Tag: Auto

question pertaining to auto loans..?

Question by Rich C: question pertaining to auto loans..?
how should i go about finding an auto loan that would have no credit check and have a good payment system? i do not want to get one that would end up hurting me in the end. i was wondering if someone could assist me in finding one that would either be or somewhat have;

-no credit check
-no cosigner
-preferably no employment verification
-affordable payments

please help me out,, any advice would be helpful. im a college student who needs a car for this semester and i have no money to purchase one myself and i dont have any parents or guardians that would assist me in this so that’s why i need to find a good loan to get.

sorry i guess the satan dickhead couldnt read well.. i said PREFERABLY no work exp., all i was wondering is if anyone had any website in mind.. not some lame story.

Best answer:

Answer by xx_satanic_mechanic_xx
This is not happening. Serioulsy, you are not living in the same world with the rest of us if you think you can get “good loan” under your conditions. No credit check? No employment verification? Even Buy-Here, Pay-Here lots check your employment. No one is going to write a “good loan” and not confirm that you have the means to pay it back.

With no credit check, no employment check, and no co-signer you are in loan shark territory.

Use public transportation, get a job, save your money and pay cash. That is the best suggestion for your circumstances.

ADD: Oh golly, you are right! I completely overlooked the word “preferably”. Well that changes everything! If it is only “preferably” without employment verification, there are literally hundreds of banks you can get a good loan through! If all you want is preferred loan structure on no credit check, no so-signer and a smile and a wink, then banks will step all over one another to earn your business!

Get mad all you want. Call me and everyone here anything you like. Your request is unreasonable, and won’t happen. You are dealing in the world of grown-ups now and in our world, you have to earn things like good loans. They don’t get handed to you becuase you are teh cutest kid in Algebra class.

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Q&A: how do auto loans under 15k work?

Question by n8_camaro_92: how do auto loans under 15k work?
ok so i am 19 and im looking to build some credit and get a new car… the cars im looking at are between 6000 and 9000 (subaru wrx). im wondering how to go about getting a loan… i was using this calculator and for 3-4 years at 11% interest rate ( the rate my credit union says for “unsecured loans”)…

I have nothing to put up for collateral
i make less than 20k a year and live at home with mom
i have some student loans that dont have to be paid off until i graduate (im in college right now)

basically im wondering how this will work… im assuming i will have to apply for an unsecured loan and have my mom co-sign… my parents have good credit… do i have to appply then show them the car i plan on buying? or will they just give me the loan for a “car” and i can hold on to the money until i find the one i want… also… i know i have to have full coverage until its paid off but can i still be on my parents policy with them as the primary driver so my rates wont be insane?

(currently im the primary driver on a POS buick and that saves us a lot of money)

Best answer:

Answer by Alex
Before you go down the road of getting a loan, you should take a practice run at paying for the car. Estimate what it will cost you each month for the new car (over and above what you’re current paying on the POS). So estimate the monthly loan payment plus the extra cost of car insurance, gasoline, etc. Start putting that amount of money in a savings account every month. If you can’t put that much in savings, you can’t afford the car yet. This is great because you find that out before you’re legally bound to a loan agreement, plus it builds up a down payment.

You should talk to someone at the credit union. A car loan is a secured loan – it’s secured by the car. The bank/CU holds the title for the car until you pay them back. This way, if you stop making payments, they can repossess the car, sell it and at least get some of their money back out of the deal.

I think you’ll want to get pre-approved for a loan first. This way the CU will let you know up front the maximum they’re willing to lend you for a car. When you find the car you want to buy, the CU and the dealer will deal with each other to get the money and title transferred. The CU won’t just give you a check or cash. It’s common for banks and credit unions to have a $ 7,500 minimum on car loans, and it’s usually posted on their site.

You can stay on your parents insurance policy with full coverage. I don’t know if the primary driver matters.

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How to Get a Student Auto Loan Without a Cosigner?

Student auto loans can work like magic when you are in college. They help your dreams to come alive and there are several options to get them. Most of the students do not work as a part time employee in any of the institutions. Hence, it makes things complex while processing the loan applications. Auto loans for students that do not demand co-signers are very rare. This is due to the risks involved in making prompt repayments. It is a true fact that students cannot have a good credit history as they have just started their life. The banks and other financial institutions are not sure whether the students will repay the loan amount or not. The entire amount of risk is passed on to the banks in the case of lending auto loans to students without co-signers.

Private financial institutions might be ready to offer such loan amounts to the students. Students those who are pursuing master degree can easily obtain such loans. If they already have an existing car loan or completely paid off loan, it would be an added advantage to get new kinds of loan. The prompt repayments in the existing loan will add up to the credit history. This existing loan should be at its completion stage after which the probability of granting a new auto loan without co-signer is high.

There are several financial lenders who are ready to grant auto loans for students without requiring any co-signers. It is highly recommended to make the best use of these financial institutions to fulfill your auto dreams. An easy way to convince the lenders is by taking up a part time job. The salary obtained from this part time job does not matter to the banks. However, it shows that the students are ready to accept the responsibility and are considered as prospective clients for these institutions.

One more way to obtain student auto loans without any co-signer is to make a considerable down payment. This money can be obtained from their parents. This will help them to get loans at lower interest rates and with many other flexible conditions. The students who have a good credit score and are able to demonstrate their ability to make prompt monthly payments will be granted loan without any co-signers. The eligibility criteria differ according to the financial institutions. It is up to the ability of students to convince the officials in order to fulfill their auto desires.

Obtaining instant auto loans online is the easy way for student with low paying jobs to buy an automobile. With student auto loans program you can get low rates and easy installment even if you have no credit or bad credit and also without a cosigner.

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