How To Get A Loan
09-15-2003, 09:56 PM
#1
Member
Thread Starter
Join Date: Aug 2003
Location: Boise, Idaho
Posts: 68
i am wanting to get a loan for an fd soon and want to get some help from some of you guys who have gone through this before.
i am 18, no-one to co-sign with me, i make about 850/mo. (yes, all of my money will go to the fd) and have no credit and i am looking to get a loan for 13500 (1500 down).
i applied at key bank today and they will tell me tomorrow, but it doesnt look good.
is there any other option for me.
i am 18, no-one to co-sign with me, i make about 850/mo. (yes, all of my money will go to the fd) and have no credit and i am looking to get a loan for 13500 (1500 down).
i applied at key bank today and they will tell me tomorrow, but it doesnt look good.
is there any other option for me.
09-15-2003, 10:21 PM
#3
Senior Member
Join Date: Sep 2002
Location: I'M RIGHT HERE!!! in Toronto
Posts: 658
Really,
Being 18, Unless you have great credit, own items of more value than the loan you are seeking or Have a co-signer.
The odds really aren't in your favor
Because the bank will expect you in the next few years to pay rent, ect. There is usually a percentage that the bank requires you to keep in order to survive. Regardless of what you will actually contribute.
When you go to the bank, if they decline you.
Ask why? Get thier advice on what you can do to help yourself.
Banks make money lending money, so they'll always point you in the right direction.
Good Luck!
Being 18, Unless you have great credit, own items of more value than the loan you are seeking or Have a co-signer.
The odds really aren't in your favor
Because the bank will expect you in the next few years to pay rent, ect. There is usually a percentage that the bank requires you to keep in order to survive. Regardless of what you will actually contribute.
When you go to the bank, if they decline you.
Ask why? Get thier advice on what you can do to help yourself.
Banks make money lending money, so they'll always point you in the right direction.
Good Luck!
09-15-2003, 10:56 PM
#5
Senior Member
Join Date: Nov 2002
Location: Wi nøt trei a høliday in Sweden this yër?
Posts: 1,113
good advice trice
well basically, to get a loan, you have to prove to the bank that you don't need it. i.e. you take in X dollars per month/year/whatever. sorry to say this, but if you don't have a co-signer, i would think your chances are pretty slim.
i do remember reading about some internet credit union/bank about this time last year. it seems this institution is very willing to work towards getting you a loan.
good luck with it, keep us updated on it.
Jimmy
well basically, to get a loan, you have to prove to the bank that you don't need it. i.e. you take in X dollars per month/year/whatever. sorry to say this, but if you don't have a co-signer, i would think your chances are pretty slim.
i do remember reading about some internet credit union/bank about this time last year. it seems this institution is very willing to work towards getting you a loan.
good luck with it, keep us updated on it.
Jimmy
09-16-2003, 04:18 PM
#6
Member
Thread Starter
Join Date: Aug 2003
Location: Boise, Idaho
Posts: 68
yeah, i have to have someone cosign the loan with my, so no fd for me i guess. my dad doesnt like the car so he wont cosign the loan, but if i wanted a dodge truck he would pay for it for me.
**** parents
**** parents
09-16-2003, 04:47 PM
#9
Senior Member
Join Date: Jul 2003
Location: Tinker AFB, OK
Posts: 135
For me, I had a 3500 downpayment plus another vehicle + $11k to put up as collateral. The bank was more than willing to give me the other $10k to buy my FD. I'm 20 (19 when I got the car) but another thing I have going for me is that I'm USAF. So I have a steady income without fear of being fired. I take home around $1100/month as an E-3.
Mind you, I got my 93 in 2002, had it been 2003+ I would've had to spring for a 94 or 95.
Mind you, I got my 93 in 2002, had it been 2003+ I would've had to spring for a 94 or 95.
09-16-2003, 04:49 PM
#10
Senior Member
Join Date: Aug 2003
Location: Sneads Ferry, NC
Posts: 120
I got a loan for my FD about a month ago. I was 20 years Old, NO CREDIT, and just moved out. I just went to my bank (credit union) and asked for a $5,000 loan and I got it. My APR is 4.9% for 4years. But I'll pay it off sooner. Make sure you bring one of your higher paychecks. It will better your chances. good luck! Ive had this car for a month and I have 5mins of seat time!!