What bank will approve a car loan for $30,000 with bad credit?
I need a $30,000 car loan so i can get out of my piece of sh** car that I had no choice to get. I want a chance that everyone else has. I see all these nice cars and I am always pushed into getting something without a choice. I do have bad credit cause of some fraud issues on my credit report. I already turned that in to the police and the creditors but nobody will still approve me. Please Help me get out of hell and get into a new car.
Can i get a small car loan.?
im 18 (almost 19) and i need 2000 or 3000 for a car loan but i don't have a co-signer. i have 5000 saved but i need a couple of thousand more. i have had the same job for 4 years. i would like to know what are my chances of my bank or any other bank loaning me the money with out a cosigner. i also know that i can buy a car for 5000 i would just like to know if i can get a small car loan with out a co-signer.
Can I get approved for a car loan through banks or credit union?
Auto finance is what I do for a living and there are 10 things that go into making up a car deal weather it's a purchase or a lease and all can effect the interest rate. 1. Term of loan. Shorter the better. 2. Age of vehicle. Newer the better. 3. Miles on vehicle. Lower the better. 4. Amount to finance compared to book value. Lower the better. 5. Credit score. Higher the better. 6. Credit profile. Deeper the better. 7. Down payment. More the better. 8. Monthly income. Higher the better. 9. Time on job. Longer the better. 10. Time at residence. Longer the better. As long as all of the above are in line with the lender guide lines and you make enough income to budget for the payment you should be approved. As you can see from the above list there are way to many things that go into making up a car deal to guess at your interest rate. Just so you will know this is a breakdown of F.I.C.O. scores used by one of the largest credit unions in my State. FICO system scores from 300-850. Elite-740-& up Prime-700-739 Preferred-660-699 Standard-625-659 Sub-prime-624-& under As you can see it's not all about score. First of all $1,400.00 a month is not enough income to qualify and no major lender I know of accepts financial aid as income. Even if you do get approved the maximum payment you will be approved for is $280.00 a month and that will not pay for a $16,000.00 car without at least a $2,000.00 down payment. Good luck.
Which is better bank loan or car dealerships loan??
THis is not an a simplistic answer. The car dealership financing will often just be a front for a bank (F&I scenario- where the bank places a fainancin and insurance rep on the dealers floor with all paper work in the dealers name) and thus it is not always apparent whether you are dealing with independent financing or a bank. Ask the question, if they are affiliated to a bank they should be happy to tell you. The next bit of homework is to compare rates- not just the interest rate being offered but issues like- can you choose your own insurance company (if you are tied into a specific insurance company the insurance may be ovver priced in order to make up for lower returns on the car loan), what happens if you settle your loan early (some companies will levy carges on early settlement due to the lost interest. So do your homework and evaluate what you are offered for both. (Don't forget to ask for lease vs installment sale options as well.)
Getting a car loan with bad credit?
Two suggestions: #1 Try to get the car now. If you put $2k down on on $15k, that's about 15%, which is *some* thing. It will be hard to finance 100% of the loan at that credit rating. You have to remember that is won't cost a flat $15k and you may not get full Blue Book for the current car you have. You will *not* get good value by trade-in, so try to sell it on your own. I know you said you might have $3k, but work w/numbers that you know you can meet and anything above that will be to your benefit. Better that than the other way around. Be prepared for a high, high interest rate of 19% - 24%, although the car industry is hurting. There might be some good deals out there since your loan will be secured w/the car as collateral. #2 Wait 3-4 more months. It might sound like forever, but if you are diligent and focused, you will definitely have a higher credit score. You shouldn't pay all the credit cards off completely. Leave at least a small balance (i.e. 20% used credit) on one of them. If they are all at zero balance, it detract from your credit score. Sounds silly, but that's how it works. With a higher score, you will have a lower interest rate. Remember that a car is not an investment. They depreciate. You want to avoid being "upside down" in a loan, that is, paying more for a car than it's worth due to a high interest rate. So be sure to get a car with a payment you can afford. Being cute or cool & looking good is fun, but having a repo on your credit not worth it. Good luck!
How can you go about getting a personal loan from a bank? What collateral do you usually need?
I will probably need to replace my car soon, but I don't know that I want a traditional car loan because it would require having more insurance, and thus be rather expensive for me. (It'd be about double for me, as I don't have a spotless driving record). I was wondering if instead I could get a personal loan from the bank, say in the neighborhood of $3-5K and use that for a car thus saving me a bunch of money by not needing collision coverage if I could pay for the car in cash. Now the questions ... is this possible, or is there usually some stipulation that you can't use a personal loan for a car? What sort of collateral do you usually need for a personal loan? If you have good credit, can you get one w/out collateral? Any info would be greatly appreciated! Thanks!