Back when i was 19, I wanted to borrow $10k for a good, reliable relatively late model 2nd hand car. I was on $630wk, single, no debts & lived at home for $50 a week, but had only been in the job 4 months (permanent). I had no credit rating at all. Credit union said no, but offered me $30k to buy a brand-new car instead!!!!! They couldn't give me a very satisfactory reason, only to say that the 10k for a 2nd hand car was too big a risk!
Go figure! I would've thought 30k was far more risky....
Their suggestion was to go & see some ripoff finance mob & establish a credit rating starting off with small amounts. I told them where to stick that idea & bought the best car I could for 4k cash I had saved at the time.
When it came time for applying for a mortgage, I had similar hassles, and went through numerous mortgage providers, as no-one wanted to deal with someone who had never had credit. Why is it that people on low incomes, up to their eyeballs in debt & with large family running costs can apply & get a loan easily?
I found that having no credit rating is almost as bad as having a bad credit rating. Why is it that society today readily accepts living life on credit, and shuns those who choose to save up for their wheels, engine mods, in-car entertainment etc?
My best advice is to go to a ripoff finance mob, get the loan, hang out & resist the urge to spend $$ on mods, and pay off as much as you can in the first 3 months or so. Once you have done this, go to your local bank/credit union, and they'll be only too happy to take the business off another lender, provided you have proven yourself with repayments, and the interest rate will be more like 8-10.5%.
One thing to remember is that the majority of lenders will specify comprehensive insurance as mandatory. As you are young, and it's an EA, this could easily be $1500-2000. Another expense you'll need to cover when purchasing the car.
Morale of the story is to get a small loan when you're young, even if you have the cash. Use it to buy stereo gear or whatever, but make sure you pay it off ASAP. Up the amount for the next loan & when you've established a good credit rating, hit 'em up for the big one & buy a Barra....
My cars not on fire, that's just the tyres.