October 24, 2009 - 5:53 am
Posted in Car Loans | 5 Comments
I have one credit card that I charged up extremely high, and have since closed the account and I am working to pay it pack. However, I also currently I have an auto loan that I am getting stressed out about because I’m worried that if they check my credit score, they will want me [...]
May 29, 2009 - 2:16 pm
Posted in Student Loans | 1 Comment
Where do you apply for a federal (not private loan?)
Can you apply for a loan after you took out one loan for 2,000 several years ago that was taken out in your name by fraud? What then do you do, if you need more loan, like a 40,000 loan to cover your expenses? How do [...]
January 21, 2009 - 2:55 pm
Posted in Car Loans | 5 Comments
I have one credit card that I charged up extremely high, and have since closed the account and I am working to pay it pack. However, I also currently I have an auto loan that I am getting stressed out about because I’m worried that if they check my credit score, they will want me [...]
October 30, 2008 - 11:01 pm
Posted in Student Loans | 1 Comment
Where do you apply for a federal (not private loan?)
Can you apply for a loan after you took out one loan for 2,000 several years ago that was taken out in your name by fraud? What then do you do, if you need more loan, like a 40,000 loan to cover your expenses? How do [...]
September 7, 2008 - 4:48 pm
Posted in Home Loans | No Comments
I am looking to buy a 40,000- 50,000 condominium and was wondering if a home loan so inexpensive will be hard to get.
My credit score is 710, I am self-employed and make 50,000 year. My only debt is a 35,000 car loan with 32,000 left on the balance with 6 years [...]
August 29, 2008 - 12:00 am
ok as long as 2nd loan giver knows about 1st loan
August 30, 2008 - 11:16 am
there going to want something for collateral,and you,ll need something to put up for the loan,i doubt that they will allow this to happen,if you explain this to them they might allow it with something to secure the loan other wise its really not legal to do that,if they was to do it and the one bank found out about it,they have the right to call in there part of the loan at any time,this means you would have to come up with the full two thousand,its risky trying this,good luck.
September 2, 2008 - 11:29 am
Nope….you can supply the down payment any way you like, even put it on a credit card….
Good Luck!
September 3, 2008 - 10:31 am
If you can pay that back in 1-2 months, why don’t you just wait 1-2 months and save the money for a down payment yourself? Chances are if you borrow the money you will not pay back in that time frame. See if it is better financially not to put a down payment and have a slightly higher payment per month on the car. It will only raise your payment about $20.00/month
September 3, 2008 - 8:34 pm
If you take out a second loan, they will want collateral and since the first bank will have the title to the Cobalt, then you can’t use the car. You can either call the first bank and ask them to try and approve you with the additional $2,000 you need, or get the second loan from a family member, or find something you can use as collateral for the second loan. I hope this helps.
September 6, 2008 - 2:03 am
You have several options;
borrow the money from your home equity, may be able to write off interest on income taxes, good rate. YOUR house is now encumbered for more money, if you default on the 2nd you could lose the car and the house.
1) save the money for the down payment and buy a car when you have what you need. BEST OPTION.
2) put the down on a credit card as a cash advance. NOT a good thing as you probably will not pay it off in two months, if you do you are an exception
3) use a credit card check (if you have one, if not you can request one) for the down and repay it. NOT a good thing as you probably will not pay it off in two months, if you do you are an exception
4) borrow from a relative and repay in two months. NOT a good thing as you probably will not pay it off in two months, if you do you are an exception
5) borrow from a credit union and repay. NOT a good thing as you probably will not pay it off in two months, if you do you are an exception
6) arrange a loan with a credit union and borrow the full amount. GOOD OPTION as you will get a better rate and better personal service. Anyone can join a credit union and become a member and receive good rates (providing you have decent credit).
7) arrange a deferred down payment with the dealer and pay the money in 44 days (before the first payment is due on the 45th day). This is written in the contract and is legal and binding, if you do not come up with the money your vehicle will be repossessed. NOT the best option.
9) if you need a down payment to make the deal #1 and #2 together are the best options
There are other factors out there to consider: 1) is this a great buy on the vehicle that you can not duplicate? 2) is this an exceptional vehicle that can not be duplicated? 3) are you wrapped up in the vehicle as a “I gotta have it” choice?
Whatever the situation consider all the options and make a business decision, not a “car” decision or an “emotional” decision. Those two, especially when combined, make for very bad car deals for the buyers.
besttoyou, Chuck Norlin/theCar Guy
30 years/thousands of car deals