Auto Loans!

audiocr381ve · Post by **audiocr381ve** » Tue Aug 02, 2005 3:40 pm

Hey guys

Is it really this hard to find financing?????

What do these people look for when you apply for financing? Are they looking strickly at credit?

What should I do, I have no credit, and i've been at my job for 3 months? Is their any options besides applying for a credit card and establishing my credit? I need a car now!

Any advice is appreciated guys.

JeremyC · Post by **JeremyC** » Tue Aug 02, 2005 4:02 pm

Your best bet is to get a parent to cosign for you. Untill you have had some time to build credit, that is your only choise.

NorthQuad · Post by **NorthQuad** » Tue Aug 02, 2005 4:23 pm

Yup, my mom co-signed for my first brand new truck, otherwise they would have laughed at me. Just look at some used vehicles that don't cost a whole lot if you need a car really bad. I wished I would have done that to begin with because I hated making the $500 payment every month, it cut into my beer fund. Plus there was the $440 insurance payment every month. Meanwhile my friends with the low cost used vehicles worked less and partied harder.

audiocr381ve · Post by **audiocr381ve** » Tue Aug 02, 2005 4:34 pm

Im looking into a car thats only 6 grand. Is that to much for a starter?

What if I had my girlfriend cosign for me? Would they prefer a parent? Her dad cosigns for her is this acceptable?

How would I go about letting, lets say, Capital One know that I have a co-signer?

Thanks for your knowlege yo.

audiocr381ve · Post by **audiocr381ve** » Tue Aug 02, 2005 4:36 pm

How much was your truck NorthQuad?

NorthQuad · Post by **NorthQuad** » Tue Aug 02, 2005 4:59 pm

My truck was around 25 grand. 6000 sounds pretty decent just make sure you get a trusted mechanic to look at it before buying it. Are you going through a bank to get a loan? That's where I would start, the rates are much lower and that means more money in your pocket. Your girlfriend could do it for you if she has a good credit rating and she really trusts you.

A co-signer is just someone that will be forced to make a payment if you yourself don't make the payments.

smoker · Post by **smoker** » Tue Aug 02, 2005 5:45 pm

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.......

Tue Aug 02, 2005 7:19 pm

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.......

Then you don't want to know how much the 4Runner cost!!

Some of the things they look for when financing is credit score, how long you've worked at your current job. Do you own/rent your home (how long have you been at that address). How much are you putting down is a big one!

Are they denying you financing? or just giving you really high rates?

I agree about trying to get your loan from a bank or credit union. I got my loan from Boeing Credit Union at 3.9%. I would call the bank you have a saving/checking account with, and see what they can do.

audiocr381ve · Post by **audiocr381ve** » Tue Aug 02, 2005 7:21 pm

I was going to use Capital One for a loan. But I wasn't approved. I just opened up an account with my bank. Wells Fargo. Just go in and tell them I need a loan? Bring my girlfriend?

Tue Aug 02, 2005 7:50 pm

You might be able to just call them, just ask to talk to someone about an auto loan.