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InvisibleLayYouIn
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How hard would it be to get a $2000 loan from the bank?
    #7833567 - 01/04/08 08:59 PM (16 years, 28 days ago)

im 23 years old and have no credit, good or bad. i've only been at my new job for 2 months. i was thinking about buying a car that is listed at $5,995. i think i can talk them down to $5000 and i have $3000 in my bank account right now. i want to wait a month, making it 3 months at my job and about $4000 in my bank account. then i want to take out the $2000 loan just so that i can use it as credit and to buy the car.

im pretty sure i can get my mom to co-sign for me, but i would really like to do this on my own. how much of a chance do you think i have at getting the bank to loan me $2000?

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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InvisibleLiquidkick
H2O
Registered: 05/03/02
Posts: 2,635
Re: How hard would it be to get a $2000 loan from the bank? [Re: LayYouIn]
    #7833764 - 01/04/08 09:54 PM (16 years, 28 days ago)

Banks are straight up scared right now. Establish credit history and all will be good for you in the future.


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OfflinePDU
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Re: How hard would it be to get a $2000 loan from the bank? [Re: Liquidkick]
    #7833974 - 01/04/08 10:55 PM (16 years, 28 days ago)

Yeah man, if you have money in the bank, get a credit card, use it and pay it right away. Wait 6 months and you will have a credit rating.

In the meantime, have your mom cosign for the car?

(i am 22 and have a great credit rating, and it serves me very well. (saved me over a $1000 dollars in deposits for gas and hydro.))


--------------------
GO OUTSIDE.


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InvisibleLiz
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Re: How hard would it be to get a $2000 loan from the bank? [Re: LayYouIn]
    #7834048 - 01/04/08 11:21 PM (16 years, 28 days ago)

Applying for a small personal loan and then paying it off will do nothing for your credit. It will be a new account, and then a paid account, with no time in between for it to "season". Credit bureaus rate you based on a lot of things, and among them is how long you have had "open, active accounts" and how well you "utilize" your credit - meaning if you have a bunch of open accounts that are paid off, you're not "using" any of it.

Apply for the $2,000 loan. You might not get the best interest rate, but if you really don't have ANY credit, you might get approved, since you have $3,000 in the bank in assets. Your length of time on your job will hurt you though. Or, let the place you're thinking of buying from handle the financing for you (unless it's a private sale). Car dealerships are pros at financing people - like I said, it won't be the best rate, but you'll build credit for next time.


--------------------
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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InvisibleAsante
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Re: How hard would it be to get a $2000 loan from the bank? [Re: LayYouIn]
    #7834645 - 01/05/08 07:13 AM (16 years, 27 days ago)

Is it the right car for you? Can't you get a better second-hand one at lower cost? Is the miles-per-gallon ration favorable?

Ask yourself this. A car isn't just purchase, it has upkeep. Every extra mile per gallon saves you money bigtime over the years, because it does add up.

Might the car earn you money by driving you to a better job, or does it just cost you?


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Omnicyclion.org
higher knowledge starts here


Edited by Asante (01/05/08 07:14 AM)


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OfflinegeokillsA
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Re: How hard would it be to get a $2000 loan from the bank? [Re: LayYouIn]
    #7835195 - 01/05/08 11:44 AM (16 years, 27 days ago)

Though I wouldn't recommend it, there are ways to get fast loans... just ask Gary Coleman! :wink:

http://www.cashcall.com/



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--------------------
··∙   long live the shroomery  ∙··
...π╥ ╥π...


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Offlinesashasch5
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Re: How hard would it be to get a $2000 loan from the bank? [Re: geokills]
    #7835359 - 01/05/08 12:32 PM (16 years, 27 days ago)

gary coleman always knows best


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InvisibleLayYouIn
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Re: How hard would it be to get a $2000 loan from the bank? [Re: geokills]
    #7835951 - 01/05/08 02:55 PM (16 years, 27 days ago)

Quote:

Liz said:
Applying for a small personal loan and then paying it off will do nothing for your credit.




are you sure?  im going to talk with someone at my bank about this.  i've had a checking account there for 6 years, would that give me some kind of credit?  i've only over-drafted a couple of times.

