I am looking for a $5000 - $6000 loan to buy a used car. I can't use my credit union because they wont loan me enough for the car (it costs more than blue book and the car has over 100,000 miles on it but they don't take into account the fact that it has a bunch of aftermarket parts and a new engine). I tried Capital One and I liked how they didn't ask about the car and just sent me a blank check so I could purchase any car I wanted but they have a minimum of $7500 for the loan and I don't want to spend that much right now. I have an okay credit score (nothing bad on it but only about 2 years history) and I'm really curious as to what my best option is. Is there another company like Capital One that doesn't require information on the car and will loan smaller ammounts or should I go with a personal loan with a higher interest rate (I will have this payed off quite a bit faster than 5 years)? Also for the second option which companies do you recommend? Than you.
2007-10-11 12:18:19 · 0 answers · asked by Chris N 2 in Cars & Transportation ➔ Buying & Selling
Weezie, I need a car loan because I don't have any cash right now because I just totalled my $30,000 Nissan 350z (I'm dropping a bunch of cash into my insurance deductible, lawyer fee's [because I wasn't driving negligently*, it was wet out but it wasn't raining and I wasn't speeding], and a week and a half of storage fees that my insurance company wont pay for even though it was their fault they didn't pick it up right away). I never missed a payment on my $30,000 loan so I don't think a $5,000 loan will be any problem whatsoever.
*Well maybe borderline negligent because I wasn't going UNDER the speed limit but I don't know...
2007-10-11 12:31:38 · update #1
Thanks for all the thoughtfull answers, I appreciate it, but I don't need help buying a car, I've already done that quite a few times and have learned some of what you are trying to tell me the hard way. I don't want a $7500 loan because any of the cars I'm looking at would be a ripoff at $7500. I don't care about building my credit, I've already got a better start on that than most 22 year olds. All I want is ideas on the best way to do this kind of loan.
2007-10-11 12:58:16 · update #2
First, be very sure the car you are buying is going to last you for at least 4 or 5 years. Enough about that.
If I needed to build up more credit, I would take the $7500.00 loan from Capitol one. Spend what you need on the car and make sure to put the rest in the bank and do not touch it. You could use some of the extra money to make your payments for the first few months. What you are accomplishing by doing this is getting better credit (just as long as you pay it off). Another option is if you can get an older, more established family member to purchase the car with you. They should never co-sign, but purchase the car with you as a co-owner and they can get the credit in your name, while you make the payments and earn a good credit rating. It is almost as if you are co-signing. Just make sure to make your payments so your relative doesn't get stuck. I did that for my niece and it is working out good so far.
Good luck to you, and be ware of the high interest rates for younger people.
2007-10-11 12:26:29 · answer #1 · answered by blueman 5 · 1⤊ 0⤋
1
2016-09-26 08:38:00 · answer #2 · answered by Rosella 3 · 0⤊ 0⤋
5000 Car Loan
2016-11-09 23:46:02 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Most lenders will not give you money for a car if the price is not blue book. They consider it a bad investment. You will have to get a loan that isn't earemarked for buying a car. If the interest rate is ok on the Capital One loan, take it, and use some of the leftover money to pay off other debt, and then focus your payments on the Capital One loan (not sure if it is entirely legal/allowable to use the loan money to pay off the loan.) If this last part is allowablew, then use the excess to make payments on the loan itself. Also, perhaps investing the money may be a good way to use the excess, and make money off of it to pay back the loan (CDs, Bonds, Stocks)
"The E'Ville Librarian"
2007-10-11 12:24:30 · answer #4 · answered by adiaphorus 2 · 2⤊ 0⤋
Try CitiFinancial
2007-10-11 12:21:20 · answer #5 · answered by peaches6 7 · 0⤊ 0⤋
Hi, just wanted to say, I liked this discussion. Very valuable answers
2016-08-26 02:34:44 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I do not know the best way to answer this without offending
2016-07-30 05:07:03 · answer #7 · answered by Anonymous · 0⤊ 0⤋
try centere bank
2007-10-11 12:20:57 · answer #8 · answered by Anonymous · 0⤊ 0⤋
I hate to say this but please don't borrow money. Earn extra money and buy what you have to with cash.
2007-10-11 12:22:26 · answer #9 · answered by Anonymous · 0⤊ 2⤋