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2007-03-26 17:57:41 · 8 answers · asked by ndfwhfi 2 in Business & Finance ➔ Credit
I cannot get the auto loan for the full amount because I don't have enough established credit. I currently drive a 2001 Black Honda Civic LX. My work (I work for Ford Motor Co.) gave me $7,000 for the vehicle and is selling me a 2006 Chevrolet Cobalt LT for $13,000. I am only approved for $13,000 and thats with a cosigner with EXCELLENT credit. She won't loan me the $1,200 for the downpayment (Tax, title, license) because she is about to retire and she also says that if I want it I need to do it on my own. I'm 18, and make around $700 a month. I have a new job that I start in two weeks making $1200-1500 a month, so I can afford the new vehicle, just getting the downpayment is tough at the moment. Any suggestions?
2007-03-26 18:19:18 · update #1
Bought the vehicle.... problem solved.... and to the guy who was all save for a condo... learn to read first.. im not in college, and my honda has been nothin but problems.
2007-03-27 13:54:52 · update #2
correct me if I'm wrong but if you have the auto loan why not just use it to pay for the whole vehicle. the down payment is an interest rate catch. the more you pay for the car the less the bank has to put up for the vehicle and the better the return the bank will get if you don't make your payments. if you put nothing down and miss payments then the only money they will get if off of interest on the loan. so they sock you with it. the 10% down bit is becaue your car value drops about 10% by the time you get it off the lot. so the banks are trying to cover that.
2007-03-26 18:12:28 · answer #1 · answered by nyxcat1999 3 · 0⤊ 0⤋
1
2016-09-27 19:14:54 · answer #2 · answered by Herbert 3 · 0⤊ 0⤋
WOW!!
Do you hear yourself? Please re-read your e-mail.
You have a 2001 Honda Civic (built to last) that is worth $7,000 (trade-in value).
Instead of working towards buying a condo/townhome that is waiting for you -- you want to increase your debt levels by another $6,000.
To impress whom?
The ladies? Your friends? Yourself??
Who are you trying to convince that you have arrived to "middle classdom"?
Don't you see that the universe is trying very hard to tell you that this is all wrong because you can't even come up with the money for the down payment.
Why upgrade to a VEHICLE THAT DEPRECIATES FASTER than your current vehicle and still not have a condo?
Why take your newfound freedom as a college graduate and suffocate that with additional debt levels over and above any existing student loans you may have?
Where is the logic in that?
Invest in stuff that APPRECIATES and the universe will work with you.
Slave for stuff that DEPRECIATES and the universe gives you hassles and problems that requires Yahoo! Answers for insight and wisdom.
You don't have the down payment money for this car because this car is NOT FOR YOU.
Plain and simple. Your arms are too short to box with the universe.
2007-03-26 22:19:20 · answer #3 · answered by DaMan 5 · 1⤊ 0⤋
Visit this site so you can find the best rates: http://www.LOANHUNTER.NET
RE:Can you use an auto loan to pay for a down payment on a vehicle?
2014-07-25 04:37:45 · answer #4 · answered by Anonymous · 1⤊ 0⤋
I am sure you will find this site very useful: IMMEDIATELOAN.NET
2014-05-08 01:43:54 · answer #5 · answered by Anonymous · 0⤊ 0⤋
At HTTP://CREDIT.SALESQUOTES.INFO you can find the best financial solutions
RE Can you use an auto loan to pay for a down payment on a vehicle?
???
2014-09-13 20:55:43 · answer #6 · answered by Harlen 1 · 0⤊ 0⤋
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2016-07-19 14:13:32 · answer #8 · answered by Anonymous · 0⤊ 0⤋