Quote:

Wiccan_Seeker said:
Is it the right car for you?




yes.  even though the miles-per-gallon isn't the greatest, i live in oregon and having a jeep comes in handy during winter.  plus, i have a jeep right now that robs gas and i just have to make sure to get everything done all in one run, rather than making several trips.

id still have to look into the vehicle more and have my stepdad(former mechanic) go with me to look at it.

Quote:

geokills said:
Though I wouldn't recommend it, there are ways to get fast loans... just ask Gary Coleman! :wink:

http://www.cashcall.com/




would this earn me a credit score?  why wouldn't you recommend it?


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InvisibleLiz
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Re: How hard would it be to get a $2000 loan from the bank? [Re: LayYouIn]
    #7836232 - 01/05/08 04:05 PM (16 years, 27 days ago)

Quote:

LayYouIn said:
Quote:

Liz said:
Applying for a small personal loan and then paying it off will do nothing for your credit.




are you sure? im going to talk with someone at my bank about this. i've had a checking account there for 6 years, would that give me some kind of credit? i've only over-drafted a couple of times.






Bank accounts don't show up on your credit unless you overdraw it and don't pay them back - then they report you for a collection. The things that go on your credit are revolving debts (credit cards), installment loans (car loan, personal loans from banks, student loans) and mortgages. And obviously bad things like foreclosures, bankruptcy, collections...things like that. You can apply through your bank for a loan, and if you have a decent history with them they may approve you - $2,000 is a fairly small risk to take. But yet, I'm sure, taking out a loan and paying it off right away may not even REGISTER on your credit. If it did, it may give you a credit score, but not much else. It wouldn't even necessarily be a "good" score because you paid it off before they even had a chance to review your history on it - since there WAS no history on it. The best thing for you to do to build credit is apply for a credit card - the interest rate will suck since you don't have credit right now. Put gas and stuff on it, and pay more than the minimum every month, but don't necessarily pay it all off. Don't max it out either, that looks bad. Keep it open and active for as long as possible - THAT will look good on your credit, that you're maintaining a credit card for a length of time and paying it every month responsibly.


--------------------
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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OfflineBrandon2874
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Registered: 02/27/07
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Last seen: 15 years, 29 days
Re: How hard would it be to get a $2000 loan from the bank? [Re: Liz]
    #7840874 - 01/06/08 07:12 PM (16 years, 26 days ago)

If you can't get a loan from a bank you could try a peer to peer lending site such as prosper. Although it is likely you will have to pay a higher interest rate.


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OfflinegeokillsA
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Re: How hard would it be to get a $2000 loan from the bank? [Re: LayYouIn]
    #7842924 - 01/07/08 10:13 AM (16 years, 25 days ago)

Quote:

Quote:

geokills said:
Though I wouldn't recommend it, there are ways to get fast loans... just ask Gary Coleman! :wink:

http://www.cashcall.com/




would this earn me a credit score?  why wouldn't you recommend it?




I don't know about the credit score matter, but my lack of endorsement for cash call is based strictly on the assumption that they charge abhorrant interest rates and fees.


--------------------

--------------------
··∙   long live the shroomery  ∙··
...π╥ ╥π...


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InvisibleDiploidM
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Re: How hard would it be to get a $2000 loan from the bank? [Re: Liz]
    #7843651 - 01/07/08 01:49 PM (16 years, 25 days ago)

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.


--------------------
Republican Values:

1) You can't get married to your spouse who is the same sex as you.
2) You can't have an abortion no matter how much you don't want a child.
3) You can't have a certain plant in your possession or you'll get locked up with a rapist and a murderer.

4) We need a smaller, less-intrusive government.


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InvisibleLayYouIn
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Re: How hard would it be to get a $2000 loan from the bank? [Re: Diploid]
    #7846143 - 01/07/08 10:21 PM (16 years, 25 days ago)

so I would have to tell that bank that the loan is specifically for a car? would they make my pay full coverage insurance on the car?


