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The bank wont give you $2K for a down payment.

When you do a loan they actually posses the title and you get a memorandum title. They also have a lein on it due to loan. When its payed off you get the real title.

Also you have to have full coverage on the vehicle while its on loan...

Goto your local bank and ask them about loans. They will help you and tell you.

BTW from all my experience dealerships dont actually finance you (Unless its one of them "buy here pay here"deals). They all go through banks.

Your rates will be higher the older the car, regardless of credit ratings. In some cases its cheaper to put the car on a credit card...

Basstronics wrote:The bank wont give you $2K for a down payment.

When you do a loan they actually posses the title and you get a memorandum title. They also have a lein on it due to loan. When its payed off you get the real title.

Also you have to have full coverage on the vehicle while its on loan...

Goto your local bank and ask them about loans. They will help you and tell you.

BTW from all my experience dealerships dont actually finance you (Unless its one of them "buy here pay here"deals). They all go through banks.

Your rates will be higher the older the car, regardless of credit ratings. In some cases its cheaper to put the car on a credit card...

Forgot about the full coverage thing, that's something else to consider.

and, Bass is right alot dealers just go through banks. What I've noticed is, they just do it all over the computer.

When I bought my Runner, I wanted to use Boeing Credit union. Because their current rates were 3.9 if you had 20% down. Which I had!

Well they came back with a 4.9% loan, so I asked her "I meet all the requirmemnts for the 3.9% as stated on Boeing's website. Her reply," I'll go back and call them, it sometimes helps if we talk to real people "

about 10 minutes later, she came back with the loan that I wanted.

So basically, just go to the bank or credit union that you belong too first.

I've made my decision. I'm going to take over payments on my brothers 2004 Honda civic. No down. No financing. No hassles.

This affects my credit I assume in a positive way given I make the payments on time. So im just going to establish it, and then buy another car.

As long as the bank knows you have taken owner ship and transfers the loan to you, then I guess it would help your credit. Not really sure?

Yeah for it to affect your credit you will have to have your name added to the title, and then swaped over to your name alone at a later date. It should work out like you had him cosign for you, if the bank will let it slide. Even if they don't at least you have a car, and you can built your credit other ways.

Ive tried this also...

Basicly your getting a loan to pay off their loan. SO you have to meet the same requirements...

Unless you just give him the money to pay and it remains in his name :)

audiocr381ve wrote:I've made my decision. I'm going to take over payments on my brothers 2004 Honda civic. No down. No financing. No hassles.

This affects my credit I assume in a positive way given I make the payments on time. So im just going to establish it, and then buy another car.

Isn't a 2004 civic a little more than $6000? :)

I have purchased two vehicles, my current car and motorcylcle. When I went shopping for my car I new I wanted a preowned Honda Accord in the $15000 range. I got approved through lending tree for $11000 at 4.9%, so I could bargain down and use my grand am as a trade in. This left little for the dealers to squeeze out of me. I went shopping with a $11,000 check and my car, which really puts you in a nice position. I found the car I wanted and the dealer ship wasn't going to make as much as they wanted, so they quoted me 4.5% to go through their credit union, definitely a good deal. They hope that you will get the extended warranty and the glass etching scam.

When it came time to get my bike I went directly to a credit union and qualified for the lowest rate, which is 6.5%, a little higher than prime due to the higher rate of loan default on bikes.

Trust me, do your research before you ever step foot into a dealership. Otherwise they will smell your lack of knowledge and really take it to you, or from you :) Try to get approved through lending tree or a credit union so you will have more leverage when it comes time to haggle on the price. And don't put up with the finance assholes, they are ruthless and will try to make you feel guilty or stupid. Just look those cold-hearted devils in the eye and tell them NO for every additional service, warranty, or feature they try to sell

last truck i bought for 1000 its a full size chevy standard cab with a gm crate motor in it. the old guy had all this work done to it and never ever drove it and then when alzheimers kicked in his wife made him sell it....all ive done is a tune up and convert the ac to 134a and replace a fuel pump relay...damn thing runs like a new one, cold air, tons of power, power windows, locks, cruise, automatic and a low mileage brand new engine, nice interior........i find this stuff all the time if i want it, last truck i paid cash for was a real nice 93 ranger xlt i got from a window washing company that had just had a new motor installed at the dealership, got it for a grand too...

lol Ofcourse a 2004 HONDA is more than 6 g's. The car that was 6 was the one I was buying from this guy.

Now, Im going to take over payments for my brothers civic.
The lexus I posted in the install showoff section is my dads that was supposed to be given to me last week. He bought another brand new property in Temecula, (between LA and San diego) so he's not buying another car. His car is totally paid off and it would of been nice.

You all will being seeing a new system coming together for the civic.

The deal with my brother fell through. AHHH!

I need alittle advice. I've been seeing ads that say "NO MONEY DOWN" ... Whats the catch ?