Archive for the ‘car loan tips’ Category
Question by WTFLOL?: bad credit, i need a car financed, already have an auto loan out?
okay heres the deal
i have an auto loan out on the car i am currently driving. i want to take a 3,000$ loan out for my daughter next month so she can have a car that is reliable.
i have bad credit, and not much money to put down either, i cant get a co signer either unless it is my daughter. she has no credit because she just turned 18, but she doesn’t have anything against her yet.
we have about 500$ to put down on this car.
any tips? there are a lot of in house financing places around where we live so were gonna try to go there. will they want more for a down payment? do they make you get insurance right there or can you get your own when you leave?
its not any of your business if she has a job or not. she is having a baby in April so I’m not going to buy her a beater
Best answer:
Answer by mccoyblues
You need to save money and pay cash for her car.
There is no reason for you to be taken advantage of by a shark lender (based on your credit rating) when you can put some money away and in 2 or 3 months have enough cash for a decent car.
Don’t put yourself deeper in debt by borrowing with an unfavorable interest rate. Pay Cash for her car.
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Question by waturney: Obtaining a auto loan at 18? No credit.?
I’m 18 and I’ve finished highschool going to college. I have a full ride, so no concerns there. I also do not spend rent and my only bills are phone & insurance & my general expenditures. I have a little automobile that I bought my self, but now that I’m going to college I want to upgrade. I have ZERO credit, and I want to get a 2004 BMW in $ 14,000. I can make a $ 4,000 down payment and want to get a 36 month loan. I don’t want a cosigner. What are my financing alternatives? I want to get a loan from my bank, Bank Of America but supposedly the car cannot be older then 2006. I want a BMW, but I am NOT getting something above 15k. I also make arround $ 300 to $ 600 a week. Any ideas, hints, insights, insults, or w/e that may aid me?
I began the cook job this summer although. Soooo I guess unstable there.
I have stable revenue. I have two jobs, in one I get my 40 hours at $ 9. In no way let me down in the year I’ve worked there. The second job I’m a cook, and those hours are the ones that differ, I make $ 9 an hour also and among 20 and 35 hours. I dnt remember the last time I’ve made $ 300, is often around $ 500. But when I assume about finance, I go below my typical.
Ideal answer:
Answer by shree dhar acharya
u go to finance n apply to acquire a auto n getting a car
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Question by Steven: Need guidance on a vehicle loan circumstance?
Alright so I’ll give you some speedy backround. I am presently 20 years old, and active duty in the military. In March of 2010 I bought a 2010 Chevy Cobalt. At the time I had NO credit, and my aunt co-signed with me. I was approved with a 9.three% rate (ouch I know). I have been fine and on time with every payment for that automobile. I went on a five month TDY in which I produced alot of funds from, and decided that I want to purchase my dream automobile now and while I’m young. I have a deposit down on a 2011 Subaru WRX Restricted that has an out the door cost of about $ 32,000. The strategy was my parents had been going to take over the loan for my Cobalt employing a “Transfer of Equity” from Ally Automobile. Their application got declined for that, and now I am unsure on how to go about finding my new car.
The dealership Demands this automobile sold by August, and if I don’t acquire it by then, they can sell it to anybody that wants it (WRX’s go quite rapidly in the industry) The ultimate plan was this:
Parents take more than Cobalts loan
I apply by way of the dealership for a loan on the Subaru and do a $ 14,000 down payment
I finance only around $ 18,000 over 72 months.
Now that my parents have been declined, what should I do? Must I spend off my Cobalt which has $ 12,350 left on it, and just trade it in, THEN apply for the loan, or is it secure for me to go ahead and apply for the loan for Subaru even with the Cobalt nevertheless under my name. I’m nonetheless studying about credit and how it functions, but I have had a automobile payment for about a year and a half now, I have had a credit card, and also performing a $ 14,000 down payment helps to. ANY suggestions/ideas/insight would be a lot appreciated. Thanks in advance.
I also utilized USAA’s Credit Monitoring Program and it stated my credit score was 720, if that makes any difference, and my Credit/Debt ratio was 100%
Yes I could payoff the automobile if I wanted to and not have a automobile payment. I still have Numerous years in the military so I will always have an revenue, and I have absolutely nothing else that I want/want so my expenditures are minimal. You could say “save for a residence” “you’ll require it for rent” but why would I get a property if I move alot, and also military provides you funds for your monthly rent (BAH) I can afford this car no dilemma, its just I’m trying to assume of a way that would reduce the damage performed to my credit, and still net me a lower interest rate on my new loan. My aunt will not be co-signing once more with me, lead to I’m performing this one by myself.
I don’t recognize why you all insist that I’m acquiring this automobile because I want to “look cool” and crap like that. I’m acquiring this automobile due to the fact I have been a huge fan of Subaru and WRC, and this is probably the closest I will come to it. Yes acquiring a new auto hurts due to the fact of the depreciation, but I have researched that and according to KBB, the WRX won the finest re-sale value last year, and this existing year for the “Sports Car” category. Also you say my bank account will be depleted, when that is acutally not accurate, since if I Actually wanted to I could do a 17k down payment, but I’m keeping at least three-4k in my bank account in case a thing comes up. Also with my earnings if I Genuinely wanted to spend this auto off in 3-four years I could, but I would have to budget pretty challenging. I’m obtaining it for six years since the dealership provides a two.9% rate for either 48 months or 72 months. So its not like I get a less costly rate. I plan on carrying out the minimal payment and each three-4 months applying a lot more cash towar
Best answer:
Answer by Beth Myers
You can attempt having your parents buy the car off of you. Go through their own private lender rather than apply by means of yours.
I would not suggest you spend off your very first loan if anything only trade it in, you can be seeking at penalties for early spend off and taxed up the wahoo. As soon as you trade the cobalt in you can probably get about $ 11,750 for it as a trade in if its in best condition. Pay the distinction then put the rest down on your Subaru.
If you want to preserve each automobiles, yes you will most most likely qualify for one more loan even if you maintain the cobalt, and say your parents just spend it off although they use it. (If you want to go that route).
With your $ 14k Down payment and your credit score of 720 you can probably get a low interest loan as nicely.
If you decide to maintain the cobalt i would suggest you re-finance it would sake you a lot of money. Most likely following you already have your new automobile.
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Question by : Finding A Automobile Loan Appropriate Or Incorrect, For Me To Do?
I’m a college student living at home with my parents. I’m presently utilizing their vehicle and on their insurance plan. I’m thinking about acquiring my own “utilized vehicle” in a couple of months. I’ve been lately thinking about borroring a auto loan from my bank so sone of that loan can go towards the vehicle i want to acquire. Is it possible to get a car loan when I’ve in no way owned a credit card? I have a component-time job, so I wasn’t sure if I’m in a position to get a car loan or not. The value tag that I’m looking at is between $ 1000-2500. What about the interest too? Any suggestions or suggestions would support! Thanks 
Greatest answer:
Answer by Scott H
$ 1000-$ 2500 is going to purchase you a piece of junk, and most banks won’t write an automobile loan for an amount that small.
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