Hey, I've been wanting to get a car, but I don't know how to start, where to start. If I go to a bank (I have 0 credit) will they still give me a loan? And second, should I apply at dealerships for credit? I'm looking for a small vehicle around 2-6k just to drive to work. I drive my parent's truck but its a V8, gas is killing. And I work part time, how does all this affect me? Thx!
2007-05-27 19:08:37 · 4 answers · asked by Malix 2 in Business & Finance ➔ Personal Finance
You will be able to get a loan at either the bank or the dealership because the car will be the collateral for the loan...
Either place is good as your car purchase is the basis for the loan...
I have had loans from each place and felt both were fair...
Just remember you will need to furnish insurance as well as pay on the car...
2007-05-27 20:04:06 · answer #1 · answered by aspenkdp2003 7 · 1⤊ 0⤋
sounds like you aren't very well fixed to buy a car. if you take out a loan on a car costing $2000 or 4000 it's going to be an old, trouble prone car, and you don't have the money for repairs which are very expensive, and 4 years later it will be in the junkyard and youll still have to make payments. why not keep driving the truck, even though gas is killing. Gas prices will go down eventually. But you are young and you don't n eed to mess up your finances at such an early age.
2007-05-28 02:54:50 · answer #2 · answered by njyogibear 7 · 1⤊ 0⤋
If you apply at a bank, you'll probably need someone to co-sign for you. A buy here pay here dealer, might give you a loan without co-sign, but look to pay higher interest rate. Which, will increase the overall price of the car. If you don't know much about cars, I strongly suggest, you pay a trusted, qualified mechanic to look at it, before you purchase it. He can tell you what repairs it might need, and how much those repairs will cost. Good Luck.
2007-05-27 19:23:21 · answer #3 · answered by RocknReel 4 · 1⤊ 0⤋
Whichever place has the lowest interest rate is where you should get your loan. It would help if you had some money for a down payment.
2007-05-28 03:12:14 · answer #4 · answered by hello 6 · 1⤊ 0⤋