Auto Loans!

JeremyC · Post by **JeremyC** » Wed Aug 03, 2005 1:38 am

Chris from Washington wrote:Then you don't want to know how much the 4Runner cost!!

Now add in how much time we spend on them, the money for the stereo, alarm, rims, and everything else.

Ryan from Ohio · Post by **Ryan from Ohio** » Wed Aug 03, 2005 4:56 am

For any type of loans you will need to have at LEAST 3 lines of good open credit for over three years. Otherwise forget it nobody will give you a loan (bank wise).

Try lendingtree.com before you do much else.

Your GF probably doesnt have much credit herself if shes young like you, so thats no good. BTW she must be crazy over you to sign like that. If you didnt pay they would be after her!

Your parent is the best bet...

smoker · Post by **smoker** » Wed Aug 03, 2005 5:03 am

careful with the online stuff though, they submit you to a bunch of people which drives your beacon score down.....with three months on the job and no credit history i wouldnt even try it without a cosigner and i wouldnt use the gf...

kevinberry1 · Post by **kevinberry1** » Wed Aug 03, 2005 5:35 am

smoker wrote:careful with the online stuff though, they submit you to a bunch of people which drives your beacon score down.....with three months on the job and no credit history i wouldnt even try it without a cosigner and i wouldnt use the gf...

If you are looking into purchasing a car withing the next month, then any credit inquiry will only count against you once, no matter how many dealerships or banks check your credit.

audiocr381ve · Post by **audiocr381ve** » Wed Aug 03, 2005 5:50 am

She's 21 and has had her job for 3 years. Has owned a new car for 2 years. Her credits great and she wants to help me out. Its no biggy, my dads rich and she knows that. Just trying to do things on my own here(without much help from mom n' pop).

Explain 3 lines of open credit? 3 Cosigners !!!! jk

smoker · Post by **smoker** » Wed Aug 03, 2005 6:31 am

rich you say? like bill gates or larry flynt?

Jszar · Post by **Jszar** » Wed Aug 03, 2005 10:16 am

Basstronics wrote:For any type of loans you will need to have at LEAST 3 lines of good open credit for over three years. Otherwise forget it nobody will give you a loan (bank wise).

Try lendingtree.com before you do much else.

Your GF probably doesnt have much credit herself if shes young like you, so thats no good. BTW she must be crazy over you to sign like that. If you didnt pay they would be after her!

Your parent is the best bet...

Not so with the credit dealio. I had one $500 credit card, and my car loan that my parents co-signed for just over a year. I went to look at trading my 325i in for a newer 328i, and I was approved on the spot by myself...the total of the car was close to $15k. It all depends on the place you get the loan from, and this was a very respectable dealership (Mazda) in my town, very nice place.

You really need to just decide what your budget is, then look for a car(s) in the paper or at used dealerships in that price range. After that, then go to the bank, tell them what you're looking at, and some places give you a blank check up to a certain amount that you've been approved for. And when you're only spending $6k on a car, its a very good idea to get it checked out by a respectable, trusted mechanic. Otherwise, you might get screwed with a crappy car.

You're obviously going to need a co-signer. I suggest using a parent, because the better/higher the credit rating, the lower the interest-rate at most banks. They have a ladder with percentages depending on your credit, and the better it is, the more they trust you and want your business, thus a lower interest rate. I'm not saying your g/f has bad credit, but she probably hasnt established close to what your parents have...which will work out better for you in the long run.

NorthQuad · Post by **NorthQuad** » Wed Aug 03, 2005 11:42 am

smoker wrote:damn!!!!!! i have never in my life spent more than 10000 on a vehicle and i didnt like doing that!! i thought i made pretty decent money but i need to do whatever you are doing.......

I've had a couple of vehicles since that truck. The truck I have now is worth a little more than double the amount of my first truck. If you want in on what I'm into then get into the oilfield, there's all kinds of money to be made.

Ryan from Ohio · Post by **Ryan from Ohio** » Wed Aug 03, 2005 12:31 pm

Ive bought three cars on bank loans. All three times my family forced me into trying by myself first. All three times I was denied and explained to why I was denied. THe largest factor is my insufficient open credit lines.

Down payment is another big part of it. If your looking at a $6K car and have $1000 down you may have a hard time. Now if you had $2-3K down it would be easier.

They factor in your job income, length of time there, open credit lines, negative credit...

audiocr381ve · Post by **audiocr381ve** » Wed Aug 03, 2005 12:38 pm

I truly appreciate the advice.

"rich like bill gates or like larry flynt" LOL

Rich like 7 properties paid off and rented out in California hehe.

Anyway, I'm not understanding about the down payment part gentlemen. You're talking about if I was at a dealer?

I'm actually purchasing the car from a guy here in SD. I'm going to try to work out something with him. Would a bank give me a down payment to give to the guy? Say 2k? Just so I can get in the car quick.

How long did you guys typical loan take to process?