is it possible to get a short term auto loan?

[masterxfob]

yes? no? where? if not, i'll just pay cash, but i'd like to build my credit up.

 

[cubby1223]

Ask your bank, credit union, car dealership, etc.

If you have no credit, you're not getting a loan anyways without a co-signer. And if you're buying a car you can afford with cash, I'm guessing it's a very inexpensive used car, which banks and dealerships usually won't offer loans for even if you had good credit.

All signs point to paying cash. Sounds like you're going for a cheap enough car you could put on a credit card if you *really* wanted to cough up the interest payments.

 

[SearchMaster]

If you make sure there are no early payoff penalties you could always get a 'standard' loan (say 36 months) and pay it off early.

Cash is king though.

 

[YetioDoom]

There are better ways to build credit.

 

[altonb1]

Originally posted by: SearchMaster
If you make sure there are no early payoff penalties you could always get a 'standard' loan (say 36 months) and pay it off early.

Cash is king though.

I think you can sometimes REFI a loan for 12 or 24 months.... I refinanced my auto loan for 2 years back in the summer. With that in mind, though, just double or triple your payments and pay it off that way. The net result is the same.

 

[waggy]

hell you used to be able to. I remember seeing them all the time. but then banks figured out people are idiots and were wiling to get a 6 yr loan and pay a extra $20k for the car.

 

[FoBoT]

sure, you can get 0% on many new vehicles, then you can build credit and not even pay any interest

ford and gm both have some vehicles with 0% loans right now

 

[hanoverphist]

Originally posted by: cubby1223
Ask your bank, credit union, car dealership, etc.

If you have no credit, you're not getting a loan anyways without a co-signer. And if you're buying a car you can afford with cash, I'm guessing it's a very inexpensive used car, which banks and dealerships usually won't offer loans for even if you had good credit.

All signs point to paying cash. Sounds like you're going for a cheap enough car you could put on a credit card if you *really* wanted to cough up the interest payments.

thats a large group of ASSumptions you got there... i know plenty of people that have dropped 30k on a vehicle. just because that amount of cash isnt in your reach doesnt place it in the imaginary bin for everyone. my bank gave me the option of 12 month terms for my truck i have now (no, im not one of those people that can drop 30k cash on a truck), but i didnt want to strap myself so i took the 4 year instead. OP, talk to your bank, they will work with ya if you can prove you can pay it off in 12 months.

 

[Nitemare]

just pay it off early and avoid the extra interests like what has been said earlier

and just make sure there is no penalty for doing so

 

[steppinthrax]

get a credit card. a lot of companies will give you a yr of interest free. The only problem is getting a 20K credit line. I remember MBNA american (now BOA) used to give ridiculous credit lines. AMEX is probably your best bet. at least you can earn miles or something like that.