Need some info on financing a ride.
Need some info on financing a ride.
Well after waiting for months for a good S13 to show up around here for sale, nothing has come up. However, theres a low milaged (85k) 95 for sale. Its 3800 and heres the problem, I dont have the 3800 to pay for it up front. I havent called the seller but im sure he'll want it all in full. So right now im thinking of getting a loan to pay for it all up front. I dont have credit so im hoping my mom will help me out and get a loan so i wont get raped with high *** interest charges and ****. Anyways has anyone gone this route before. I cant think of any other way to come up with 4g's this quick. Also where to go, i heard banks, credit unions, getting a credit card to pay for it
OK, well I was hoping that repo would have time to give you some sound advice.
Basically, if you have little-to-no credit, you're going to need to rely on your mom. She's most likely banked at the same place for several years. This gives you your answer about where to go. Bottom line is talk to the mother, see if she'll help you. That information is critical, because it'll be the difference between whether or not you get the car.
Auto loans from banks/credit unions are a common deal. Interest rates(generally) aren't too bad. I think this all hinges on whether or not your mother is willing to help you. She could either co-sign for you, of get the loan herself, and have you pay her back. Both plans require a great deal of help from mom, so I hope you've been a good kid.
-Phil
Basically, if you have little-to-no credit, you're going to need to rely on your mom. She's most likely banked at the same place for several years. This gives you your answer about where to go. Bottom line is talk to the mother, see if she'll help you. That information is critical, because it'll be the difference between whether or not you get the car.
Auto loans from banks/credit unions are a common deal. Interest rates(generally) aren't too bad. I think this all hinges on whether or not your mother is willing to help you. She could either co-sign for you, of get the loan herself, and have you pay her back. Both plans require a great deal of help from mom, so I hope you've been a good kid.
-Phil
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Repo Man
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Sorry guys, long day at work. Just got home a little while ago.
If you don't have the entire purchase price up front, then yes, you will need a loan. If $3800 is the price you've come to, then that's what you'll need.
What kind of cash do you have in hand?
I would start with your bank/credit union. Have mom cosign if need be. The bank will tell you if you qualify or qualify with stipulations. Do you have a job? That will be one of the key factors. The bank will obviously want to know how you're going to pay the payments. They will be due every month on the same day more than likely and if you don't make them, someone like me will come take your car and get you back on your feet. NOT a good way to enter into the credit world.
You will probably need the cosigner and will probably be charged higher interest because you have no credit. This is your chance to build it. Even if you do get a scathing rate, you can always pay it off early to save on finance charges provided the contract does not provide for a pre-payment penalty.
Check with your bank first, see what they say, see what mom says, and report back with exactly what happened and what they said. Good luck.
Andy ;-)
If you don't have the entire purchase price up front, then yes, you will need a loan. If $3800 is the price you've come to, then that's what you'll need.
What kind of cash do you have in hand?
I would start with your bank/credit union. Have mom cosign if need be. The bank will tell you if you qualify or qualify with stipulations. Do you have a job? That will be one of the key factors. The bank will obviously want to know how you're going to pay the payments. They will be due every month on the same day more than likely and if you don't make them, someone like me will come take your car and get you back on your feet. NOT a good way to enter into the credit world.
You will probably need the cosigner and will probably be charged higher interest because you have no credit. This is your chance to build it. Even if you do get a scathing rate, you can always pay it off early to save on finance charges provided the contract does not provide for a pre-payment penalty.
Check with your bank first, see what they say, see what mom says, and report back with exactly what happened and what they said. Good luck.
Andy ;-)
GREAT!! sorry im a little slow, thanx for the info.
Well so far i called my bank and several other credit unions for loan estimate. They wouldnt take it because it has to be 96 or newer. That sux but i called this other place, American West credit union or something and they said they would without a year requirement. I dont wanna blur out names out there, but is there anyone you guys recomend.
Yes, im relying on mom on this. Right now i doubt i can even qualify for a loan. The breakdown is, im 18, fresh out of school, got a good job, making round 1.3k/month after taxes and bonuses, but been employed roughly for a month. Im gonna see how the rates are with me in it and my mom as a cosigner, that way i can start building credit.
On a side note, im gonna check out the car tomorow, called the guy and he said its all great, gots a few dings and kinda scraped bumper. what can u expect for a 7 year owned by a utah driver.
Well so far i called my bank and several other credit unions for loan estimate. They wouldnt take it because it has to be 96 or newer. That sux but i called this other place, American West credit union or something and they said they would without a year requirement. I dont wanna blur out names out there, but is there anyone you guys recomend.
Yes, im relying on mom on this. Right now i doubt i can even qualify for a loan. The breakdown is, im 18, fresh out of school, got a good job, making round 1.3k/month after taxes and bonuses, but been employed roughly for a month. Im gonna see how the rates are with me in it and my mom as a cosigner, that way i can start building credit.
On a side note, im gonna check out the car tomorow, called the guy and he said its all great, gots a few dings and kinda scraped bumper. what can u expect for a 7 year owned by a utah driver.