I am about to buy a 2003 Honda Civic from my uncle for approximately $10,000. I had intentions of putting down 5,000 or 6,500 dollars (depending on what I sell my current car for) and take out a small auto loan for the remaing 3,500 or 5,000 for about 36 months.
The rates I am finding are not as good as I would have hoped, through no fault of my own. I am 24 and haven%26#039;t done anything that would have given me bad credit. I pay back all my bills and whatnot.
Am I better off just buying the car outright (I can afford it) or taking out a loan for the sake of taking out a loan. I%26#039;ve heard a few times that a small loan really helps your credit.|||Auto finance is what I do for a living and auto loans take 6-months of payments made as agreed to be rated.
Your credit will be helped the best after 12-payments made as agreed. This is the first thing lenders look for when they are looking at a application for credit.
I would agree with PJ except for the amount of payments you should make. I would make at least 12, and make sure whatever lender you use that they report to all three credit bureaus or you are wasting your time.|||I think these are some useful sites: http://autoloanguide.automobil... Report Abuse
|||Put the money to pay off the loan in a savings account, get the loan let it cycle about 6 months then pay the balance off. This gives you a payment history although you will pay a bit of interest it will be a good trade line.
Also initially your score will take a 5-7 point hit for the credit report when getting the loan, rebounds rapidly!|||There are many auto loan options available today. Today, stiff competition among auto loan financing companies%26lt;!--has made it possible to get a car loan or an auto loan at favorable terms.
http://badcredits.awardspace.com/autoloa...
However, before you sign the paper for financing your favorite set of wheels, do your homework to ensure that you get the best car--%26gt;finance option. You can apply for online car loans on the Internet, or get it from your car dealer.
Tuesday, March 24, 2009
Applying for Auto Loan when Buying a Car from a Owner?
I am planning to buy a Used car and i wanted to get a loan for the car, but i am not interested in getting a used car from a dealer. So i wanted to buy it from a owner. In this case how should i approach a bank or lender on getting the Auto Loan. Please advice.|||The bank will want a VIN and will want to inspect the car and check it%26#039;s mileage. They%26#039;ll look up it%26#039;s value in their %26quot;black book%26quot; and pull your credit report. Based on that information, they%26#039;ll decide how much to loan you. Then you%26#039;ll have to get the car%26#039;s title and show a Bill of Sale to get a check to give to the seller. The bank will want to hold the title.
If it%26#039;s an older car for not much money, you might be able to get a personal loan as another answerer has suggested.|||Go to the bank and get a personal loan or a line of credit. It is basically what you get when you get a car loan anyways.
If you are buying the car off the owner for $5,000, then you%26#039;d need a car loan for that. Basically they%26#039;d give you a check for that amount and the payment terms would be similar to a car loan: Fixed percent, # of months, etc.
Be sure to get a loan that will be enough to cover taxes, title and tags. When you transfer the title you will also have to pay sales taxes on it in most states.|||Basically, all you%26#039;ll need to do is go to your bank or local credit union and take out a presonal loan for amount needed. They will be able to help you with all the details. Cgeck out this site for more information:
http://www.find-cheap-used-cars.com/used...|||Yes there are bad credit auto loans online for people with a poor credit history and low FICO scores who need transportation, and need a fresh start in repairing their credit. Although it may seem hopeless if you have blemishes on your credit there is a solution. First you will want to get rate quotes from various sources. This is very important, you should shop around to find the best deal. However, keep in mind that there are different%26lt;!--factors at play with each lender, as to whether or not you get a loan and if so at what interest rate. You can get approved for a auto loan.
http://badcreditloans.awardspace.com/How...
But lets be clear, obviously you are not going to get the preferred interest rate on a car loan that a person with A+ credit will receive. However with a little research, especially online, you can find the best auto rate quote that meets your circumstances. Most people just dive head first into the auto financing process when--%26gt;buying a car, giving no thought to how the auto loan interest rate affects the overall cost of the vehicle or monthly payment. With no plan of action or alternative financing source, this results in them receiving high interest rates and high processing fees which lead to high monthly payments.
If it%26#039;s an older car for not much money, you might be able to get a personal loan as another answerer has suggested.|||Go to the bank and get a personal loan or a line of credit. It is basically what you get when you get a car loan anyways.
If you are buying the car off the owner for $5,000, then you%26#039;d need a car loan for that. Basically they%26#039;d give you a check for that amount and the payment terms would be similar to a car loan: Fixed percent, # of months, etc.
Be sure to get a loan that will be enough to cover taxes, title and tags. When you transfer the title you will also have to pay sales taxes on it in most states.|||Basically, all you%26#039;ll need to do is go to your bank or local credit union and take out a presonal loan for amount needed. They will be able to help you with all the details. Cgeck out this site for more information:
http://www.find-cheap-used-cars.com/used...|||Yes there are bad credit auto loans online for people with a poor credit history and low FICO scores who need transportation, and need a fresh start in repairing their credit. Although it may seem hopeless if you have blemishes on your credit there is a solution. First you will want to get rate quotes from various sources. This is very important, you should shop around to find the best deal. However, keep in mind that there are different%26lt;!--factors at play with each lender, as to whether or not you get a loan and if so at what interest rate. You can get approved for a auto loan.
http://badcreditloans.awardspace.com/How...
But lets be clear, obviously you are not going to get the preferred interest rate on a car loan that a person with A+ credit will receive. However with a little research, especially online, you can find the best auto rate quote that meets your circumstances. Most people just dive head first into the auto financing process when--%26gt;buying a car, giving no thought to how the auto loan interest rate affects the overall cost of the vehicle or monthly payment. With no plan of action or alternative financing source, this results in them receiving high interest rates and high processing fees which lead to high monthly payments.
Auto Loan?
I live in Houston, Texas and I wanted to find out houw to get an auto loan. I would like to purchase a vechicle that the owner wants $3500 for. Due to my poor credit, I can%26#039;t get a loan from my own bank. Does somebody out there know of a campny, organization, loan company, etc for people for poor credit?|||There are some programs that help low-income people afford cars.|||The big banks and companies are great but a lot of the online companies like http://www.1carcash.com also offer auto loans for people with poor credit. They would also connect a person to help finance a vehicle. Report Abuse
|||Capitol One, GMAC, Fireside Bank all have programs for people with poor credit. Good luck.
|||Capitol One, GMAC, Fireside Bank all have programs for people with poor credit. Good luck.
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