Minimum amount for used car loan?

[EvilYoda]

So one of my friends told me that there's a minimum that a company will finance you for, which makes sense...does anybody know what that number is? I'm still looking for a car, and my life-situation just changed, so my price range is different now.

Let's say that I can put $3000 down, but I'm looking at an $8000 car, so I'd need another $5000. I have perfect credit, somewhere around 740-780, with no other loans and a steady income. Obviously the company has to make some money, otherwise I could pay off the $5000 in a year easily since I'll be living at home for a while.

please help...and suggestions for a place to get a loan would be nice too. eloan?

 

[RossMAN]

Try a local bank or credit union.

My local credit union has a minimum requirement of $3,000 for a used car loan.

 

[fredtam]

Generally the minumum is $4000

 

[EvilYoda]

Oh...that's not bad at all. Do I have to be a member of the credit union? I have good credit, but it's all from 2 CCs, being paid off always within a month or two...never bought a car before, so this is my first considerable toy. 🙂 (Sad part is that I've spent more on my theater setup 🙁)

Guess I shouldn't be worrying so much. Now to find the right car.

 

[fredtam]

Originally posted by: EvilYoda
Oh...that's not bad at all. Do I have to be a member of the credit union? I have good credit, but it's all from 2 CCs, being paid off always within a month or two...never bought a car before, so this is my first considerable toy. 🙂 (Sad part is that I've spent more on my theater setup 🙁)

Guess I shouldn't be worrying so much. Now to find the right car.

Yes you have to be a member. There are quite a few in your area. Here is one:

http://www.cuone.org/

others

 

Call lenders, no one here can help you unless they work for a lender.

 

[Drakkon]

I got an 6K loan with 2K down on a 8K used car...ending up paying a bit more cause of warrenty purchase and interest so total ended up something like 9500 but so far its been worth it and only been stuck with $200 month car payments...all this was through a credit union though and thus a fairly low rate 😀

 

[EvilYoda]

Hmmm, I see. 2 steps before I get into the nitty-gritty of a loan, but thank you all for your help.

 

[Indolent]

not all credit unions require you to be a member, best bet is to call some in your area and find out. Credit unions are usually the better way to go, rather than a bank. Lower interest rates.