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InvisibleDiploidM
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Re: How hard would it be to get a $2000 loan from the bank? [Re: LayYouIn]
    #7846896 - 01/08/08 05:23 AM (16 years, 24 days ago)

Likely they're not going to just hand over $2000 in cash unsecured because, since you have no credit history, they won't have confidence that it will be paid back.

But, if you buy a car and pay the majority up front, the bank can't lose because if you default, they sell the car which is worth more than they lent you. See how that works?

Also, a car loan paid on time will give you a good start building credit history. Paying on time is one of the most important components of your credit score, so don't miss any payments. Also, if you must miss one, call them and let them know why. As long as you don't to it too often, they'll let you slip a month without reporting it to the credit bureaus.


--------------------
Republican Values:

1) You can't get married to your spouse who is the same sex as you.
2) You can't have an abortion no matter how much you don't want a child.
3) You can't have a certain plant in your possession or you'll get locked up with a rapist and a murderer.

4) We need a smaller, less-intrusive government.


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InvisibleLayYouIn
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Re: How hard would it be to get a $2000 loan from the bank? [Re: Diploid]
    #7849967 - 01/08/08 07:45 PM (16 years, 24 days ago)

ohhh, i see how it works. do you think that they would make me pay full coverage insurance though? my friend got a loan and he had to pay full coverage.


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InvisibleLiquidkick
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Registered: 05/03/02
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Re: How hard would it be to get a $2000 loan from the bank? [Re: LayYouIn]
    #7850032 - 01/08/08 07:57 PM (16 years, 24 days ago)

They might, because the car is not worth anything if you screw it up.


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InvisibleDiploidM
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Re: How hard would it be to get a $2000 loan from the bank? [Re: LayYouIn]
    #7850153 - 01/08/08 08:17 PM (16 years, 24 days ago)

i see how it works. do you think that they would make me pay full coverage insurance though?

Yep. Count on that. They will want their car insured until it's no longer theirs.


--------------------
Republican Values:

1) You can't get married to your spouse who is the same sex as you.
2) You can't have an abortion no matter how much you don't want a child.
3) You can't have a certain plant in your possession or you'll get locked up with a rapist and a murderer.

4) We need a smaller, less-intrusive government.


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InvisibleLayYouIn
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Posts: 4,402
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Re: How hard would it be to get a $2000 loan from the bank? [Re: Diploid]
    #7855351 - 01/09/08 06:51 PM (16 years, 23 days ago)

would it help my credit score if i took out the $2000 loan and paid it back in like 2 months?


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InvisibleDiploidM
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Registered: 01/09/03
Posts: 19,274
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Re: How hard would it be to get a $2000 loan from the bank? [Re: LayYouIn]
    #7855681 - 01/09/08 07:40 PM (16 years, 23 days ago)

Yeah, but a months-long history of consistent on-time payments is better. It's the "on-time" part that makes the lion's share of your credit score.

In general, the more on-time months of that you have, the better your score will be.


--------------------
Republican Values:

1) You can't get married to your spouse who is the same sex as you.
2) You can't have an abortion no matter how much you don't want a child.
3) You can't have a certain plant in your possession or you'll get locked up with a rapist and a murderer.

4) We need a smaller, less-intrusive government.


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InvisibleLayYouIn
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Posts: 4,402
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Re: How hard would it be to get a $2000 loan from the bank? [Re: Diploid]
    #7856434 - 01/09/08 10:01 PM (16 years, 23 days ago)

hmmmm. well, i have a feeling that my insurance will be outrageously high since i got into a 3 vehicle accident(totaled a brand new car, totaled my car, caused great damage to another car, fractured my pelvis in 3 spots, and got a ticket for running a red light) about 4 1/2 years ago. i also have a few traffic tickets on my record. but i will check first.

i think ill just save up, buy the vehicle with cash, and then get a credit card and be really safe about using it.


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