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I need money for a car/motorcycle...
- Thread starter TaylorD
- Start date
As far as I know, you aren't going to get any type of car note/loan without a co-signer unless you have at least two years of credit. Friend of mine attempted to get a loan and was told this by the dealer. I realize that dealers of course are not the most reputable source of information for many things, but if the money-hungry salesperson wasn't able to get him a loan without a co-signer, then I doubt a bank would've done anything.
If you get the chance through your job, then definitely join a credit union. You don't even necessarily have to open a checking account with them, or even use their services frequently. They are very good at helping out their customers, give great rates on loans (most of the time) and are usually pretty helpful and quick. I have a small savings account with a local credit union just in case the need to buy a new car should arise. Then again, I already have three years of credit now, so it's a bit of a moot point. Oh well, better interest rates are always good🙂
Wish I could offer you more help, but I don't really think there is any here in America. If you can't find a co-signers, then just try begging around at the local banks. Of course start at the one you have an account with (if any).
If you get the chance through your job, then definitely join a credit union. You don't even necessarily have to open a checking account with them, or even use their services frequently. They are very good at helping out their customers, give great rates on loans (most of the time) and are usually pretty helpful and quick. I have a small savings account with a local credit union just in case the need to buy a new car should arise. Then again, I already have three years of credit now, so it's a bit of a moot point. Oh well, better interest rates are always good🙂
Wish I could offer you more help, but I don't really think there is any here in America. If you can't find a co-signers, then just try begging around at the local banks. Of course start at the one you have an account with (if any).
Welcome to the world of commerical money where good credit is king. Very few lending institutions will give you a loan without some sort of credit history. Sure you are a trustworthy looking person but so was John Dillinger and he was Public Enemy #1. At your age you will need a co-signer to guarantee the loan. On the off chance you have any assets, you can borrow against the value of what you have. So how do yoy get credit? Get a credit card (interest rate doesn't matter) and make a $50 purchase every month. Pay it all off each month (that is why interest doesn't matter). With 6 months of good payments, chances are your limit will increase. Keep this up for a year and get another credit card. Do the same thing. Remember that it is not "free" money. NEVER hold a balance since the interst will kill you. On a maxed out card, a $20 minimum payment usually reduces the principle by $3 - $5. All I san say is you are SOL if you can't get a cosigner.
Don't even think about a loan shark since their interest is compounded and usuall carries a APR of around 1000%. if you don't understand some of these terms then you shouldn't be borrowing money.
Windogg
PS: remember that insurance at your age costs an arm, a leg, and a testicle.
Don't even think about a loan shark since their interest is compounded and usuall carries a APR of around 1000%. if you don't understand some of these terms then you shouldn't be borrowing money.
Windogg
PS: remember that insurance at your age costs an arm, a leg, and a testicle.
Both testicles in my case...
Far as the credit card goes, I'd personally recommend Discover. No annual membership fee, no sign-up fee if you're a student, and it isn't accepted quite as widely as Visa so you won't be as tempted. Then again, most Visa and Mastercard companies also have annual membership-less cards for students. Just watch out for Amex or any card you get info for in the mail. Those are usually the ones with the "hidden" sign-up fees of $25+. I had one Visa sent to my house without my approval that carried a $150 setup fee. They were also nice enough to send me a bill with a late fee for the first month's charges that I never received (and again, never ok'd). Needless to say that company received a "strongly worded" letter from me.
But like Windogg said...be very careful about borrowing money. The APR is usually where they kill you, though sometimes they'll break it down into its monthly amount so as to make it look better. Read up on it a bit in case you already haven't. The more you know the better.
Far as the credit card goes, I'd personally recommend Discover. No annual membership fee, no sign-up fee if you're a student, and it isn't accepted quite as widely as Visa so you won't be as tempted. Then again, most Visa and Mastercard companies also have annual membership-less cards for students. Just watch out for Amex or any card you get info for in the mail. Those are usually the ones with the "hidden" sign-up fees of $25+. I had one Visa sent to my house without my approval that carried a $150 setup fee. They were also nice enough to send me a bill with a late fee for the first month's charges that I never received (and again, never ok'd). Needless to say that company received a "strongly worded" letter from me.
But like Windogg said...be very careful about borrowing money. The APR is usually where they kill you, though sometimes they'll break it down into its monthly amount so as to make it look better. Read up on it a bit in case you already haven't. The more you know the better.
Well, as for assets, I do have a new Dell Notebook, valued at about $3100... Yes, its mine, and I paid for it (not financed).
