Bank financing.. (auto)?ive recently found a car that is too good of an offer to pass up.. good condition, low miles, good price, etc. but i dont have the cash to pay.. this guy will only take cash or bank financing.. i was wondering what banks would be the best for me to apply for a loan with? fyi. this car is $5,000 my credit is... |
Your best bet is to either check with your bank or credit union. Since you might have an account in good standing, they might be more likely to grant you an auto loan. If they decline your application, then your last resort would be to either find someone to lend you $5,000 or at least co-sign for a loan. Good luck and I hope this helps.
Hard to answer without knowing how much you earn.
But with bad credit, 19, a baby (I read your other question), I'm going to assume minimum wage, I'd say you might get a loan, but it will cost you a LOT of money in interest.
Getting into money trouble so early in your life is unfortunate.
You need to get out of this credit mess quickly, before it damages you permanently.
In the meantime, try a local bank, where you might have an account or a credit union. They are your best bet.
Your'e not going to get a loan unless you have a cosigner with excellent credit. Even then your'e going to pay an outrageous interest rate. That 5000 grand will end up costing you 10. Your local credit union would probably give you the best rate, but I doubt they would ok it. I'd ask one of your parents to put the car in their name until you get your credit scores up, but that won't work for everyone. With a low-paying job and bad credit I just don't see you getting approved for a loan. I'd wait and save some money and pay cash for a car. Cars are easy to find, good deal or not.
If you have a bank account go to that bank. Otherwise establish some credit with a bank>>>>>>>>>>>>
