What is the best way to get approved for a car loan? April 30, 2010
Posted by Credit in : Buying & Selling , 4comments
too_true82 asked:
I have bad credit. I currently have a car loan and a co-signer on the loan. I need to take her off the loan now, and HSBC doesnt allow you to refinance, so i have to apply for a whole new loan with someone. I already tried with Scotiabank and got denied. Any suggestions?
I have bad credit. I currently have a car loan and a co-signer on the loan. I need to take her off the loan now, and HSBC doesnt allow you to refinance, so i have to apply for a whole new loan with someone. I already tried with Scotiabank and got denied. Any suggestions?
What are my chances of getting a car loan? April 7, 2010
Posted by Credit in : Buying & Selling , add a comment
John S asked:
I don’t know my credit score, but I can give you some details. I have been working out of college for 7 months. I make $32000 a year. I have been paying rent and utilities for 27 straight months without any late payments. I also have student loans, of which I pay $55/month and my parents pay the remaining $120/month. I have one credit card with a $1000 limit and never missed a payment and owe $0. The only other thing I pay for (other than usual groceries, etc) is car insurance.
I don’t know my credit score, but I can give you some details. I have been working out of college for 7 months. I make $32000 a year. I have been paying rent and utilities for 27 straight months without any late payments. I also have student loans, of which I pay $55/month and my parents pay the remaining $120/month. I have one credit card with a $1000 limit and never missed a payment and owe $0. The only other thing I pay for (other than usual groceries, etc) is car insurance.
What are my chances of getting a $12-13k loan for a car? If it helps, I will be putting $5k down on it. I may also chose to go private sale for the car, but will still need the $12-13k loan and pay the difference in cash.
ALSO, important…I won’t have a cosigner. I don’t have anyone who can cosign for me.
Thanks everyone for the initial responses. I have already resorted to the fact that my interest rate is going to be a little high. If I could get a rate around 10-12% then I should be good with the monthly payment. I calculated using 10% and was under my threshold payment-wise. I figure if I put 30% down on the cost of the car (minus taxes, title) then I shouldn’t be upside-down on the loan.
How does a preapproved car loan work? January 13, 2010
Posted by Credit in : Buying & Selling , 3comments
PrettyBoi asked:
I’m about to get a new car just dont know what yet. Want to get the loan today because Friday Im going to go look. Want the money with me so I can buy it on the spot.I know for a regular car loan they ask for a VIN number.If I get a preapproved loan and dont use all the money that is on the loan how would i use or return it?
I’m about to get a new car just dont know what yet. Want to get the loan today because Friday Im going to go look. Want the money with me so I can buy it on the spot.I know for a regular car loan they ask for a VIN number.If I get a preapproved loan and dont use all the money that is on the loan how would i use or return it?
How much will a motorcycle loan cost me each month for 36 or 48 months ? December 8, 2009
Posted by Credit in : Buying & Selling , add a comment
Adrian R asked:
I am planning on buying a motorcycle. I want to buy from a private seller. The motorcycle costs $9000. I plan to pay my loan back by 36-48 months. How much will my payments be each month for the 36-48 months. Is it possible to get a loan for it because its from a private seller not a dealer?
I am planning on buying a motorcycle. I want to buy from a private seller. The motorcycle costs $9000. I plan to pay my loan back by 36-48 months. How much will my payments be each month for the 36-48 months. Is it possible to get a loan for it because its from a private seller not a dealer?