Quantcast
Bank Loans... - Beyond.ca - Car Forums
Page 1 of 2 1 2 LastLast
Results 1 to 20 of 37

Thread: Bank Loans...

  1. #1
    Join Date
    Jun 2006
    Location
    Calgary
    My Ride
    Civic b18 swap soon to be boosted..., 3000gt wow..
    Posts
    226
    Rep Power
    0

    Default Bank Loans...

    Hi,
    I am curious about getting an auto loan for a fairly small amount about 9,000. I went to my bank and they said I would have to get colission coverage for the car. I do not want to pay for colission, just liability, I personaly think that colission is a waste of money..but that is just me, anyways can I just get a loan and say I am buying stuff for a fence or a deck or building a garage or something like that, so I dont have to get colission coverage. I also will be getting this loan now, and in about 2 months I will be coming into some money about 5 g's will I be able to pay out some of the loan early?

    Thanks for the help,
    Kelsey
    Last edited by the_new_santa1; 07-27-2006 at 01:09 AM.

    Originally posted by rage2
    Of course you agree with me. I'm a smart motherfucker, and I'm always right.

  2. #2
    Join Date
    Jun 2006
    Location
    Calgary
    My Ride
    Civic b18 swap soon to be boosted..., 3000gt wow..
    Posts
    226
    Rep Power
    0

    Default

    I need on this tonight as I have a meeting in the morning please help....

    Originally posted by rage2
    Of course you agree with me. I'm a smart motherfucker, and I'm always right.

  3. #3
    Join Date
    Aug 2003
    Location
    Calgary
    My Ride
    BMW E46/R6
    Posts
    403
    Rep Power
    0

    Default

    Who is your bank? I don't know of any major institution that requires collision insurance on a secured vehicle loan to qualify. Even if they did, the car is only worth $9000 so i'm assuming that it is relatively old.

    To answer your question though, i believe your lender will likely want to secure your vehicle to provide you the loan. Asking for a loan to build a fence would provide them nothing to secure against the funds they provided to you, thus will be harder to qualify for.

    I would ask for an unsecured line of credit, or just a flat unsecured loan. Let them know that you don't want collision and weigh your options that way. If they still say they need to have collison to qualify you for a secured car loan, walk away and go to another lender.

  4. #4
    Join Date
    Jun 2006
    Location
    Calgary
    My Ride
    Civic b18 swap soon to be boosted..., 3000gt wow..
    Posts
    226
    Rep Power
    0

    Default

    ok, Thanks alot for your help.....

    Originally posted by rage2
    Of course you agree with me. I'm a smart motherfucker, and I'm always right.

  5. #5
    Join Date
    Jun 2006
    Location
    Calgary
    My Ride
    Civic b18 swap soon to be boosted..., 3000gt wow..
    Posts
    226
    Rep Power
    0

    Default

    My question still stands though would I be able to pay out a good portion of the loan early....?

    Originally posted by rage2
    Of course you agree with me. I'm a smart motherfucker, and I'm always right.

  6. #6
    Join Date
    Aug 2003
    Location
    Okotoks
    Posts
    334
    Rep Power
    0

    Default

    Yes you will with most major banks. Lump sum payments are allowable
    You don't wanna race me.... you've seen taillights like mine a thousand times!!!!

    RIP T.T. Feb 09 2004

  7. #7
    Join Date
    Oct 2003
    Location
    Calgary
    Posts
    1,505
    Rep Power
    10

    Default

    As long as the loan is open, you can make additional payments without penalty. But making additional lumpsum payments won't reduce your monthly repayment amount, it will just shorten the over all length of your loan.
    heloc that shit

  8. #8
    Join Date
    Mar 2003
    Location
    Calgary
    Posts
    5,395
    Rep Power
    14

    Default

    Listen to showoff and get a line of credit. Lower intest rate, less restrictions, plus you can pay back any amount anytime you want. I used that to buy my first car.

  9. #9
    Join Date
    Jan 2004
    Location
    Calgary, Alberta
    My Ride
    GLC43
    Posts
    8,485
    Rep Power
    22

    Default

    Yes, every bank require collison coverage for car loans to protect their investment.

    Unsecure line of credit is the way to go and usually loan officer would have brought that up if you qualify.

  10. #10
    Join Date
    May 2002
    Location
    Cochrane
    Posts
    786
    Rep Power
    10

    Default

    My secured car loan did not require collision coverage

  11. #11
    Join Date
    Jun 2006
    Location
    Calgary
    My Ride
    Civic b18 swap soon to be boosted..., 3000gt wow..
    Posts
    226
    Rep Power
    0

    Default

    So intrests rates on an unsecure line of credit are better than that of a auto loan....Got it...!Any thing else I should know? and for anybody that has a line of credit right now what intrest rate are you at...?

    Thanks

    Originally posted by rage2
    Of course you agree with me. I'm a smart motherfucker, and I'm always right.

