How do i get a car loan from my credit union?

Question

-k- my credit union is america first credit union and i have a checking, saving, line of credit, and a visa credit card thru them. i had a savings and checking account with them for like a year and i just got a line of credit and the visa card like a month and half ago and theres a nice used car i really want, 99 lexus gs300,
and owner wants 8,000 for it, is there a chance they would give me a loan like that, what about interest? i would call the bank and ask but there closed,
also i could ask my parents but really dont want to.

that book that does the worth of cars says this car is worth 12,000
and this car is loaded so yeah its a good deal. i have 2 jobs, i am saving up for surgery, and i make around 600 a week,

Answer 1

They base their decisions on the following factors;

1. LTV (loan to value).
2. Term requested.
3. Age of vehicle.
4. Miles on vehicle.
5. Down payment.
6. Time at job.
7. Time at residence.
8. Monthly income before taxes.
9. Credit score/profile.
10. Total debt to income ratio.

All of the above factors play a part in deciding if you are approved, for what interest rate and term.

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Answer 2

1

Answer 3

Does your credit union have a web site. You can probably get the interest info there. Fill out the application and have the payments deducted right from your check. The credit union will hold a lien on the car you finance until it is paid off and then you will get a clear title. Sounds like you wouldn't have a problem getting the loan. Don't forget about insurance and all that. Maybe you can see what kind of insurance your parents have and talk about it with them.

Answer 4

As long as you can afford the payment I would thing they approve you. Your credit is good enough for unsecured so it's certainly good enough for a car loan. The only other thing they might look for is a history on your new stuff before giving you more loans but it really depends on what they look at and it helps that this will be secured and that they are your "primary financial institution". Every lender is so different that it's really hard to say but I think you have a good shot as long as the payment doesn't put you in the poor house.
They'll need the make, model, vin#, mileage and any options plus the seller's name and any lienholder. Bring that information with you on Tuesday (they are closed Monday for the holiday).
Or apply online at their website
http://www.americafirst.com/loans/personal_car_loan.cfm
Take a fixed rate, not their variable
Rates start at 6.75 and go up depending on your credit rating probably.
Hope that helps.

Answer 5

It would be helpful to find out by making the attempt to apply for the loan when the bank is open. That is the only way you will know if they would actually loan you this amount of money and how much interest they are going to put on this loan. If you just started your credit the chances of them approving will be very minimal since you just started your credit but it doesn't hurt to try. You also have to make sure you can afford to repay back this loan. (Assuming you have other expenses and it wouldn't fit your budget).

Answer 6

if you take out a personal loan but you must have a current job and like a year or two worth of w2 forms it depends on how much you make at your job and if you need the full 8,000 if you don't make much at your job you will need a cosigner that does

Answer 7

It relies upon on 2 issues. the fee of the motor vehicle and your credit. in case you have a severe credit you are able to qualify for a nil down mortgage. If the fee of the motor vehicle is definitely under e book fee then you definately can ward off the down charge. enable's say the motor vehicle has e book fee of $20,000. you're buying the motor vehicle for $sixteen,000. you will not desire a down charge because of the fact the lender can justify providing you with the finished quantity and nonetheless not be over the e book fee. in case you paid $19,500 for the motor vehicle, there isn't adequate space in there to borrow the finished quantity.

Answer 8

I have the same credit union. It depends on your credit score, your income and your ability to repay the loan.

Answer 9

There are way too many variables for anyone here to know if they'd approve the loan. Call them and ask, and apply for the loan with them.

Answer 10

How would we know? We don't know anything about your credit.

Apply and see.


Of course, I don't know if I would pay $8,000 for an eight-year-old car.