Ok, so right now I'm looking into buying a nice 93 se that i spotted. My parents probably won't help me with the payments, so I was going to take out a loan. Is it easy to get an auto loan for a $3000 car?

 

Good credit=yes

Not good credit=no

18 years old=difficult

 

Maybe. Your credit is irrelevant as there are plenty of places who will happily loan the money, albeit at a high interest rate. The real question is this: Is the car worth $3k? Nobody will make you a used car loan if the car in question is not worth the amount (according to their books) being loaned.

 

you want to take out a loan to get a 1 year newer car?

a bank won't finance it as a car, they may do it as a personal loan.

any way you look at it though it's not a good idea IMHO

 

get an unsecured loan...then there is no direct correlation between the car and the money.

 

Most of that is true, check the value on NADA as that's what most banks use.

Also, age can hurt his chances, mainly due to the lack of credit history. Having no Credit can be worse than having bad credit. One individual trying to buy my Colorado ran into that problem. She made more money than I did, but just didn't have the credit history to get a loan. She even tried online with a bunch of places. But ALL of them wanted a co-signer, and her parents didn't have good enough credit to do it.

 

save...save...save...save

Make an account and deposit some money every paycheck, or better yet see if your company has a bank/credit union. Lexmark's would let you take money directly from your paycheck and deposit it into an account for you so you don't see/spend it every week.

Oh and don't do what I did and invest in your friends (IOU's), you tend to get a negative return.

 

I highly suggest you pay cash for any car that old.

You won't be able to get a car loan for it and a personal loan is going to likely be over 10 percent. You will end up paying a lot more than $3k for it.

 

What kind of a dealership is this car lot? Most of the ghetto lots in TX will let you put $500 down and show them a pay stub as financing/credit history. They will let you take the car as long as you make a payment each month.

 

You're not likely to be able to get a loan for $3000. Most banks won't give a loan for a car more than 5 years old. If you do, your interest rate will be absurd.

Save your money. Buy it with cash.

 

IMHO, a 1993 Maxima SE ISN'T Worth 3000.00 + The interest you will pay,
after all is said and done you could have bought a 2000 SE with a FAR better rate Not to mention more reliable car. Don't waste your time with that deal, you'll only get taken for a ride.

Troy.

 

wow, a lot of advice on this one. well here's how i stand. the car im looking at is a 93 se 5-speed with 127000 miles on it. it was garage kept its whole life, owned by one family. the only visual defect is a 3 inch dent on the passenger side fender. this car is basically flawless and frankly, mine isn't. Anyway, I was gonna have my dad take the loan out (most likely a personal loan), and i would pay him for all the payments. plus im gonna sell my car once i learn how to drive the stick, and save all that money strictly for payments. by the time that runs out ill have a nice stash saved up from working.

 

I suppose if you got someone to loan you the money, then sold your current car and at least paid most of it off, that wouldn't be too bad. I would try to pay that ish off ASAP, though.

My suggestion on that would be to swap over whatever you are keeping, then don't spend any money on mods until after you pay off the car. That would only be fair to your dad.

 

well what i originally wanted was my dad to buy the car outright. i would sell mine, give him that money and pay back the difference 10% per month. sadly, i dont think that will happen. so ill resort to loaning through him

 

Put the dealer car on a credit car (0% interest ideally), then pay it back when you sell the old one. I did this when I bought the black max and sold the white one. It took me about a 2 days to learn stick well enough to be able to drive comfortably in 90% of all situations....and I just avoided the other 10% (parallel parking on a hill).


BTW, for reference, credit unions WILL give you a good rate on a used car older than 5 years if your credit is good. Ask me how I know

 

that would be awesome except for the fact i have no credit / credit card. perhaps i could work that idea with my dad, i like the way u think

 

Talk to the bank and see if they'll put you on as primary, with him co-signing or vice versa. This way you can start working on your credit history.

 

Making car payments on a 13 year old car is not cool, if you wreck it then you still have to keep paying. Work at your dad, get him to help you out, then sell your car ASAP and pay the rest back as fast as you can. It'll take you a day to learn stick, so I would hope there'd be a for sale sign on your car the next day. Oh ya, put stock wheels and suspension back on your car, it'll be worth about the same as modded, but you can sell or keep the mods for extra $$$

 

save and buy cash. i will never take a loan or make payments on anything but a house.

 

Hmm... interesting as 99% of banks out there require FULL coverage on the vehicle, and GAP insurance is always a good idea.

 

on something that old, you generally won't get a vehicle long - a personal unsecured loan, maybe.

gap insurance is worthless on a loan with that little of a balance. are you going to pay all the extra premium for the 500 you may have overpaid???

i say have your dad get a loan for the amt of the car - then the car doesn't have a lien on it and you can pay him back. just make sure you pay him back and make it worth his while and feel good that he is helping make you responsible. then your dad will always know he can trust you.

 

That is incorrect. I took out a loan for my '92 when I bought it from Michael. Granted, I paid it off in 6 months, but it was still a car loan. (car was the collateral) And the interest rate was ~4.5%. To be frank, if it was any other 3rdGen from anybody else, I wouldn't have bothered. But mine is special.

 

You can get a vehicle for just about anything, granted maybe not an excellent rate, but if you look around you won't get screwed.

And if you're bank is charging $500 for GAP... I would find a new bank. I just bought a truck and the GAP only cost me $200 through Wells Fargo, $125 if I could have gotten my Credit Union to do it.

And how is it worthless. Insurance isn't going to give him $3000 if it's totaled. $1500 if he's lucky. Leaving him with what's left.

 

https://www.capitaloneautofinance.co...YCOAFTL0004010
You can get a loan through them. They'll send you a check and You can use that to buy the car. Interest rate isn't too good, and I haven't used it. I'd recommend you save up the money as others have said.

 

Getting a loan in Norway = no problemos.

But our car prices kinda speak for itself. BOO at taxes and evil goverment. They hate cars

(A 89 Max would cost about 7500$ at a dealer here).