How long do I have to hold a job to get a loan?

NinjaGnome

Platinum Member
Jul 21, 2001
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Right now I have no job and will probably get one at the end of the week. Id like to get a loan to buy a car but I dont know how long I need to wait to get one. Im also shipping out in june for the army so maybe that might affect the loan decision for them as ill have a gauranteed job security then. I really need a car that isnt a peice and dont know too much about these loans things or getting a car financed and whatnot. Anyone know of a good strategy for me to go about this?
 

Chaotic42

Lifer
Jun 15, 2001
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When I got a loan they said at least a year was good. Two was better. Might vary at your bank though.
 

NinjaGnome

Platinum Member
Jul 21, 2001
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Hmmm then im definitely not gonna get a loan from anyone. I can get one if I have a cosigner though right?
 

Chaotic42

Lifer
Jun 15, 2001
34,136
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Originally posted by: NinjaGnome
Hmmm then im definitely not gonna get a loan from anyone. I can get one if I have a cosigner though right?

Probably, as long as the cosigner has good credit. How much are you planning to borrow?

I need to tell you that I'm far from an expert, but I've had two loans in the past.
 

Chaotic42

Lifer
Jun 15, 2001
34,136
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Originally posted by: NinjaGnome
Id like to borrow 10,000 and pay for it in 3 years.

Yikes.

From everything I've heard, you are far more likely to get a loan *after* you join the military. You have a steady job, and it's almost impossible to get fired from it. Can you wait that long?
 

NinjaGnome

Platinum Member
Jul 21, 2001
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Well as long as I get someone to cosign I should be good to go. Otherwise im screwed, I cant really wait right now cause I dont have a car. This car is gonna last me like 4 years and then ill pick something else up after that.
 

Codewiz

Diamond Member
Jan 23, 2002
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How about if you are a government worker? Same amount of time? Everyone knows that job is pretty stable :)
 

TheCorm

Diamond Member
Nov 5, 2000
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I had been working part time for 2 years and then full time for about 9 months when I took out a loan for £3000 on a 3yr term.
 

Demon-Xanth

Lifer
Feb 15, 2000
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It depends on the terms. Less time will result in terms that aren't as good.

When I got 0% on my car loan, I was required to have 5 years. Though I was only 14 when offered my first credit card. :)
 

RossMAN

Grand Nagus
Feb 24, 2000
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I hope you have some collateral (a car you own, stocks/bonds/CD/savings) because a $10,000 unsecured loan is not easy to qualify for.
 

RossMAN

Grand Nagus
Feb 24, 2000
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Originally posted by: NinjaGnome
Wouldnt the car I buy with the money be collateral?

Yep, just make sure that to get a USED CAR LOAN and not a personal loan ... there are several huge differences.
 

slycat

Diamond Member
Jul 18, 2001
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lets say u have $10k in the bank but u dun wanna touch it.
U wanna get the loan instead...also for $10k...would that be easier?
 

crisp82

Golden Member
Apr 8, 2002
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Loans are a risky business. Don't get urself in money trouble, especially if you get a co-signer
 

NinjaGnome

Platinum Member
Jul 21, 2001
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well I would actually save up enough money so I have enough to make payments for the next 6 to 8 months so that I will be in the military by the time I nhave to worry about payments again. I plan on selling pretty much everything I own so that I know for sure I will be able to make payments. This means my PC will soon be gone :frown: