Vehicle loan

[dodad]

I filled out a loan application through scotia bank and they denied me saying that i didn't have enough outstanding credit nor any to get a loan.

I usually always have cash but now that i have found something i want i want to get a loan. Is there anyone on this site that specializes in giving credit to "high risk" people????

I have to wait for a call in the morning to see what else they say during regular business hours. I already know what i want... its a bike off this site just need the credit.

[95EagleAWD]

Try getting a co-signer on the loan...

[D. Dub]

How much is the loan for?

There are plenty of car lots that will give you credit..but its at high rates.

[Supa Dexta]

Have you gone to college? how long have you been working at your current job how much debt do you have? Your best bet is to have all those answers ready and go in for a sit down. A letter from your boss wouldn't hurt either (provided it's a good letter) When I went for my first loan, I didn't have any credit history either, but I had gone thru college, had a steady job, and no debt. SO.. They will input that into their computer and score you on that, granted it isn't a great score but it is a start. I had no problem getting it that way... Few things that helped me, as I mentioned were the, fact I had gone thru college, they like that, no debt, love that, and boss's note showed I was doing good at work, and only set to make more money as time went on. Also I had my account since I was born more or less, my parents had opened it, so that showed I was with the bank for 20+ yrs, that also helped.. Oh and they also like if you have any collateral a car, bike, anything worth anything.. And if you get a car loan where the car is collateral, it may be easier..

[dodad]

ya they said there not much to go on on the credit bre....and i went to a dealer and they would have to buy the bike mark it up then sell it to me with high rates on top of that.

[dodad]

I figured there would be someone on here speciallizing in this kinda situation

[Redlyne_mr2]

Originally posted by dodad
I figured there would be someone on here speciallizing in this kinda situation
Greg at CMS specializes in high risk from what Ive heard. Give him a call

[Bill Cosby]

why dont you use a creditcard for your purchases then pay it off with cash

do it a lot for the next 3 months and you may have enough credit to make a bike purchase for spring, also, if you havent had a steady job for the past 6 months that wont help you

[dodad]

i just got mastercard and paid more then my regular payments...but i need to buy this right away

[Unknown303]

What i've always heard from banks is that in order to develop credit you have to have a credit card and always use it but always pay it off. That shows that you have good habits replaying what you owe. And that give you credit, its not really something that you can speed up. But i don't understand why you NEED a bike right away? thats not supppose to be a cut or anything, just sounds a little strange to me. You have to invest money and time to develop credit.

I heard putting money into GIC's and RRSP's and junk like that helps your credit. Can anyone back me on this? just something i heard.

[Ben]

Originally posted by dodad
i just got mastercard and paid more then my regular payments...but i need to buy this right away

When it comes to loans, carrying zero balance on your card is a HUGE benefit.

I max out, and then pay off my card every month. Havent carried a balance since getting it.

whenever possible, NEVER carry a balance. Never buy on a credit card what you cannot afford. This is key.

As far as interest rates go for persons in your shoes, it sucks. Say hello to anywhere from 8-20% interest rates with no credit history, but, it's a good way to get established. Also, you can always go to your bank after a year, show that you've been awesome on your payments, never late/missed, and see if they'll give you a loan for the amount owing. Pay out your current high interest rate loan and continue with the newer lower one from your bank.

:)

[dodad]

i see i see....but were talking along time away i want to buy this now ...lol.... anyone know of a loan shark? lol...

[LilDrunkenSmurf]

i got a loan... freshly 18...
depends how much you want...
also dont tell them its for a bike, just ask for a personal loan.
And yes, gettings GIC's and such help, having collateral, etc, etc.

Try another bank... Royal Bank gave me my loan.

[blueripper6]

Im also shopping for a car loan.

I want something that will not have any penalty for me paying it back early. 3 year loan I am looking for so I have a low monthly payment for around 4-6 months and when I start to work fulltime out of school I can pay it back faster.

Im pretty sure I will never get one like that, try getting your parents to co-sign, thats what I am doing.

[dodad]

Getting my parents to co-sign is like fucking my own ass with my own dick...ani't going to happen.

[LilDrunkenSmurf]

mine is open loan... 3 years... 5k... can pay of quicker with no penalty... from royal bank... low payments

[dodad]

im really surprised there ani't loan specalists on this site.

[lastprodigy]

how much do you need

[Supa Dexta]

You got answers for every part of your question, just because they aren't the answers you want to hear, doesn't mean anything... Its the way life goes, you don't always get what you want when you want, you have to work towards it.... again.. good luck....

[Unknown303]

Yeah i'm not sure what else you want. Are you hoping that there is a loan shark on here? i'm just confused, developing credit takes time, or a co-signer, although that won't always work.

[90s_tuner]

I can probably find you a private lender but how do you intend on paying it back? Do you have a good job?

[dodad]

looking for $5500-6500 depending how soon...i'm looking to have it paid off by august so not very long. I might have found a place there calling me back tommarow...there called direct or something...there interest rates are 15% and they put a set day to have it all paid off if you don't they sue ya for the whole amount...little tiny place in forest lawn...im okay with that i'll have it paid off no worry its just with new place that im living at and 5 cars dont help...

[blueripper6]

Whoa I got fucken ass raped.

14% or Prime + 8, haha. First time loan though, good thing i will have it payed off once I sell my car. I cant really see me having this loan for longer then a month.


What I have now is 3 years, 88$ a month. He said my parents probably wouldnt have to sign, but i will have to get a letter from my employer stating that I get atleast X amount of hours for X wage. 2500$ loan

If not, then they will accept it at 2 years and payments will be 128.

I cant believe im getting raped sooo hard on my interest. But what can I do, first loan ever and dont have any assests except my car, which is older then 8 years so they dont use it as collateral.

My mom said she would lend it to me at 10% LOL!! sweet..

[Pee_Sack]

I am only 19 and I got a $20,000 loan for my car. I have had a visa since I was 18, paid off every month, and I have been with the same bank since I was born. I also had $10,000 saved up for the car, so that made the bank like me more. I am also in school, with a job that isn't steady. No co-signer or anything it was all done through my name. My banker told me this was the most she had ever seen someone my age get from any bank she has ever worked at.

[dodad]

ummm well there not willing to help me.