  12. #12
    Join Date
    Oct 2003
    Location
    Calgary
    Posts
    1,505
    Rep Power
    10

    Default

    your rate will depend on your credit rating and the amount you borrow. You should talk to your bank about what you would qualify for and which option would be best for your particular situation.

    If you're still a student, a student LOC is the way to go. Best interest rate.
    heloc that shit

  13. #13
    Join Date
    Jul 2006
    Location
    Calgary
    My Ride
    has three pedals.
    Posts
    2,978
    Rep Power
    0

    Default

    Originally posted by CRX-R
    Yes you will with most major banks. Lump sum payments are allowable
    It is now law that you cannot be penalised for paying early.

  14. #14
    Join Date
    Sep 2003
    Location
    Calgary
    Posts
    249
    Rep Power
    0

    Default

    I applied for a loan of 2000$ about 2 years ago. the banks told me they would give it to me with about 19%-21% interest.

    What i ended up doing was getting a low interest credit card(10.5%) And this way i could pay it off whenever i want, i ended up paying it off in about 5/6 months instead of the 2 years that the bank wanted me to do.

    (and then, no collission is neccessary)

    What interest rates did the bank give you?

  15. #15
    Join Date
    Nov 2002
    Location
    Not Aspen
    My Ride
    Two from Freemont
    Posts
    9,347
    Rep Power
    23

    Default

    do careful calculations on those credit cards. They are compounded daily. Bank loans are compounded monthly.

    10.5% might seem a lot lower, but in the long term it isn't.

  16. #16
    Join Date
    Jul 2006
    Location
    Calgary
    My Ride
    FJR1300/2018 Giant Trance 3
    Posts
    1,649
    Rep Power
    9

    Default

    .
    Last edited by codetrap; 03-24-2013 at 09:40 AM.

    "We need a vaccination for stupidity, with booster shots against an unwillingness to learn."

  17. #17
    Join Date
    Nov 2002
    Location
    Not Aspen
    My Ride
    Two from Freemont
    Posts
    9,347
    Rep Power
    23

    Default

    Why wouldn't you want to get collision?

    i mean, would you want to be stuck paying for a car that doesn't move that you crashed and can't afford to repair?

    I mean, we are all good drivers, but people do screw up

  18. #18
    Join Date
    Oct 2003
    Location
    Calgary
    Posts
    1,505
    Rep Power
    10

    Default

    Originally posted by codetrap
    Ok.. a bank will always want to secure thier loan, and I've NEVER heard of one not requiring you get have collision on it.

    Collision Insurance

    Collision insurance coverage pays for damage caused to your vehicle in an automobile accident, when you are "at fault". A standard collision automobile insurance policy will pay for any repairs up to the fair market value of your car.

    I'd be shocked if a bank let you NOT have collision insurance, as it secures thier money for them.

    As for unsecured lines of credit vs car loan. A good friend of mine just got her car loan at 3.9%. Unsecured lines of credit are more in the range of 7.25%. You do the math.
    Nice rate, I assume that is for a new car though and financed through the dealer. Car loans at the bank usualy can't touch the rates you can get at the dealerships.

  19. #19
    Join Date
    Jul 2006
    Location
    Calgary
    My Ride
    FJR1300/2018 Giant Trance 3
    Posts
    1,649
    Rep Power
    9

    Default

    .
    Last edited by codetrap; 03-24-2013 at 09:40 AM.

    "We need a vaccination for stupidity, with booster shots against an unwillingness to learn."

  20. #20
    Join Date
    Jun 2006
    Location
    Calgary
    My Ride
    Civic b18 swap soon to be boosted..., 3000gt wow..
    Posts
    226
    Rep Power
    0

    Default

    Originally posted by benyl
    Why wouldn't you want to get collision?

    i mean, would you want to be stuck paying for a car that doesn't move that you crashed and can't afford to repair?

    I mean, we are all good drivers, but people do screw up
    Insurance for me with colision, would be retarted....it is about 5000 a year, I am only 16 I work pretty much everyday, and I still only make about 1000 a month, which is not much once you subtract, payments for a car, insurance, food..., and women....These is nothing left, it seems, I was on a tournamnet paintball team and I have to leave because A new car means more to me than paintball....... ...

    Originally posted by rage2
    Of course you agree with me. I'm a smart motherfucker, and I'm always right.

Page 1 of 2 1 2 LastLast

Similar Threads

  1. Student Loans

    By Ajay in forum Campus Chat
    Replies: 15
    Latest Threads: 12-01-2004, 02:29 PM
  2. Student Loans....

    By eb0i in forum Campus Chat
    Replies: 11
    Latest Threads: 09-09-2004, 11:26 AM
  3. Scholarships/loans and owning a car

    By T5_X in forum Campus Chat
    Replies: 10
    Latest Threads: 03-17-2004, 11:44 PM
  4. Who do you bank with? I'm looking for a new bank

    By richardchan2002 in forum General
    Replies: 40
    Latest Threads: 11-23-2003, 07:55 PM
  5. Student Loans?

    By Dave P in forum General
    Replies: 19
    Latest Threads: 01-07-2003, 12:30 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •