I'm 21 and have a fulltime job and a checking account, but no savings account. Do I just walk into the bank and say "I need a $4,000 loan?" Then, do they give it to you straight cash? (By the way, I need the money for a new car and/or a new apartment). I have good credit, too (based on my cell phone bill, gasoline bill, and credit card bill).
2007-03-25 09:09:15 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
Moxiegirl,
As a former banker and loan officer you have a couple of options. Apply for a car loan and personal loan through your bank. You should go to your local branch (the branch who is responsible for your checking account) and apply there. All branches have monthly goals and will welcome a current customer with good credit. Also, since it is at the end of the month they will work harder for you in order to meet their goals.
First ask about an overdraft line of credit on your checking account. These lines are usually around $1,000 to $2,000. This should get you the needed funds for your apartment 1st and last rent and deposit. The interest rates on these lines range from 18% to 23%. So you should pay this off as soon as you can.
Then ask about a car loan. Rates will vary depending if the loan is for a new or used car.
The loan officer will base your loan request on your yearly earnings, monthly expenses, length of employment with the same employer, your current payment history.
If you can only qualify for the overdraft line, then go to a car dealership for the car loan. Dealerships are also facing month end goals and will be very motivated to get you into a car. Do your homework on the rate and the amount you want to borrow for the car. Negotiate the price of the car first, then negotiate the interest rate. DO NOT be afraid to walk away if they do not meet your price and rate. With good credit you are in the driver seat (no pun intended).
Be wary of poorly worded offers from answers to your question for "low rates". More than likely they are not low.
Good luck!
2007-03-26 15:25:27 · answer #1 · answered by Tim S 1 · 0⤊ 0⤋
You can apply for an auto loan for the car and you can get it if you have a good paying job and good credit. For the apartment you will need an unsecured loan and the guidelines for those loans are much more stringent, try putting down some collateral for the loan to make it easier. Good luck.
2007-03-25 16:36:38 · answer #2 · answered by Akbar B 6 · 0⤊ 0⤋
Some banks wont lend under 5 thousand.... and if you need a new car and have good credit, you should be able to get the financing through a dealership........ as long as you make enough money to cover your bills and a payment. Good luck to you.
2007-03-25 16:24:09 · answer #3 · answered by sushihen2 3 · 0⤊ 0⤋
Mox,
Call your bank and apply. Banks are equipped to do this over the phone for their customers.
Also, ask for more than you need. The only credit you have (from what you stated) are your cards. You probably will not get the full amount. If you ask for $7000, they will give you $4000.
Good luck!
2007-03-25 16:19:38 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Go to the bank ans ask for an application. They will aks you what you are looking for specifically and you can spply and within one day sometimes you can find out if you are approved.
You get it in the form of a check, or if you have an account they will deposit it into your account.
2007-03-29 15:39:54 · answer #5 · answered by Pepper 6 · 0⤊ 0⤋