<prompt> Human: Wanted to buy a car Tesla. Ive avoided loans my whole life because of the cautionary tales against them. Up until now I have only purchased what I can afford.Ive had 2 credit cards for the last 3 years that I pay off in full every month.I got denied by 3 different banks for the loan I requested stating:1. LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED2. LACK OF RECENT ALLMENT LOAN INFORMATION3. RATIO OF BALANCE TO LIMIT ON BANK REVOLVING OR OTHER REV ACCTS TOO HIGH4. TOO MANY ACCOUNTS WITH BALANCESWhy do I have to waste money to prove im responsible with money so I can get a loan? What do I purchase with a smaller loan and how do I offset the interest payments so I can build my credit history?Edit: Thank you for the replies, Im taking it very seriously and trying to learn.Edit2: Again I appreciate the help. I had gotten bad advice before and was never taught how to build my credit. No 7500 is not my entire savings. I did not think I was over extending myself with this loan. I could afford the monthly payments. Some people in this thread are jumping to conclusions.Assistant: Will you lend me 100k? No.. probably because you dont know me well.x200B;Thats what credit is about, they dont want you to pay to get a loan but they want to know youre a good risk. Youve got a high score but not too much history backing it up, on a large loan with minimal collateral cars depreciate very quickly it is riskier than say offering 3 people 15k loans with a similar score.x200B;Do you have a relationship with a local bank or credit union?Human: I opened an account with a local credit union and they were very helpful setting me up with the loan process but I was ultimately denied.My friend had no problem getting a loan but hes taken out tons of loans student loans, mortage, car loans. It seems like hes being irresponsible with his money having to make so many payments. Like its counter intuitive that the person without the massive expenses would be the least capable of making additional monthly payments.Assistant: Your friend has taken tons of loans AND HAS PAID THEM.You never took a single loan.This makes your friend more trustworthy to the eyes of the bank. Taking loans is not being irresponsible. Sometimes it is a financial advantage APR sometimes can be lower than inflation and usually are lower than investment returns.On the more helpful side, did you apply through Tesla?Human: He hasnt repayed them all.  <response>: i meant he has all those loans and most likely than not he always paid on time not necessarily paid them off. 