Auto Loan advise?


Cloud
08-26-2002, 05:03 PM
I don't know if this is the right forum or not, sorry if it isn't. I am a first time car buyer and am looking to get a auto loan for a used car for about $10,000 preferable from a private seller. I applied and have been turned down by PeopleFirst.com, E-Loan.com, and Lending Tree. I don't know what's the best way for me to get a auto loan because this my first time. Should I try banks? I want to buy a used car from a private seller, but if my chances are high on getting a loan from a dealership then I will try that also. I only make about $960 a month because I am a student, 22 years old, and have a part time job. The type of car I am looking for is a used 1994 and up Acura Integra. Because of my age and status I am prepared for a high interest rate. I am just hoping I don't have to put down a large down payment. Thanks for any info and help.

YogsVR4
08-27-2002, 10:40 AM
If you're willing to pay an outrageous interest rate, then you'll eventually find a bank to give you the loan. However, can your folks co-sign for your loan? If they are willing to do that, you can get a much better rate through a bank. Even better if you can do it through a credit union. Their rates are usually much better.

Cloud
08-27-2002, 02:35 PM
YogsVR4, co-signing isn't a option for me because no one else in my family wants me to buy a car so they won't help me out. As for a credit union I keep hearing that pop up as recommendations from ppl. I have no experience with one, but I will give them a shot.

Someone told me that credit unions loan the money from ppl within the credit union, so I assume joining a bigger credit union means a better chance of a loan because there is more money? Sre there any credit unions u recommend?

YogsVR4
08-27-2002, 06:03 PM
To become a member of a credit union, you just need to open an account and meet a few specific criteria. Each one is different. You can stop in one and see what it takes, but its usually not much. I know most large universities have them. MSU federal credit union (in Lansing MI) is were I get my loans through because my wife is a member. And her membership is from opening a loan and taking classes at MSU, so you might be able to do the same.

THE4TH
09-09-2002, 04:37 AM
a credit union is a great way to go , but your best bet is a large down payment....
yogs is right there is a bank out there that will finance you.. and if you get really into it, go to a few of the local dealerships and ask them which banks they have dealings with... i've seen some chancy stuff approved through dealerships.. so perhaps those banks would offer you some assitance...
but a co-signer of any kind and money down is your best bet...

lady therese
03-20-2007, 09:54 AM
With your current financial status, it is expectedly diffifult to earn the trust of huge lending agencies. I also think that you consult local car dealers and local banks. I learned that you are a student and it would be risky in your part especially if you do not have a big income yet. Think very well before making deals.
Anyways, I know you plan to make a loan and if you have existing loans, weigh things very well. If you think you can get through it, link removed by Moderator - spamdirectly to avoid the inconvenience of paying to more than one lender. You can also centralize through banks.

exsalesman
03-22-2007, 04:29 PM
credit union might work, but you make less then 1,000 dollars a month so the chance of you getting a car loan is almost 0. You can try a buy here pay here lot ,youll need about 20% down.

lonelylady11
01-28-2008, 02:51 PM
Hey, I am 34 years old. I had a good job in building material company but I need to find a job less physical on my back. Last year I made too much for a government grant but now I am on unemployment, I would like to get higher education for a better career, but I can't afford the cost of online college, and I made too much last year for financial aid. Any good ideas would be great appreciated.

'97ventureowner
01-28-2008, 09:13 PM
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