BG Finance: Personal/Vehicle Loans

[Ikith]

So recently my car was deemed totaled (It was an old 90 Celica) and I've been looking for a new car however I need to get a loan to be able to get a new car (Obviously).

I have literally no credit at all and my bank just came back and said "You need a cosigner and you need to pay 20% down and we will give you the loan". My father won't co sign as his credit is shit and he said they won't give me the loan if he does and my mother is probably the same way.

I have no clue what to do at this point as I'm already sick of borrowing a family members car and "Having to ask every time I go to work" even though they had already agreed that I could use it to get to and from work (Its an annoyance to me since I just want to get ready and leave)

I'm about to try BECU but I'm thinking they will come back and say the same thing and I really don't want to get into one of those shitty "we will put more interest on it than you can handle" type of loans.

Any help/suggestions/people willing to cosign me (Just kidding)?

[jmc]

Credit unions will be your best friend, find one and give their loan application a shot......... they are more relaxed on car loans than chain banks.

[Don Katsu]

Get a car through a first time buyer program. See if you can find one. I know Honda has one, I got a 98 accord back in 2000 through their first time buyer program. The interest rate was high though 10%

[Dmitry]

Credit unions will be your best friend, find one and give their loan application a shot......... they are more relaxed on car loans than chain banks.

Just want to throw out there that when I was doing the same thing as OP, I tried to get a loan through a credit union that my parents are members of and the bitch didn't even tell me I was denied before leaving.

[Fr34k]

Yea my Credit Union denied me like 5 times on a car loan. I had 6k in the bank and was asking for 12.5k. My mom's credit score is 798. They kept denying me even when we tried to lower the amount, have my dad cosign, have them both cosign, etc. Ended up going through the GMC / Buick / Cadillac dealership my mom works at and they approved me for a 25k Envoy Denali on the spot. Fuck credit unions.

[sekaran]

Sometimes its better to go through a dealership.. I have great credit and my CU wanted to give me a loan with like a 17% interest rate. Fuck that. Went through the dealership and got approved for like 2.9%.

[volcanicweather]

Sometimes its better to go through a dealership.. I have great credit and my CU wanted to give me a loan with like a 17% interest rate. Fuck that. Went through the dealership and got approved for like 2.9%.

Had a similar situation - banks were giving me double digits or denying me because I was a first-time buyer with a thin credit profile. Went to the dealership and got 6%.

[tyven]

go through dealership they will work with you till you find something you can afford

[volcanicweather]

go through dealership they will work with you till you find something you can afford

Just make sure you don't do a 72 month loan under any circumstance, they'll try to swindle you into one. If you do one of these, there's a good chance if you ever sell your car still owing money that the amount you sell if for will be less than what you owe and you're screwed

[tyven]

48 month loans ftmfw. just be upfront with how much you can afford to spend a month, if you put a cap on it they will work with you. thats what i did and it worked beautifully.

[jmc]

Damn, guess i'm just lucky then.

Sorry for mentioning credit union


Mine if probably good, because its a city one........ and with me being a city employee they can keep tabs on my income lol

[Melena]

You can sometimes manipulate a 72 into your favor if your smart. They will sometimes give you a lower apr hoping to cash in on the extra year, but if you confirm there is no early repayment penalty, pay like it's a 4-5 year and enjoy the extra benefits.