I'm thinking of getting a 4th gen 97 and up. Where is a good place to try and get a loan of between 7-8k?

 

Your bank.

 

Yeah right they suck. I got two part time jobs but I'm a student in college with zero bad credit. Is it even possible?

 

Probably not, but if your already pushing two jobs to hold it down in college, adding another bill might not be a good idea anyway. YOU KNOW your own financial situation, but if you really wanted to get a ride that bad, under the circumstances you've given, you probably won't get anything without either a co-signer or having someone take the loan out for you, and you just make the payments in that persons name. The 2nd suggestion does nothing for your credit by way.

 

It really has nothing to do to pay for school. How am I suppose to start a credit if I can't even get a loan to build one with.

 

Having a co-signer is a start. Once that loan is paid, the bank is more likely to extend you credit. You could also get a credit card which requires you to deposit the amount of your credit limit. It may sound redundant but, such a credit card, and your payments to that card, count toward your credit history. Eventually you'll be allowed to have a card or recieve offers for a card, which do not require you to make a deposit. The concept is to make trivial purchases soley for the purpose of paying it off over a period of time to establish a good payment history. Also see if your bank will allow you take out a small consumer loan for like $500 dollars. Deposit the money and make the monthly payments over a 6 month period. Any of these things is a good start to establishing credit history.

 

http://www.capitaloneautofinance.com/

 

i'm not the original poster but i do have a question.
i've heard about taking out a small loan and then paying back the loan with teh money that was borrowed. well aren't there interest rates that should be taken into consideration? i have a credit card, but when i went to apply for a loan (for about 5000) about a year or so ago they said i still did not have enough credit to do so on my own. so i may do this just to build up some credit, but i liek to know all the aspects before i get into something

 

Im no expert, so call up your bank for more details. I can say that I did use this "take out loan, pay it back" method when I first started building credit. It worked Great for me! I established history in less than a year. By the second time I did this, I had a pretty good history going, and could tell by the quality of credit card offers I recieved. I made it a point to always trash these offers, but they still provide a good temp on how good your looking to company's offer'n money to you. As for intrest, well different banks, different intrest rates. All the same, if you keep the loan amount low, I see you paying no more than 20 - 40 bucks intrest total. As far as I was concerned, even if the intrest worked out to 200 bucks total, so long as my history improved, it was worth it. Sorting of like Buying credit.

 

I have never had a credit card because 1) I couldn't use one for what I want to. 2)I do not want to pay high interest.

Like you I've been getting them in the mail for like the last 4 years but always shredded them. I did notice that the interest rates would get better though. I might try to get a small loan and pay it off quickly. I really don't want to cosign becuase I'm making enough to pay it off in like 4years or less even. I calculated a loan of 8k with an interest rate of 11% and it's doable, if it goes any higher I could afford it but I will just forget it.

 

If your already receiving credit cards, then you have a credit history. Most credit card offers are low quality High rate or hidden rate garbage, none the less you can use the offer to your advantage. Pick the best one offering the best rate, even if it is a garbage rate. Seeing as your not really going to use the card for serious purchases, the rate at this point isn't really important. What you want is the credit reporting the card company will give for every payment you make to them. That said, apply for the card, use for purchases you would consider routine. Purchases like gass or your weekly grocery, whatever you can think of that is consistant, and YOU KNOW you have the cash for. Instead of using the cash, charge it, place the money you would normally pay in cash in your checking. At the end of the month when your credit card bill comes in, write the check to the card company. If you do everything correctly, you'll always have the exact amount you charge in the bank, so you never really loose any money. Depending on the card company, on time payments may even get you out of paying intrest on your charges, if it doesn't, big deal, intrest on small amounts of money should not be too bad, even if the rate is high. When your "paying for credit" it's worth it. 3 to 6 months of this, works wonders on credit. When your done, get rid of the card. By this time you should be recieving way better offers anyway, or the Card company your with may try to keep you by lowering the APR to something more reasonable. It's up to you on whether or not to keep a credit card hand. To key to any of this credit building business is to NOT get sucked into the urge to actually use that $1,000 - $5,000 limit the card comes with. Spend within your means, and make the payments on time. The moment you start using credit as a financial crutch, your usually in trouble....then its downhill from there.....they've got you!

 

I got declined for a few car loans then i saved up some $ and put 4K down on my '99. If you pay so much down then a lender will usually finance you b/c even if you dont make the 1st payment you already put enough down that they can sell it and make profit or atleast get back what they put in on it. Know what i mean?

 

www.google.com

You can find mad car loans if you type it in.....

 

I have one...Wachovia prime for life...

Plus Home Depot, Lowes, Rooms to Go, Kauffman Tires...

 

i agree with capital one auto finance, they're freakin awesome.....and the lowest i believe is 7500 so right in your range....i would advise checking them out immediately

 

Just wanted to point out some information from something I was reading. Seems that you should be aware of what kind of financing you are getting pertaining to interest. There are three methods in which the interest is added on.

1) Simple interest, which is the best method is when the interest is calculated each month or divided throughout the entire loan period. This is the method where you can pay off the loan quicker and avoid some of the interest. Also try to get a fixed low interest rate.

2)Precomputed basis method AKA Rule of 78, Makes you pay more of the interest in the beginning. So paying it off early won't really matter.

3)Front end installment method is the worst one and makes you pay the interest each month on the entire amount you've borrowed.

Also remember that some dumbass companies penalize you for paying the loan off quicker. A big charge in the thousands sometimes.

 

I had a co-signer on my first car at 16. Now Ive boughten three since then on my own. My credit rating is better than my dads now, only because I have more credit cards. Just pay everything on time and youll be fine.