Has anyone ever taken out a car loan

FartFace

FartFace

Member
im trying to get some info on a car loan. it would be for about 8k. what requirements do you need. like age,job,school. just curious
 
i took out a student loan for 8 k first year and i spent it on many things not school related.......like booze and trips to skiing destinations......haha
 
The people who will loan you the money need assurance that you will pay them back or that they can have something of yours (collateral) if you stop paying. In most car loans, the car itself is the collateral. So, if you stop paying on the car, they reposess that shit. It is not quite that simple, but that is the idea behind it.

I assume you are young, don't own anything of major value, don't have a full-time job and don't plan on putting money down on the car. If this is true, ask your parents if they will co-sign for you. That means that they will pay the penalty if you don't make the payments. If I'm wrong on my assumptions, feel free to correct me.
 
Try to take one out through your parents because I doubt you have the credit for an 8k loan. Plus if your parents have good credit they can get you a loan with a much cheaper interest rate.
 
tried on friday for 18grand... but all you pretty much need is a co-signer with good credit, and also of course you need a steady job
 
I did. They will check your credit history, employment history, income, and debt-to income ratio. Things like that. If this is your first major purchase, you're going to need a co-signer. If you do qualify on your own, you may end up with a higher interest rate, which someone said already. Keep in mind though this is a perfect way to establish credit for yourself, as long as you're responsible and make the payments on time. You gotta start somewhere, a car's a good way to do that.
 
yeah man, i just took out a loan for $7500 myself.....like everyone else said you will most likely need a co-signer if your credit history is bad or "thin". Its def. a good step towards establishing your credit and someday buying land/ a house.....do keep in mind that you will need to get full coverage on the vehicle, which can be expensive. I wouldnt reccommend being tied to a car payment without a secure job either....
 
You must log in or register to reply here.
Back
Top