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 Liz
Owl Lady
 
Registered: 11/16/04
Posts: 6,962
Loc: Massachusetts
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 Re: How hard would it be to get a $2000 loan from the bank?  [Re: Diploid]
#7873690 - 01/13/08 04:47 PM (5 years, 4 months ago) |
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Quote:
Diploid said:
Applying for a small personal loan and then paying it off will do nothing for your credit.
This isn't a personal loan, it's a car loan which definitely DO help your credit score if you pay as agreed.
And it's a secured loan since the bank will hold lean on the car and LyYouIn will have paid 60% of the cost himself. If he defaults, the bank sells the car and recovers their $2k.
This is a slam-dunk for the bank. I think it's almost a sure thing they will put up the loan, though he may need a few more months of steady employment first.
Just an FYI, this is the "personal loan" I was referring to. I know the different between a car loan and a personal loan. But for the record, a personal loan from a bank and a car loan are shown exactly the same on a credit report. They are both "installment" debts.
Quote:
LayYouIn said:
or should i apply for a small loan($200-$500) and then just pay it off in a month? and then repeat.
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Remember, remember the fifth of November
The gunpowder treason and plot.
I see no reason why gunpowder treason
Should ever be forgot.
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 enesi
On the Bus
Registered: 04/23/06
Posts: 1,408
Loc: Erf
Last seen: 1 year, 8 months
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Re: How hard would it be to get a $2000 loan from the bank? [Re: Liz]
#7882809 - 01/15/08 01:14 PM (5 years, 4 months ago) |
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I kinda doubt they give you a personal loan without some sort of collateral. especially with you being young and having no credit yet established. But, if the car is 5k, and you tell them you are putting down 3k, they may go for it and give you a car loan. They will carry the lien on a 5k car with only risking 2k, that's a low risk loan.
All they can do is say no, go in and talk to them.
It takes time to build credit. You can't do it in one or two months. Just keep at it, and don't get in over your head with loans and credit cards and more monthly payments then you can keep up with.
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