Wednesday, March 11th, 2009

question about taking out a car loan from banks?

teachers federal credit union
Enjoi asked:


i found a car for sale for six grand from a local seller, but i was looking to take out a eight thousand dollar loan so i can buy some performance parts for it…

im not quite sure how loans would work, but to my understanding… my lender would pay the person how much they they approved me for… but if they lend me eight thousand and the car is six thousand… how would i get the extra two grand?

i bank with wells fargo and do work.. but i get paid straight cash from my dads company… so no check stubs or anything.. what would my chances be to get approved? or how could i show i work..

i can also go to a teachers credit union here in my city… or go to a federal union… but how?

thank you and any other ideas would be very very helpful!!

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2 Responses to “question about taking out a car loan from banks?”

~Laura and Scott Says:
March 13th, 2009 at 8:07 am

Your dad my have to buy the car for you, if you have no credit at all, a co-signer may not work. All you can do is go to a bank and apply. As for the performance parts, pay cash for those as you go. You are trying to be cool way to fast. Worry about getting a real job, your dad is not doing you any favors by paying you under the table. As you can see now, cash under the table means no prof of income, not good! What are you going to do when it is time to rent an apartment? How will you ever buy a house? Performance parts should be the last thing on your mind right now.
It took me 20 years to get to the point where I could afford to customize my ride and afford it. I have over $10,000 in parts added to my Wrangler, all paid for and I sleep good.

David M Says:
March 15th, 2009 at 4:43 am

Let’s see. You want to buy a $6,000 car and buy $2,000 worth of performance parts for it and take out an $8,000 loan. Which means you’re willing to put exactly $0 down. Have you been watching the news at all lately? Are you aware of the credit crunch? $0 down loans have disappeared. They are gone. You need to save up some money for a down payment before anybody wil give you a loan. Good luck.

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