Question about LOANS!?

[Nerd]

How hard is it to get a 6-7K loan?

A loan for a car?

It would be my G/F, and I paying it off. Please help me out.

We're both 19 years old, and we don't have much credit. I have one CC, with a 300.00 limit, and same as her.

We don't have bad credit, just that we didn't start our credit history just till about a few months ago.

How does co-signing go? How hard is it? How high do you think our APR or interest rates will be?

Thanks ahead of time guys!

OK GUYS NO FLAMES HERE OR NO OTHER BULLSHIT THAT I MIGHT GET ALRIGHT? JUST A STRAIGHT UP ANSWER OF HOW MUCH INTEREST OR HOW DO I GO ABOUT GETTING ONE. PLEASE NO FLAMES, NO FLAMES OR NO STUPID REMARKS. THANKS!

 

[josphstalinator]

It would be my G/F, and I paying it off. Please help me out.


sounds like gettting a loan is the least of your problems

 

[RossMAN]

How does co-signing go? How hard is it? How high do you think our APR or interest rates will be?

A few things will probably happen.
1) You will apply and get declined - most likely.
2) You will apply and get approved - with a high risk APR of like 24%.
3) You will apply and get approved - only with a co-signer.

Who are the prospective co-signer(s), how do you know them?

 

[Nerd]

RossMan <- Great guy, thanks.

My father who has a account with a credit union... not sure how that goes...

Her mother who gets credit card mails up the ying yang.

 

[RossMAN]

RossMAN - Pain in the ass.

Just get your parents to co-sign with you because every time you apply for credit there is an inquiry on your credit report. Too many of these is a bad thing. Chances are very good that you will either be declined or will get a super high rate. Hopefully your parents will be willing to co-sign, this will also help build your credit report and give you a higher FICA score. The higher FICA score the better.

Just make sure to NEVER EVER have a late payment otherwise your credit and your parents is screwed.

 

[DaHitman]

DO NOT go into debt...it is the worst thing that can happen to you EVER!...


Succesfull people do not have debt, they have patience, do without, save up and buy when they can afford...

Sure, you think &quot;everyone does it&quot;... but everyone is not sucessfull, only the few are...

Read the book &quot;Millionare Next Door&quot;, and you will learn that REAL millionares wear JC Pennys suits, drive trucks, and drink beer... its only their accountants and lawyers (that work for THEM) that drive fancy cars, and wear expenisve suits, and eat caviar...because they are trying TO LOOK rich...but of course...if you spend your money on trying to LOOK rich, you will NEVER BE RICH...

Very enlighting book... Its amazing how much money you can save up at 300 a month instead of paying someone 12% interest. I saved up 10000 in less than a year and a half...continued to drive an old car until then, I paid cash for a very good deal...since I had the money and bought exactly what I wanted...I was not dependent on the dealer &quot;LETTING ME BUY THIS CAR&quot;... Now I have a very nice car and no payments... so I can save a little more of what I would have been paying for payments, and eventually sell this car for most of what I paid for it, and buy somthing even nicer next time...etc...

THAT IS HOW YOU become succesfull...not by being impatient.

 

[Nerd]

Approx: how much would my payments be if my parents co-signed the loan?

$300 a month?

$400 a month?

 

[frizzlefry]

Cosigner is the best way to go. Just don't screw it up for your parents.

 

[Nerd]

<< DO NOT go into debt...it is the worst thing that can happen to you EVER!...


Succesfull people do not have debt, they have patience, do without, save up and buy when they can afford...

Sure, you think &quot;everyone does it&quot;... but everyone is not sucessfull, only the few are...

Read the book &quot;Millionare Next Door&quot;, and you will learn that REAL millionares wear JC Pennys suits, drive trucks, and drink beer... its only their accountants and lawyers (that work for THEM) that drive fancy cars, and wear expenisve suits, and eat caviar...because they are trying TO LOOK rich...but of course...if you spend your money on trying to LOOK rich, you will NEVER BE RICH...

Very enlighting book... Its amazing how much money you can save up at 300 a month instead of paying someone 12% interest. I saved up 10000 in less than a year and a half...continued to drive an old car until then, I paid cash for a very good deal...since I had the money and bought exactly what I wanted...I was not dependent on the dealer &quot;LETTING ME BUY THIS CAR&quot;... Now I have a very nice car and no payments... so I can save a little more of what I would have been paying for payments, and eventually sell this car for most of what I paid for it, and buy somthing even nicer next time...etc...

THAT IS HOW YOU become succesfull...not by being impatient. >>



How the hell did you save up 10G's within a year by saving $300.00 a month?

My G/F and I together make about 1200 a month!!!!

 

[RossMAN]

Nerd - Please bookmark this Financial Calculators page, it's very helpful!

$7,000
36 months (3 years)
8%
$219 monthly payments

 

[DaHitman]

Your right... I had about 5000 to start with ... but still if it took you 2 YEARS even....thats MUCH shorter than a normal car loan...

 

[Nerd]

Hitman: You're so right. Patients is the key. I'm SO IMPATIENT. You would not imagine.

I cann't even wait for a Plextor 16x CDRW to be sent to Las Vegas from newegg.com to Hawaii just so I can save about $20-30 bucks on the price.

I'm super impatient. But I'll take your advice and just keep trying to save and save up until I have enough.

Thanks RossMan too. You're always a great help.

 

[RossMAN]

Thanks RossMan too. You're always a great pain in the ass

So how much could you realistically afford in monthly car payments? This does NOT include car insurance, gas, and repairs ... If you and your g/f make $1,200 per month that really isn't a lot of money unless you are both part timers working less than 20 hours a week.

How many months or years do you want the car loan for?

Thanks

 

[Nerd]

Hmm, we both work less than 20 hours a month. We're extremely lucky that we don't pay rent where we stay at. I have a 1990 Toyota Tercel looking to break down in a few months. I have to put in oil every two weeks. Also I wouldn't want to have that loan on our chest for more than 1-2 years max. If it was about 2 years, I would say forget it. I'll just save about 3 g's then maybe get the loan so the loan would be for so long.

What if I told you that I would have 1,500.00 ready to put towards that loan?

 

[RossMAN]

$7,000
-$1,500 down payment
=======================
$5,500
8%
24 months (2 years)
========================
$248 per month

 

[amdskip]

Ummm, co-sign is the only option I thinks. Do use those credit cards and pay them in full. I am 18 and started with a $500 limit and now I am at $1000.

 

[RossMAN]

Ummm, co-sign is the only option I thinks. Do use those credit cards and pay them in full. I am 18 and started with a $500 limit and now I am at $1000.

Good advice and it sounds like you're off to a good start. My current $25,000 plus credit debt was all because 8 years ago CitiBank was handing out credit card applications at college, I started out with $300 then it just kinda took off from there.