Trying to get a loan,harnerd than i thought

Anyone have advice on getting a loan? Im just trying to get a $5k loan for a 94/95 5spd SC. I went and applied at the federal credit union and they said they would only give me $3750 for a 94 tbird sc. What a crock of crap. Im guessing anywhere i go....it is going to be the same story. They're only going to give me around $3500-3700.

Any advice?

Any advice?

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Your not going to find anyone who is going to loan you full retail value on the car. Your options are to pay the balance in cash, or if your credit is good enough you can get an unsecured loan (signature loan) for the full $5K.

David

I ran into this too when I found a awesome deal on a car a long time ago. Car was worth $6k and could buy for $4k. Bank would only loan me $3k.
No more than the value of the car, AND the bank will only give you 75% of the purchase price. WTH? If you go to a dealer, they finance the whole thing WITH warranties, tank of gas, air freshner, and a "reach-around".
Maybe tell the bank the purchase price is more than what the guy is selling it for? Think unsecured personal loan would be better to qualify, but secured loan probably have lower interest rate, or come up with the difference? Of course if you had money, you wouldn't be talking to the bank lady and they know this, so again WTH?

I went to my local credit union and brought $100 to deposit in a savings account. This showed that I save money etc.
After setting up my account she asked if I wanted a car loan. I said sure. I was given up to $5000. That was enough to buy my 95 5sp.
Now to go back a bit, in order to start building my credit up, I went to Sear4s, JC Penny, Macy's Radio shack, etrc and applied for thier cards. Once using those cards it showed a little credit and soon after I had a couple of real credit cards. After using those a little while I showed more credit.
1 Month ago I was browsing EBAY and saw that they were giving loans.
I applied and was given a 6.15% for up to $31,000 for a used vehicle.
That allowed me to buy my truck.
Hope that helps.
Tom

Depending on the credit and/or institution, it's not based around the car but around your ability to pay. ... I received a 14k loan to buy a car that was only booked at 7k. But again, depending on institution and/or credit (risk vs. ability to pay). Sounds like a silly buy, but I really wanted that Monte Carlo SS at the time.

Perhaps call around and ask if there is a standard % they give, or if you find one that doesn't care and it's based on credit, then perhaps a co-signer.

Anthony

Yeah it really depends place to place what they'll do. In my case I have a house/mortgage so I was able to put together a line of credit which is unsecured. I was able to spend it on whatever I want and if things get bad I just have to make the minimum interest payment. I do know a lot of banks and the like will only give "car" loans on vehicles that are 9 years old or newer, so that could be an issue there.

I think the advice above is good, get some basic credit first and make sure you stay on top of it, you don't want to ruin it before you get started.

SilverCasket said:

Depending on the credit and/or institution, it's not based around the car but around your ability to pay. ... I received a 14k loan to buy a car that was only booked at 7k. But again, depending on institution and/or credit (risk vs. ability to pay). Sounds like a silly buy, but I really wanted that Monte Carlo SS at the time.

Perhaps call around and ask if there is a standard % they give, or if you find one that doesn't care and it's based on credit, then perhaps a co-signer.

Anthony

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when i bought my Bronco I checked on a used car loan ( generally just save up and pay cash for cars but I NEEDED a dependable 4wd vehicle and didnt have the cash at the time). Then I got one of those offers from my MasterCard company where they send you 'balance transfer' checks, I could pay off balances on other cards for 3.9% until it's paid in full...but i could not use that offer to make a new purchase. So...... I went back to the dealer that had the Bronco I wanted, paid for it with my Discover card, and then transferred my discover card balance to the Master card with the 3.9%. I couldnt get a regular used car loan for that low of a rate, and the best part is I have the title to the Bronco!....

Walter,
There are places that will lend you the full amount, but some of them will kill you with their interest rates. Others, it doesn't matter. I'm in the navy, & when I bought my 95 SC in 2002, I walked into Navy Federal Credit Union & asked for $8000 for a used car loan. They processed & approved the app, & never asked me what type of car it was for. I asked, but they said it didn't matter to them.

Walter whats up? I haven't seen you on here in a long time. What gives? Why did you have to sell your SC?

One other problem is its age. The newest SC is almost 10 years old and banks generally loan money for newer vehicals. Your best bet is with an unsecure loan which will cost you big time (like almost 20%) in intrest rates. Or you could take your time and save the money your self.

What ever happend to you wanting a truck?

Shane

quick35th said:

Walter whats up? I haven't seen you on here in a long time. What gives? Why did you have to sell your SC?

One other problem is its age. The newest SC is almost 10 years old and banks generally loan money for newer vehicals. Your best bet is with an unsecure loan which will cost you big time (like almost 20%) in intrest rates. Or you could take your time and save the money your self.

What ever happend to you wanting a truck?

Shane

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I bet now you are wishing you had kept the SC you had. How's it been going? College ok so far?


David

This is how a bank works, if you really need money you can forget it, if you have plenty of money then they will gladly give you a loan.

Well i sold my SC because school was much more important at the time and i had a crappy job. I was making $6/hr at a pizza place with barely any work. I had to dump the SC to get into school and afford an older honda that was cheap on insurance and on gas.

Fast forward to now. Im working at home depot as a sales associate making $9.00/hr and 25+ hrs a week. So im doing much better than i expected. I think i may have been able to keep the sc, however i would have had to drive it in the winter.

Im honestly really depressed and regretful for letting that beauty go. But i guess thats life, now im stuck in a pos honda.

Beyond the car crap, school is awesome and im enjoying myself,My new job rocks, i enjoy playing golf with a couple new friends i met from school, me and my g/f are still together, and altogether life is treating me well. I can't complain.

i you guys are a great group....heck, this is a great community. That's another reason i want an SC