i understand there will be a very high interest rate but is it possible to get a loan of $20,000. i am 18 and i have an account w/ bank of america
2006-10-22 15:50:57 · 10 answers · asked by Angel 1 in Business & Finance ➔ Credit
Angel,
you want to be a slave to Debt?
Buy a running POS 2000- 3000$ clean it up,
Drive it and save money - 2years clean up and sell it . use money saved . buy newer POS 5000 - 7000$ save more money Repeat.
Do not go in to debt for some thing that loses money when you drivwe it off the lot and every mile you use it.
visit DaveRamsey.com and learn why that car loan will cost you up to one million dollars.
Debt is 21st century slavery
2006-10-22 15:57:36 · answer #1 · answered by Anonymous · 0⤊ 0⤋
i'm 21 and found myself in this same situation when i moved out from the parents. Go somewhere that does their own financing. You will get a higher intrest rate but the cool thing about it is..... make all your payments on time.... after 6 months take yourself to the bank and ask if you can refinance through the bank. as long as you've made your payments on time and you have an established account with a bank they will pretty much do anything to keep your business. If they dont want to do it.. tell them you will close your account and take your business elsewhere. Alot of times they will pull tricks out of their hats to keep you banking with them. You still may not get the intrest rate you wanted but i assure you it will be lower than what you had. good luck
2006-10-22 16:03:53 · answer #2 · answered by crystalyn129 3 · 0⤊ 0⤋
You can obtain a loan but as you've said you have extremely high interest rates. You'll likely be asked for collateral of equal value to the loan (e.g. retirement account, life insurance policy, home equity, etc.) With a loan of that range you will need to provide some backing such as equity, possibly a co-signer/borrower, or both.
2006-10-22 16:02:00 · answer #3 · answered by jaruby05 1 · 0⤊ 0⤋
It relies upon on how undesirable your credit is. yet in lots of circumstances, the broker can get you financed notwithstanding in case you have a complicated time finding a private loan on your very own. in the event that they could't, then hit upon a greater inexpensive automobile to purchase.
2016-10-16 07:02:17 · answer #4 · answered by Anonymous · 0⤊ 0⤋
you would probably need a co-signer or they will charge you outrageous interest rates. Maybe you should consider buying a cheaper car until you get your credit built up. Good luck, take care
2006-10-22 16:00:05 · answer #5 · answered by Michelle : 5 · 0⤊ 0⤋
Find a co-signer!
Unless you need a high-priced (dependible) car for work, get an older car in decent condition for a lot less money.
2006-10-23 15:50:34 · answer #6 · answered by crimethinker1984 2 · 0⤊ 0⤋
If you have a good job and can show that you can make the payments then it is possible. Without a job you are out of luck..
2006-10-22 15:58:41 · answer #7 · answered by MeInUSA 5 · 0⤊ 0⤋
It is not impossible, but you will have to prove to the bank just how you will and can make payments. they will not go out on a limb for your business.
2006-10-22 16:25:48 · answer #8 · answered by ? 6 · 0⤊ 0⤋
yes, but you will be considered a high risk and pay higher interest rates.
2006-10-22 15:58:49 · answer #9 · answered by Swede 3 · 0⤊ 0⤋
try www.eloan.com
2006-10-22 15:58:37 · answer #10 · answered by Andi 6 · 0⤊ 0⤋