Personal loan to buy car?
Hi everyone, i asked a question like this before but not with a personal loan. To begin i will give you background about myelf, im 22 and married, have a baby on the way, trying to finish my last 6-12 months in college and have no car or apt as of right now. I had to move from one city to atlanta due to me having a baby and needing to move to find good work and i am staying with my parents for now because i still have to pay rent on my last apt until june. So i really need a car for work and school because atlanta is such a big place. I have an idea to get a $3,000 private loan from wells fargo and try to pay it off in 2 years. I want a private loan because even though they have a higher interest rate i would be able to get way cheaper insurance prices since i wouldnt need full coverage. i used this site http://www.bankrate.com/calculators/mortgages/loan-calculator.aspx?loanAmount=9000&years=5&terms=60&interestRate=14&loanStartDate=05%2F30%2F2014&monthlyPayments=432.12&monthlyAdditionalAmount=0&yearlyAdditionalAmount=0&yearlyPaymentMonth=+May+&oneTimeAdditionalPayment=0&oneTimeAdditionalPaymentInMY=+Jun+2014&pDate=May+30%2C+2016&show=false# to get my average monthly cost of the loan which i dont think is too bad. I pretty much want to know what everyone thinks of this idea and if you can help me come up with a better situation if possible. Another thing i could do is save up for a $1500 car but im scared it will be a piece of junk like the last two $1500 cars i had.
How does a personal loan work?
Very few personal loans are given these days. To qualify, you would need to be over 21, have a very steady job, a significant amount of savings, a very clean credit report, and a high credit score. Even then, approval is far from certain. Most loans being given these days are "secured", where the bank can take something of yours if you fail to pay. For instance, car loans are secured by the car--if you don't pay, they haul away the car. UPDATE Yes, I get it, and I have nothing against you. I'm sure you're an honest person who would pay back a loan. But, the type of loan you're asking for is difficult for anyone to get. It has nothing to do with knowing you or not knowing you. Banks are not giving many loans these days. But, go ahead and apply. If they give you the loan, great--you proved me (and many others) wrong. Again, as others have said, if you were approved for the loan, it would likely be in the form of a check made out in your name. As since it would be a personal loan, you could use it in any way you want--the bank wouldn't specifically care about the car. There is one possibility to explore with the bank--using your car as collateral. That would basically turn your personal loan into a secured loan, and would improve your chances of getting one. Of course, if you don't pay in time, you lose the entire car, and not just the modifications you made to it.
Can you buy a used car with a personal loan in India?
Ya, You can Buy a used car with personal loan in India. First car is always very special to us. To achieve those special moments, money should never become a barrier. if you fall in short of cash, you can think of Personal loans online today and enjoy your happy drive with your newly purchased car.There are Many Benefits of purchasing car with Personal LoansLower price tag, less depreciation-If you buy a car that’s one or two years old, it’ll still depreciate, but you’ll lose less money less quickly. And you’ll avoid that big initial hit that the previous owner took.Lower amount of insurance- As the price and depreciation decrease so as your insurance amount of your car. An insurance is obvious for any car either new or used car. By going with a used car you will have to pay fewer amounts for buying insurance.Avoid unnecessary fee of dealers- By purchasing an old car you can simply avoid the unwanted fees such as shipping fee, destination fee, dealer preparation etc.Your desired model in your own budget- It happens many times that your desired model of the car is beyond your budget and the car that suits your budget is not exactly which you long for. In such cases, you can go for a used car of the model which you wanted at the price that is pocket-friendly to you.If you are buying the used car is beyond your reach then Personal loans are always proved as a boon. A personal loan is the easiest way after cash option for buying a car.
Will a lender agree to loan me money for a car if the condition is that if I don't pay up on time they take ownership of the vehicle?
Unless you finance your vehicle purchase with a credit card, which is unsecured, the lender or car dealer will require collateral, which is the vehicle you’re buying.Technically, if you get a traditional loan to buy a car, you don’t actually own it until the loan is paid off. If you miss too many payments, the lender will repossess your car.And you’ll be back to taking the bus. Or riding your bike.Some lenders are more lenient than others regarding missed payments.Buy here pay here dealerships will finance you regardless of your credit as long as you can prove that you have the ability to repay the loan.So you can still finance a car purchase if you have no credit or bad credit, but generally you can’t if you don’t have a job. The lender will need to see that you have the ability to make the payments.These dealerships might also require that you are stable, meaning that you’ve had your job for at least a few months, you have a permanent place to live, and you’re not new to the area.They don’t want to chase you around the country looking for their car, if you flake out.These car lots can report your on-time payments to the credit bureaus, so you can improve or establish your credit at the same time.B�qT�u
Do I need a VIN number to get a car loan?
i'm looking to buy a new car. I have a friend who is an auctions cars and can get me good deals on cars however I need to cash on hand before I buy a car. Last time I did my car loan I needed to put down the Vin number and the sellers name during the application process. Is there a way to apply for car loan without the Vin number so I can have the cash in hand and pay at the auction for the car?
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 $3-5K and use that for a car thus saving me a bunch of money by not needing collision coverage if I could pay for the car in cash. Now the questions ... is this possible, or is there usually some stipulation that you can't use a personal loan for a car? What sort of collateral do you usually need for a personal loan? If you have good credit, can you get one w/out collateral? Any info would be greatly appreciated! Thanks!
If I get a personal loan will I still need full coverage for a car?
If you apply for a "personal" loan the bank is going to want to know what it's for. When you say "car" they'll say "auto-loan". You'll need full coverage. No bank will lend money for a car without full coverage insurance. They want to know that the loan will get paid off no matter what happens , and that's what full-coverage is all about. Some banks will let you take out a personal loan with no questions asked...but what happens if you get the loan and the car gets totalled? You're still liable for the loan.Are you going to be able to pay for a car that you're no longer able to use? You'll go broke trying to get another car and paying off the loan at the same time! Do the right thing and pay for full coverage. It's the smart thing to do.
When my personal bank approves me 20,000$usd for a car loan? Details below.?
My personal bank approved me for a 20,000 loan, what can I spend it on? Can I spend it to put a down payment on a 15,000$usd certified pre owned car, which is roughly about 3000$usd, and use the 17k$usd left for taxes, paper work and to maintain the vehicle ?