He doesnt have the $3000, what would you suggest he do?
he has bad/fair credit
thanks for any advice!
2007-12-27 10:21:07 · 15 answers · asked by veranoduck 2 in Business & Finance ➔ Personal Finance
Buy a truck for $7000.
One may want something that they can not afford. But if you do not have the money and can't get the loan, you have to be more reasonable.
2007-12-27 10:23:50 · answer #1 · answered by Tim 7 · 1⤊ 0⤋
It looks like your friend is in a cycle of not being able to afford what he is buying given his fair to bad credit. Have him start saving for the things that he wants to buy and take a serious look at his spending. A bank will not loan all the money for a used vehicle. Therefore, he'll have to come up with a down payment. Some loan shark type companies may give a loan to cover the difference at an extremely high interest rate and after the 3rd or 4th payments on both loans most customers are sorry they ever met the loan shark company or bought the vehicle. Save thouands of dollars and help repair his credit by not buying until there is money saved.
2007-12-27 11:25:28 · answer #2 · answered by SterlingRose7 2 · 0⤊ 0⤋
What the bank is telling your friend that the truck is only worth $7,000. If he has bad credit, there is dealer will finance him at a higher interest rate. Tell your friend to buy what he can affords. A truck for driving around is going to cost him a lot in gas money. Don't forget there is insurance cost. The bank will expect him to buy full coverage insurance since he is not the real owner. He will need to come up with money for insurance, maintenance, and gas. They do add up quickly.
2007-12-27 10:31:55 · answer #3 · answered by G-whiz 2 · 0⤊ 0⤋
I've never had an obsession before & I do not go through phases, I will love Michael Jackson and his music until I am old in a nursing home and Michael has passed away. All my friends, infact just about everybody at school, knows how much I love MJ. And on the plus: I ain't some weirdo that has nothing better to do than worship the King of Pop.
2016-04-11 03:59:33 · answer #4 · answered by Janet 4 · 0⤊ 0⤋
If the bank goes by the Kelly Blue Book or another form to verify the value of the truck, and the value is more then the bank CANNOT give your friend all of the money. They can only give him the "value" of the truck. I suggest that your friend look for something else. It is very possible that he is going to pay more than what this truck is worth.
2007-12-27 10:39:41 · answer #5 · answered by I love the flipflops 5 · 0⤊ 0⤋
um well first of all how can you buy a truck if you don't have the money for it and if he doesn't have the money for it now how will he pay off the bank loan?
2007-12-27 10:24:03 · answer #6 · answered by Adam B 2 · 0⤊ 0⤋
Either save up for the difference or get a cheaper truck. He should be able to find an older one for that amount.
2007-12-27 10:25:18 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Get a cheaper truck! Build his credit for 6months to a year and then go try to get a bigger loan.
2007-12-27 10:23:58 · answer #8 · answered by Sadbrowneyes13 4 · 0⤊ 0⤋
Find a truck that fits the number.
2007-12-27 10:24:32 · answer #9 · answered by nighttime_ran 4 · 3⤊ 0⤋
Buy a 500$ truck and stop borrowing money.
2007-12-27 10:24:24 · answer #10 · answered by Anonymous · 2⤊ 1⤋