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  #1  
Old 12-25-2011, 04:37 PM
alobar alobar is offline
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Default Advice on car loan

I'm 24 years old, and am in need of my first car loan. I've never made a late payment, but my major credit history only includes two credit cards (one I've held for 6 years, and one I've had for 2.) I pay off my balance in full each month, which is usually around $750. Around 6 months ago, my credit score was estimated at 725.

I've had the same job for about a year and a half, and make around $30,000/year. I was a full-time student before that, and made roughly 1/3 of that for the previous 4 years. I'll be starting medical school in August, so I'll obviously be quitting my job sometime before then. When going to the bank and asking for a loan, should I mention that I will be quitting my job, and going to medical school? I'll have access to plenty of money in loans to make my payments, so that won't be a problem. I'm just unsure how the bank will consider me having no work related income for the next 4+ years. Could it be a positive that I'm a dedicated student, that is pursuing a high paying field?

My goal is to get a loan somewhere between $10,000-$14,000, with (obviously) the lowest interest possible.

Also, should I look elsewhere besides my bank (Wells Fargo) for a loan?

Any and all advice is greatly appreciated, thanks!
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  #2  
Old 12-29-2011, 01:55 AM
mkjohn mkjohn is offline
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Default Re: Advice on car loan

Hi guys you should try to get car loans through private money lenders. Private money lenders can get car loans even if you have poor credit history. You can get help from Google.
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  #3  
Old 12-30-2011, 02:22 AM
littleroc littleroc is offline
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Default Re: Advice on car loan

I'm telling you that people who borrow money to buy cars are broke. I know that may sound rough, but if you cannot buy a car with cash you shouldn't buy it unless you need to borrow some money to pay off an old stupid loan and to buy a $1000 car until you get out of debt and can pay cash for a used car. Rich people with high networth don't borrow money to pay for cars..
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  #4  
Old 12-30-2011, 07:05 AM
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Herbert Herbert is offline
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Default Re: Advice on car loan

This is a bit good but it might cost you in future.
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  #5  
Old 01-05-2012, 12:50 AM
Loan Expert Loan Expert is offline
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Default Re: Advice on car loan

I agree you should look for private money lenders. I can help you.
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  #6  
Old 02-06-2012, 10:44 PM
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margauxmorgan margauxmorgan is offline
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Default Re: Advice on car loan

Also you can seek help with car loan calculators available online.

to give you an idea of the estimated figures for your loan

with the loan calculator you can play with different scenarios and have the best and suited deal for your budget.



more? visit this cool blog site @ loancalculatorformula.com
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  #7  
Old 03-10-2012, 05:30 AM
leo_bwick leo_bwick is offline
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Default Re: Advice on car loan

Message me for info on a reliable private money lender at cheap rates for whatever purpose. It has worked for many and you are no exception.
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  #8  
Old 03-28-2012, 02:19 PM
mccormickkevinj mccormickkevinj is offline
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Default Re: Advice on car loan

If you're seriously thinking about getting this car, you should check out Verifico. It's an online marketplace with loan professionals who can help you find a good program for you. Definitely worth a shot
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  #9  
Old 03-28-2012, 03:12 PM
littleroc littleroc is offline
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Default Re: Advice on car loan

It's hard for me to understand this post, because what my wife and I do is save up the money we need to buy the car and then pay in cash for what we can afford. Simple as that. No bank involved.
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  #10  
Old 05-16-2012, 07:00 AM
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Mark David Mark David is offline
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Default Re: Advice on car loan

Better not to mention about quitting the job if you are going for big loan, well banks are very much sure about your job but for your business they are not sure.
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  #11  
Old 06-19-2012, 01:45 AM
joyley joyley is offline
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Default Re: Advice on car loan

Quote:
Originally Posted by alobar View Post
I'm 24 years old, and am in need of my first car loan. I've never made a late payment, but my major credit history only includes two credit cards (one I've held for 6 years, and one I've had for 2.) I pay off my balance in full each month, which is usually around $750. Around 6 months ago, my credit score was estimated at 725.

I've had the same job for about a year and a half, and make around $30,000/year. I was a full-time student before that, and made roughly 1/3 of that for the previous 4 years. I'll be starting medical school in August, so I'll obviously be quitting my job sometime before then. When going to the bank and asking for a loan, should I mention that I will be quitting my job, and going to medical school? I'll have access to plenty of money in loans to make my payments, so that won't be a problem. I'm just unsure how the bank will consider me having no work related income for the next 4+ years. Could it be a positive that I'm a dedicated student, that is pursuing a high paying field?

My goal is to get a loan somewhere between $10,000-$14,000, with (obviously) the lowest interest possible.

Also, should I look elsewhere besides my bank (Wells Fargo) for a loan?

Any and all advice is greatly appreciated, thanks!

Your goal is to get a loan between $10,000-$14,000. To get the best probable low interest rate on a car loan you should know two important things i.e. Current situation of marketplace for interest rate and your financial state. If you have a fine credit score, you will be able to get loan at low interest rates, but if you have low credit score then also you will be given car loan. MY CAR LOAN ONLINE gives car loan on same day.
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  #12  
Old 06-12-2013, 02:20 AM
coreyclark315 coreyclark315 is offline
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Thumbs up Re: Advice on car loan

You wish to get a loan between $10,000-$14,000 so I can suggest you some options. Firstly you can look for an online lender. There are many lenders offering a car loan but you should make a search for a low interest lender only. Secondly you can look for a local bank or local credit unions for these loans. Most banks and credit unions have websites where you can check their current loan rates.
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  #13  
Old 06-28-2013, 04:07 PM
Shadow187 Shadow187 is offline
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Location: Minneapolis, MN
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Default Re: Advice on car loan

We have a looming bankruptcy and I was still able to get a loan for a Suburban through a small dealership, so it is still possible
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  #14  
Old 07-15-2013, 12:10 AM
jallyjames jallyjames is offline
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Default Re: Advice on car loan

Good post , thanks for sharing with us.................nice tips......)
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  #15  
Old 07-16-2013, 10:17 PM
kerstinemeyer kerstinemeyer is offline
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Default Re: Advice on car loan

Why not ask advice from commerce bank. They know well about this issues.
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