Does anyone know of the best way to go about getting a loan in the neighborhood of 10-15k? I would search the interweb but I don't know where to start the only place I can think of is a bank and sometimes the interest rates aren't exactly the best. I'm also 18 with no credit history and the loan will be for a car....Any *useful* advice will be greatly appreciated, thanks guys!

ask Tom on teh evil forum

Does anyone know of the best way to go about getting a loan in the neighborhood of 10-15k? I would search the interweb but I don't know where to start the only place I can think of is a bank and sometimes the interest rates aren't exactly the best. I'm also 18 with no credit history and the loan will be for a car....Any *useful* advice will be greatly appreciated, thanks guys!

The only loan you'll get at 18 with no credit history is from a loan shart that'll charge you 25%. I've known a few people that got caught in that trap, so I wouldn't advise it.

Unless you get a co-signer, I seriously doubt you'll get approved for anything.

And on top of the fact that you probably haven't had a job long enough, or making enough money.

Hate to discourage you, but I'm just giving you the facts. IF you DO get approved, with a co-signer, it'll be a much lower rate. Without one, you'll be paying out the ass.

You're not getting a loan bud, sorry.


Unless you want to get one of those loans that they target black people for. Even then you probably won't get as much as you are looking for.

buy a bicycle, ding ding

if you're thinking of getting a loan to get a FD or some other similar car

stop
do not pass go
do not collect $200

go get a job (or continue working at your job) and save for it
you'll thank us later when you're not 30k in debt with a 33% interest rate

Since you are 18 and have no credit I am assuming you live with your parents and don't have many expenses. However, a good rule of thumb is to never purchase a car that costs more than half of what you make in a year. I think this falls under the "No" range right now.

The only loan you'll get at 18 with no credit history is from a loan shart that'll charge you 25%. I've known a few people that got caught in that trap, so I wouldn't advise it.

Unless you get a co-signer, I seriously doubt you'll get approved for anything.

And on top of the fact that you probably haven't had a job long enough, or making enough money.

Hate to discourage you, but I'm just giving you the facts. IF you DO get approved, with a co-signer, it'll be a much lower rate. Without one, you'll be paying out the ass.

That's just because you're black.

if you're thinking of getting a loan to get a FD or some other similar car

stop
do not pass go
do not collect $200

go get a job (or continue working at your job) and save for it
you'll thank us later when you're not 30k in debt with a 33% interest rate

+1 LOL

You can believe 2ndGen.Rocket on this one - he's the Loan Ranger. :D

That's just because you're black.

:stupid: :rolleyes:

Since you are 18 and have no credit I am assuming you live with your parents and don't have many expenses. However, a good rule of thumb is to never purchase a car that costs more than half of what you make in a year. I think this falls under the "No" range right now.

Well this is just about half of my income in a year(if not less depending on price) so uh what now? I think I would be able to get someone to co-sign I'm really reliable in that respect and I have a steady normal job. But yes on living with the parents I save lots of money :D

Does anyone know of the best way to go about getting a loan in the neighborhood of 10-15k? I would search the interweb but I don't know where to start the only place I can think of is a bank and sometimes the interest rates aren't exactly the best. I'm also 18 with no credit history and the loan will be for a car....Any *useful* advice will be greatly appreciated, thanks guys!

What kind of car? If you're thinking of an FD, nobody will finance a 13 year old car.

you caught me, my brothers friend has a shop that he thinks has some kind of financing program but we don't know for sure yet. Honestly though I just didn't want some asshat fuck face to tell me not to get one because I'm a stupid fanboy, or I'm wasting my time, or wait till your older and the usual comments made about similar subjects because they have nothing better to do than to try and unsuccessfully shatter my ambitions

no, it's because older people have experienced debt and know the downsides.

Furthermore, financing a 13 year old car doesn't happen often. If a less-than-ideal loan candidate (in this case, one with zero credit history) requests a loan for a less-than-ideal item (in this case, a car with low auction value in the event of non-payment repo and sale), the loan candidate's chances of getting financing are... well, less than ideal.

Good point Manntis, then how am I supposed to do this? Just save up 10-15k!? That just seems both sensible and really really aggravating.

