How can i get a car loan at 19 years old?
Auto finance is what I do for a living 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. The payment your looking at even with good credit is between $380.00 and $475.00 a month which you don't qualify for. The maximum payment allowed is 20% of your monthly income which is only $360.00 a month. Good luck.
My dad and I disagree over a car purchase. Whose right? (more information this time)?
So I am 23, graduated college this year. I have a great and stable job in another state. I pay all of my bills, except the insurance on the my dad's car that I drive temporarily. I have 8,000 in cash that I want to buy a car with. Leaning towards a 2010 Ford Escape. My dad want's me to borrow 10,000 and use my 8,000 as a down payment. I don't want a car payment because I want to pay of my student loans faster. I listen to Dave Ramsey a lot agree with him on this subject. Annual income: 60k gross Capacity to save each month: 2,000 (if I continue to live like a college student, and I'm strong saver...obviously) Credit score: 700 Been at this job almost 3 months. 9 months left on probation. My dad is the reason I am successful at a young age, and I have a lot of respect for him. We both think we're right and this is getting a little tense. I want my own car to be financially independent.
Can an 18 year old get a car loan?
If so, how do i do this?? Im looking for a great running used car, and good appearance. for idk maybe 3-3500 thousand and well, like a Volkswagen golf, or eclipse. But can i get a car loan with no co signer and now credit history??? If so, how do i start this?? im getting my license in less than a week? I work at Petsmart making around 8 bucks an hour just started a few weeks ago, i will make maybe 4-500 a month. since its part time, but i will pay the payments since i pay no bills at my house, i will just have to pay for gas,insurance, and tags and all that.
Should I finance a 10,000 car if I have 20,000 or pay it cash?
The question of borrowing money that you already have is a fascinating question.My first reaction as a fiscal conservative is never borrow money you already have.However here’s some reasons you might finance a car if you have money enough to buy it.Establish good credit ratings by applying for and paying off a loan (thats what the banks say, anyway, FWIW)may have a need for money in the near future and no collateral.May get a really good rate or terms for the auto loan. E.g. no interest for a year, then payot off after a year getting free use of $10K for a yearMay be able to invest the money and get a larger return than the interest rate of the loan… which is usually unlikely but not impossible.
Will most auto dealers let you buy a car entirely in cash?
If we're talking about "cash cash," as in stacks of hundreds, than Steve Porter's answer is incorrect.Steve points out - correctly - that dealers generally want to finance or lease purchases rather than sell them for a one-time payment. However, most dealers do NOT want to accept stacks of cash. They'd much rather receive a check. Here's why:If someone hands a dealership more than $10k in cash, the transaction must be reported to federal authorities. That's a hassle. See Report of Cash Payments Over $10,000 Received in a Trade or Business - Motor Vehicle Dealership Q&AsContrary to popular belief, most auto dealers don't want to do business with criminals. Guess who usually pays with stacks of cash? Criminals. The dealer group I worked at for 9 years had no qualms about turning away stacks of cash. Our official policy was to refuse cash payments over $8k.Dealers are worried about employee theft. If you have an employee accepting $20k in cash, there's a chance (however slight) that employee grabs the money and heads to Las Vegas.Finally, the main reason that most dealers don't want stacks of cash is that they don't have to accept them for 99% of transactions. It's only a very small group of people who refuse to pay with anything but cash. Most good and honest people have a checking account, after all.
How does an auto loan work?
The major factor in auto loan is credit score. These loans provide borrowers with fast cash when they need. To apply for auto title loan you must hold a lien free car title. You can apply for auto title loan online because online applications makes the process faster and easier. When you will apply for an auto title loan, you will give the lender the title to your vehicle. You will also have to pay the lender a fee to borrow the money. Auto title loans can be very expensive but if you cannot repay the money then the lender can take your vehicle. If you really want to get a auto loan with a car title, then there are many companies which provides car title loan online. I suggest you to choose True Financial because of following reasons:1.) Fast and Easy way to get cash2.) They offer more cash – loans up to $50,0003.) All Credit Types Considered4.) Competitive interest rates5.) Refinances are ok6.) They help you pay off early and save on interest7.) They are flexible and work with youLast year I took title loan from them because of these mentioned reasons only and I am satisfied with their services. If you want to know more about their service of car title loans in San Diego, you can visit their website.
How can I get a $30,000 BMW with bad credit if I have $10,000 cash on me?
Sure, There are lots of used car dealers (and even new car dealers) who’d be happy to take that deal. The reason is that an auto loan is a recourse loan. This means that if a borrower defaults and the lender repossesses the car, they can come after you and attach other assets and garnish wages to make up the shortfall between what they were able to sell your (former) car for at auction, plus costs of repossession and storage, and paying off the loan.This means if something happens and you miss a payment on your shiny Beemer, then they come and tow it away in the dead of night, they’ll sell it for whatever someone is willing to pay at an auction. If the sale is $5,000 short, they’ll get a deficiency judgment and attach your wages and bank accounts—or even repossess another one of your cars, if you have one, even if that car has no loan on it.Don’t ask me how I know these things—I do.Now that you know that you can put down $10,000 cash and get a $20,000 loan at a very high interest rate, may I make a suggestion?Don’t do it.If your credit score is low, it is likely because you have some combination of high credit card balances, recent delinquencies, collection accounts and perhaps accounts that are presently delinquent. That’t what it takes to have a low credit score.If my hunch about your situation is correct, I would urge you to defer the thrill of owning a fancy car—and believe me, this Porsche driver understands the appeal!Get a credit report from all three bureaus. See exactly where you stand. If you have collection accounts, get in touch with the collection companies and negotiate with them for full settlement. Pro tip: Do not do a “check by phone” right then. Don’t give them any money for a settlement until and unless you have the complete agreement in writing. Many of the collectors have pathologically short memories.If you have past-due accounts now, bring them current.Finally, with any cash you have left over, pay your credit cards down to below 30% of the credit limits. That’s the point where higher balances start to hurt your score.Why should you bother doing this? Well, for one thing, getting your credit scores up can mean saving thousands of dollars in financing on your next car—new or used. It can mean not only a lower interest rate, but also smaller down payment requirements.I hope I’ve given you a few things to mull over. In any case, good luck!