New First Gen In The Works!

[alaskanexpy]

Just speculating a bit but think it would be hard to get loan for used vehicle unless the bank feels the vehicle is worth as much or more than the amount you are taking the loan out for. That may be tough in the used expy market...specially from dealers that get their percentage regardless of your credit score. After all the vehicle is the banks collateral.

i just had this issue with my explorer, i knew there was no way i could get a loan on the truck itself..so for giggles i applied for a personal loan. the next day i got a call to come sign papers. i was surprised to find my score was 705 the guy said he doesnt somebody my age with a score like that very often. i know its not something everyone can do but its nice to be able to be in that place.

i cant wait to see the new truck!

 

[WECole]

rburch - you trying to get financing thru a bank (i.e Chase, BoA, etc) or a credit union? CU's are a lot more flexible (and forgiving) than banks. I was told when I started shopping for my beast that most bank are nearly impossible to get loans for used vehicals over 5yrs, much less one that's 14yrs like mine. All I ended up doing (after I found the truck I wanted) was I walked into a CU down the street from my home, told them what I wanted and let them pull my credit - I walked out 2 hrs later with a check.

(Of course, they really stuck it to me by (gasp) making me open a savings account and deposit $5 in it...LOL!)

 

[rburch]

rburch - you trying to get financing thru a bank (i.e Chase, BoA, etc) or a credit union? CU's are a lot more flexible (and forgiving) than banks. I was told when I started shopping for my beast that most bank are nearly impossible to get loans for used vehicals over 5yrs, much less one that's 14yrs like mine. All I ended up doing (after I found the truck I wanted) was I walked into a CU down the street from my home, told them what I wanted and let them pull my credit - I walked out 2 hrs later with a check.

(Of course, they really stuck it to me by (gasp) making me open a savings account and deposit $5 in it...LOL!)

I'm still exploring options but thanks cause I hadn't thought of that one! I dont know how well that will work for me since I am in Chexsystems because of a long story but at one time I let Progressive withdraw their bill from my account and did it 32 days early! And Bank of America wont let it go! I REFUSE to pay it!

 

[workman8505]

f*** bank of American thats who i have my business account with and they screw me every time they get a chance

 

[WECole]

Well, just remember this...
A private seller is looking for a cash sale..they're not likely to offer financing.
A used car dealer is looking to sell you the POS car they bought at auction for twice what they paid for it..they don't care how much interest you end up paying on it.
A bank is looking to make a profit for their investors..they WANT you to pay a high interest rate.
But a credit union is non-profit by law..they want you to get financing at the lowest rate possible.

You'll pay a higher interest rate with bad credit no matter what, but at least with a CU it won't be as high as with a regular bank. I'd go talk to one and let them start number crunching - it won't cost you anything more than the time you spend talking to a loan officer and it's a lot easier to shop when you're "pre-approved" and know how much you can borrow ahead of time. There's nothing more crushing than getting your heart set on a nice ride and then have a bank say "sorry, but no deal".

(BTW, not sure what type of work you do, but I'd ask your HR dept if your company is already affliated with a credit union - you sometimes get better rates that way.)

 

[WECole]

Oh, one last bit of advice in response to what someone else mentioned -
I'd stay away from a personal loan (which, if you have credit problems, you're not likely to qualify for anyway). Auto loans typically have the lowest interest rates, followed by home and other types of secured loans but personal (signature) loans are unsecured (no collateral) and are a higher risk to the bank, so they typically have the highest interest rates. (This is what a credit card is - and look at the interest rates on those!)

 

[alaskanexpy]

Oh, one last bit of advice in response to what someone else mentioned -
I'd stay away from a personal loan (which, if you have credit problems, you're not likely to qualify for anyway). Auto loans typically have the lowest interest rates, followed by home and other types of secured loans but personal (signature) loans are unsecured (no collateral) and are a higher risk to the bank, so they typically have the highest interest rates. (This is what a credit card is - and look at the interest rates on those!)

all depends on your situation and bank. my interest rate is 6% on a two year personal loan for $3k with the bank i have been with for years, i plan to have it paid off in 2 months just did not have the cash on hand at the time. they are not as bad or scary as they can be made out to be. all depends on the situation.

 

[rburch]

So I took WECole"s advice and went to a CU! I dont think I will ever go anywhere else! They were extra helpful and went out of there way to get me what I wanted! And I was approved for WAY more than I had anticipated! Interest rate is kinda high at 17% but I can deal with that!

I will leave you guys guessing what I got until tomorrow! Ill get It all cleaned up and get some pics posted tomorrow!

 

[alaskanexpy]

im excited!!

 

[sgtowing]

I will leave you guys guessing what I got until tomorrow! Ill get It all cleaned up and get some pics posted tomorrow!

That is just wrong, leaving us hanging like that.


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