Car Loans

[Mr.Burns]

my firend just turned 18, like 2 weeks ago, and he wants a 3000 dollar loan for a car, does anybody know where he car get that, becasue he has no credit history

i dont know if TD would :dunno:
any ideas ?
thanks

[90s_tuner]

man he needs a loan for 3gs? that's weak. Get his paps to co-sign. Also they only give a minimum of 5 grand.

[handsomebassman]

Taking a loan out like that isnt really the smartest option. If i were him i would just suck it up and save over the summer. Then you have no stupid payments to worry about when you are either attending school, or trying to move out on your own.

[Bill Cosby]

no matter where you go to get a loan , a Marketprice $3000 car isnt of value to get approved for

sorry bout his luck

[Supa Dexta]

Banks tend to want cars no older than 5 yrs.. since they can't get any money back from selling them, if you stiff them on the payments.. (And even 5 yrs they get picky as to what they'll let you buy)

[Civ2NR]

I hope someone else is paying his insurance because his own car at 18yrs old could cost more than the car itself for one year coverage.

My advice would be to suck it up and save.

[Bill Cosby]

they are not picky, they're reasonable... they are giving you money that you do not have and they are holding the car as collateral, as much as you like to think an 89 240sx is not WORTH $5000 to the bank..

[Mr.Burns]

its actually a 9 grand 97 honda, he has 6 grand , and this car doesnt usually coem around for this low price. ( well not that ive seen so far anyway ) :dunno: , need 3 more g for it, like what uf you dont tell the bank what th emoney is used for, like say its for something else :dunno: , i think this car a a good find and i would buy it myself but i just boguht a 96 prelude for 7 000 :banghead:

[Weapon_R]

You can ask for a personal loan, but its not really easy to get. They want a steady income for a good period of time (~12 months at BMO) + good credit, or a cosignor with these criteria.

[Bill Cosby]

the bank is gonna ask what the loan is for

and if you say oh the loan is for a $3000 car, they are gonna want a bill of sale that says that, and then thats fraud, + the person on the other side is not going to say they are selling it for $3000, either way if you do that, and decide to stop paying for the loan, the bank would confinscate the vehicle and your friend would have just lost $6000 because he took a chance and decided not to save up and be a slimey grimely screwball

[edit].. 9 grand for a 97 honda a good deal?

ohhhhhhhhhhh MY

[tc3]

Get a loan for the full amount, it'll be easier then 3g.
Then pay it off as quick as possible.
Some banks will use that 6g, and/or the car, against the loan, esp if he has no history.
Also, maybe when u apply for a loan, dont spell it loanz...it dont look so proffesional LOL:D

[Mr.Burns]

Originally posted by Weapon_R
You can ask for a personal loan, but its not really easy to get. They want a steady income for a good period of time (~12 months at BMO) + good credit, or a cosignor with these criteria.

personal loans take alot of interest i heard..:dunno:


Originally posted by Bill Cosby
the bank is gonna ask what the loan is for

and if you say oh the loan is for a $3000 car, they are gonna want a bill of sale that says that, and then thats fraud, + the person on the other side is not going to say they are selling it for $3000, either way if you do that, and decide to stop paying for the loan, the bank would confinscate the vehicle and your friend would have just lost $6000 because he took a chance and decided not to save up and be a slimey grimely screwball

[edit].. 9 grand for a 97 honda a good deal?

ohhhhhhhhhhh MY

97 modded prelude with low kms


Originally posted by tc3
Get a loan for the full amount, it'll be easier then 3g.
Then pay it off as quick as possible.
Some banks will use that 6g, and/or the car, against the loan, esp if he has no history.
Also, maybe when u apply for a loan, dont spell it loanz...it dont look so proffesional LOL:D

LOL, a good idea is get the full loan, but i dont know if they wwill give that to a person with no credit history
although that i dea i brilliant !

[88CRXGUY]

First off, since that you don't have any credit histoy have a co-signer lined up. You have nothing saved up llike GIC's RRSP's right? It also looks good when you can save money. These guys are right personal loans are higher, I just got one about 2 months ago and my interest was 8.6 percert. You could always try to go through a leasing company their interest is cheaper than the banks. For that amount of money, and having no assets or anything to borrow againest, the chances of getting a loan on your own is going to be slim to none. Just save and save yourself of paying more*ie interest, and having payments*.

Ive been through gettnig loans, and going through leases. Its only worth getting a loan/lease for a newer car. For a 3 k car there isn't any point to go through the hassle, just save.

Also if you want to start getting credit history, and if your good with money get a credit card. It always looks good with a bank that you can always pay your bills off(on time before the end of the month). Its just a thought...

[england4957]

just go to your bank and say you have most of the money saved up and you just need an extra 5 grand to pay for the rest of the car and they should give it to you regardless of your lack of credit history. I was in the exact same position last year and i didnt have any problems and never had a cosigner either. Just pay it off quick to avoid interest. I was the same age no credit history same amount of money in the bank and the car was a 92.