I have a few bank accounts and check cards, but no credit cards. I wanted to get a card, to, as you said, build my credit (I don't want to buy stuff with a credit card that I cannot afford to pay off immediately.) The problem is, I could only get a secured card or one with an annual fee, neither of which I wanted to deal with.
Unfortunately I cannot get a student loan, nor can I apply for a student card, because I am not at a University (I will be next year.)
As I think more about loaning money for a car or motorcycle, I would like to put in about $3000 myself and get around $3000-$5000 in a loan if possible.
I will probably be buying a used vehicle, does that change anything? Can I even get a car loan unless I am buying from a dealer?
Thanks For All Your Help Guys
-T
PS- I probably could get my parents to co-sign, but if its possible, I'd like to keep them out of it if you know what I mean.
I have a few bank accounts and check cards, but no credit cards. I wanted to get a card, to, as you said, build my credit (I don't want to buy stuff with a credit card that I cannot afford to pay off immediately.) The problem is, I could only get a secured card or one with an annual fee, neither of which I wanted to deal with.
Unfortunately I cannot get a student loan, nor can I apply for a student card, because I am not at a University (I will be next year.)
As I think more about loaning money for a car or motorcycle, I would like to put in about $3000 myself and get around $3000-$5000 in a loan if possible.
I will probably be buying a used vehicle, does that change anything? Can I even get a car loan unless I am buying from a dealer?
Thanks For All Your Help Guys
-T
PS- I probably could get my parents to co-sign, but if its possible, I'd like to keep them out of it if you know what I mean.
fallenoncrack
Banned
Windogg, LOL
Good luck borrowing money against a computer. 😀
I was in your position 6 months ago. I ended up scraping together $2700, & picked up a used Accord. I don't know when I'll have the money to buy a "nice" car, but for now I'm glad I don't have the debt to worry about. Besides, there was no way in hell I'd have gotten credit without a cosigner, & there was no way in hell I was going to get a cosigner.
I'd sell the notebook, & buy a decent used car.
Viper GTS
I was in your position 6 months ago. I ended up scraping together $2700, & picked up a used Accord. I don't know when I'll have the money to buy a "nice" car, but for now I'm glad I don't have the debt to worry about. Besides, there was no way in hell I'd have gotten credit without a cosigner, & there was no way in hell I was going to get a cosigner.
I'd sell the notebook, & buy a decent used car.
Viper GTS
DonaldDuck82
Banned
hey, i was in a similar dilema not to long ago, it is really a catch 22, but what i did was i went the the bank and asked for a small loan, which i had my parents co-sign for, then, i stuck in the bank and paid it back the next month, i did this for about 4 months increasing he size of the loan each time, now my credit rating is approved greatly with out having to spend any individual money.
<< Unfortunatly, very few places will allow a depreciating asset as as collateral >>
How then does anyone buy a car with a car loan. As I understand it the car is used a collateral and cars are a depreciating asset. I've never taken out a loan so maybe I'm missing something.
Cars depreciate but not nearly as rapidly as something like a computer. Plus cars are easy to sell and easy to find should the lender default on the loan. Should the vehicle get "lost" there is insurance to cover what is lost. You also cannot get a loan on the full value of the car (down payment required).
if you borrow against the equity of a car you own, you get very little.
Windogg
if you borrow against the equity of a car you own, you get very little.
Windogg
People who finance or lease a car usually has some clause in the the contract that states the borrower must meet certain insurance miniumum. These are almost always significantly higher than state minimums. The insurance company does know there is a loan outstanding so I'm very sure they will know if insurance has lapses. Should it happen, it usually constitutes a breech or contract and the bank could call of loan or seize the vehicle.
In this case the borrow is SOL and the bank loses little.
For example:
Bob buys a $12,000 car. He puts $2000 down and gets a 3 years loan paying about $350 - $375 for an interest rate around 10%. After one yearm he defaults and the bank seizes the car. He is out the $2000 down payment as well as the $4200 - $4500 he's already paid. Even if the car has depreciated 33% and sold for $8000, the bank is still way ahead. That is why banks give loans on cars but will not be nearly as generous when you borrow against equity.
Windogg
In this case the borrow is SOL and the bank loses little.
For example:
Bob buys a $12,000 car. He puts $2000 down and gets a 3 years loan paying about $350 - $375 for an interest rate around 10%. After one yearm he defaults and the bank seizes the car. He is out the $2000 down payment as well as the $4200 - $4500 he's already paid. Even if the car has depreciated 33% and sold for $8000, the bank is still way ahead. That is why banks give loans on cars but will not be nearly as generous when you borrow against equity.
Windogg
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