.

    For example if you are wanting to buy a $40,000 boat or motor home or something like that, they might loan you the $15k but the bank will hold the title until you pay off the loan but even that is going to be very hard to get approved for with no credit history.

  • Marty
    Lv 4
    1 month ago

    As long as you have no credit rather than bad credit you shouldn't have a problem, you'll just have to have a bigger down payment so the financing will be lower. My kids all began their credit by doing that instead of asking me to cosign (which I would have).

  • 1 month ago

    It's your credit score that they look at.

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