There's just no way you're going to get a loan. I've been down that road. When I was 18-19 I saw a FD at a used car dealer, tried my arse off to get a loan, but just didn't happen. Manntis is absolutely right, no one is going to want to finance a 13 year old car. Hell, when I was looking at it, it was only 7 years old and the fact that I had zero credit didn't help. I mean, I couldn't even get a loan , by myself, for 3k for a used FC! Save your money man, you have to also look at being able to afford loan payments, full coverage insurance ( will be required if getting an auto loan ), plus car repairs. Can you really afford all that PLUS live the life you are right now?

Clearly you can't afford and have no means of obtaining it without the aid of someone else. Therefore I'd say you shouldn't be trying to get it.

Save your money man, you have to also look at being able to afford loan payments, full coverage insurance ( will be required if getting an auto loan ), plus car repairs. Can you really afford all that PLUS live the life you are right now?

I probably could, I don't have a very glamorous life I don't spend a whole lot only reason I have no money now is because I was unemployed for a few months. The only problem I see is actually GETTING all the money, which as it would seem is very difficult but I'm well aware of problems and whatnot that face me if I do miraculously manage to acquire one. Thanks for the words of errr encouragement I appreciate it :D But seriously, thank you I'm still going to try, I don't give up that easily if I fall flat on my face so be it life goes on.

You should probably invest in some commas before anything else.

Just find a 2nd Gen Turbo and save $10K on the purchase price. The car is almost the same performance wise.

You should probably invest in some commas before anything else.

Most likely sir, I did seem to lack a few. What's the going rate these days?

Oh yeah fuck financing, that is way too much of a pain in the ass. I'll just wait 7-9 months and buy one with cash. Minus 5 on the delivery of advice plus several hundred for content, thanks guys. This just goes to show you're not all complete assholes :bigthumb:

Oh it does?
http://img108.imageshack.us/img108/8025/johnnycashbigfuuj2.jpg



How 'bout now?

nope still feelin the love!

Yeah, what the Loan Ranger isn't telling you is that banks have magic formulas that determine in an instant whether you're going to get a loan and for how much. :D

For example, when I was first starting out, at 20 years old, I had decent credit history, and paid all my cards off completely. I had no recurring monthly bills other than rent and insurance, and my rent was ~$700, and I'd been paying it for a couple of years.

Well I decided I liked the idea of not throwing away money on rent anymore, and I knew a $700 house payment in that area would put me in a pretty decent house. Something like 3 bedroom, 1800 square feet instead of the 2 bedroom 800 sq ft apartment I was paying the same money for.

Well, the bank said there's no way I could afford a $700 a month house payment. I said "What do you mean, my rent is more than that, and I've always been on time for 2 years - the landlord is one of my credit references" Finally, they said "Well, we can't issue you a loan with a payment of more than 45% of your monthly income." Even though I'd demonstrated credit responsibility and I could afford the house, they wouldn't grant me a loan because I didn't fit their formula. :D

Yeah, what the Loan Ranger isn't telling you is that banks have magic formulas that determine in an instant whether you're going to get a loan and for how much. :D

For example, when I was first starting out, at 20 years old, I had decent credit history, and paid all my cards off completely. I had no recurring monthly bills other than rent and insurance, and my rent was ~$700, and I'd been paying it for a couple of years.

Well I decided I liked the idea of not throwing away money on rent anymore, and I knew a $700 house payment in that area would put me in a pretty decent house. Something like 3 bedroom, 1800 square feet instead of the 2 bedroom 800 sq ft apartment I was paying the same money for.

Well, the bank said there's no way I could afford a $700 a month house payment. I said "What do you mean, my rent is more than that, and I've always been on time for 2 years - the landlord is one of my credit references" Finally, they said "Well, we can't issue you a loan with a payment of more than 45% of your monthly income." Even though I'd demonstrated credit responsibility and I could afford the house, they wouldn't grant me a loan because I didn't fit their formula. :D


Well, I didn't say that because it isn't entirely true. Some places have an automated system that applications are processed through. There isn't some magic number however that determines if someone will get a loan. Lots of variables come into play, but the main one would be the LTV (loan to value of collateral) of the collateral. Value to the bank is different than value to you. Most places wouldn't go much over 120%, in this case it probably wouldn't work out for you.

Beyond that, there are a lot of places that have a dedicated team of underwriters who review applications. They pull all 3 credit bureaus, analyze the loan, do a few different calculations, and make a decision. It is often times not so cut and dry. Banks want to loan out money, it is how they make money.

But, I do not work in consumer banking. I can't tell you every in and out of auto loans, just what I know offhand.