Getting a car Loan??

[LudeRoca]

I was wondering what you have to go through to get a car loan. I only want to get a loan for like $2500 - $3000. I want to get it from the bank, and i wanted to know is it a hassle. Or are they pretty easy to get. My credit isn't really all that good. but its Not that bad. All my credit cards are paid off now. Thanks in advance

[tegdreamer]

instead of waiting for a bunch of people on here to give you advice, you should head down to your bank and make an appointment with a loan officer and see if you qualify, it can be at their discretion a lot of the time (unless you have borrible ass credit) so its worth giving it a try!

[redbaron303]

Ya, I'd hit up a bank asap to figure out if you qualify for one...

[Hirjee]

yea cuz it matters on the type of job u have, and what u have to back up the loan
the worth of the car in total etc...

[Xtrema]

What car are you buying? New or Used?

Bank's rate - even you have excellent credit - sux! Think of it this way, if banks can make 5% on $200,000 mortgage, why do they want to charge less for a car that's around $30,000.

Also, buying a used car thru bank is quite a hassle because the bank has to verifiy it's actual value to prevent scams.

If you have an unsecured personal-credit line, the rate is usually prime + 2% = (currently ~6%) if your record is good. Secured credit line (putting your life insurance/house on the line) will give you a bit better rate, may be 3-5%.

Anyway, if you're getting a new car, try to get a deal from dealers. They are more eager to keep products flowing and may give you a good rate.

Domestics are still having 0% on new cars and some imports has some good rates (3.8% on clearance models, 4.8%-6% on new models)

Used car on the other hand, better watch out for scams.

[cman]

unfortunately they might say minimum $5000 load, thats what happened to me when i was researching loans and insurance and shit.
you might even get a better % by getting a credit account instead of a loan.
just book an appointment and discuss as much as possible and ask questions.

[max_boost]

I'm not sure what banks are charging for interest rates on personal loans but there are quite a few credit cards out there that carry a decent rate. For example, the Mosaik Mastercard from Bank of MOntreal. If you choose the low rate option, the interest is only 7.9% for cash advances.

Some other banks offer introductory rates for applying for their credit cards, some as low as 1.9%APR. This rate usually runs between 6 months to 1 year. Because this is a smaller loan, I don't think it should take you more than a year to pay it off.

[max_boost]

Another option, for many reasons, some may object to it, some may not, but what about your parents? I'm sure they can help you out, I mean, it's only $3,000 and not $30,000.

Good luck

[CRXguy]

^^^


No interest too!