Car loan?

[Hugebass 10+ year member]

Well, im a 18 year old which has a 91 honda accord LX which is ragged out and i need a new car... i work at a fast food and makeing as much a hour that anybody would... but im having problem getting a loan cause im 18.. i have a bank but they said i need a buyer agreement from a dealer which shows the miles the color the make and everything about the car that i want to get.. they gotta make sure its never been wrecked so they arn't buying it and giving me a loan... that i might not pay for i guess... anyways.. i cant use my bank to get a loan cause you have to get a buyers agreement and you can't do that with a private seller.. this guy is selling a 98 eclipse nice clean car for 2800 obo was gonna offer him 2500 though.. so i was trying to get a loan for that... has anyone ever got a loan for a car if so how hard was it getting one? my mom was gonna help me get one but im not sure on where to go and the right place to get one. if anyone could help it would be great. thanks.

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[Alpineinstaller 10+ year member]

get your mom to co-sign and everything should go smothly, find a place with the lowest interest rate over the period of time its gonna take you to pay the loan off.

 

[squeak9798 5,000+ posts]

i have a bank but they said i need a buyer agreement from a dealer which shows the miles the color the make and everything about the car that i want to get.. they gotta make sure its never been wrecked so they arn't buying it and giving me a loan... that i might not pay for i guess... anyways.. i cant use my bank to get a loan cause you have to get a buyers agreement and you can't do that with a private seller..

Never heard of that before, personally //content.invisioncic.com/y282845/emoticons/eyebrow.gif.fe2c18d8720fe8c7eaed347b21ea05a5.gif

Ask them if they'll accept a "buyers agreement" prepared by you and/or the seller if it contains all of the necessary info.

has anyone ever got a loan for a car if so how hard was it getting one?

It's not hard at all.....if you qualify //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif

Being 18, you probably either have no credit or limited credit....which means you will need a co-signer. As long as you have good time on your job (worked there a while), enough income to support the new loan along with your existing debt, a strong co-signer and are borrowing within the value of the vehicle.....you should be good to go.

im not sure on where to go and the right place to get one. if anyone could help it would be great. thanks.

Depends on what banks are in your area. Shop around just like with anything else. Pull out the phone book and call around to local banks and see what their rates are and what their fees are.

It's generally a good idea to try "your bank" first, as they are familiar with you and should be a little easier to deal with. But, if they don't offer the best or reasonable terms.....go somewhere else.

 

[TylerBD12 10+ year member]

x2^^

or just have your mom get the loan and pay her payments on the loan...

 

[squeak9798 5,000+ posts]

Oh yeah......stay away from any sort of "finance company"....stick with banks or credit unions.

 

[squeak9798 5,000+ posts]

x2^^or just have your mom get the loan and pay her payments on the loan...

Bad idea. Then he spends all this time paying on a car loan that doesn't show up on his credit report. Which means he'll need to keep getting co-signers for loans for a longer time.

 

[Hugebass 10+ year member]

Thanks guys.

 

[DARKHART 10+ year member]

Oh yeah......stay away from any sort of "finance company"....stick with banks or credit unions.

There is nothing wrong with using a finance company in your auto purchase unless you are dealing with a sub-prime lender then you will more than likely be dealing with a high rate of interest. Banks and credit unions can't always give you the best terms or rates.

In this case I would suggest getting your parents to co-sign for you but make sure that you are on the contract which should put you in the second position, that way it will show on your credit report and establish a history for you. As far as the bank asking for a "buyers agreement" that's a common practice......

Depending on how long he's been on his job and how much money he can come up with, he may even qualify for one of GMC's or FORD's first time buyers programs.......//content.invisioncic.com/y282845/emoticons/biggrin.gif.d71a5d36fcbab170f2364c9f2e3946cb.gif //content.invisioncic.com/y282845/emoticons/biggrin.gif.d71a5d36fcbab170f2364c9f2e3946cb.gif

 

[Hugebass 10+ year member]

only had my job for 3-4 months but i make over 1200 a month.

 

[squeak9798 5,000+ posts]

As far as the bank asking for a "buyers agreement" that's a common practice......

Not around here.......

If someone has an invoice from a dealership we want to see it. But we don't require any kind of "buyers agreement", including on private party transactions

As for finance companies; Not many in my area offer the terms or service that the banks/CU's do.

 

[squeak9798 5,000+ posts]

only had my job for 3-4 months but i make over 1200 a month.

That's pretty short in a bank's eyes......

 

[DARKHART 10+ year member]

That's pretty short in a bank's eyes......

Very, very short to be exact...Unless you have a co-signer or enough cash for a bank to make an "equity call" on then you would be considered a sub-prime customer.......//content.invisioncic.com/y282845/emoticons/biggrin.gif.d71a5d36fcbab170f2364c9f2e3946cb.gif //content.invisioncic.com/y282845/emoticons/biggrin.gif.d71a5d36fcbab170f2364c9f2e3946cb.gif

 

[Hugebass 10+ year member]

i'll have my mom Co-sign for me if i get any loan.