Advice on taking out a loan for a car
04-27-2006, 01:22 PM
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Advice on taking out a loan for a car
I am a little hazy on how this works, but this is what I would like to do. Get a loan from somewhere for about 5 to 8k to buy a vehicle from a private party and not have interist that will entirely rape me. For the loan I would have a co-signer with pefrect credit. I know someone on this thread has done this and is experienced so lean me towards the right direction I am looking for a 2 year loan or somewhere in that range. Know anyone that will loan the money to me with a set interist then let me know. Reason why I mentioned set interist is I have a friend who didnt and his payments went from 100 to 210 a month due to a huge spike on the interist. It would scare me if I took a 5k loan and ended up spending 10k or more on it. thanks in advance
04-27-2006, 01:27 PM
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Re: Advice on taking out a loan for a car
I took a loan out for a car through my insurance company. In that loan deal the interest was fixed so that it wouldnt go up or down. I would talk with your insurance company and see what they have to offer. If not then I agree with Merf with the credit union. I wouldnt get your hopes up to try and pay off a 5k loan in 2 years they would push you to prolly 3 years.
04-27-2006, 04:30 PM
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Re: Advice on taking out a loan for a car
If you're eligible, check out Navy Federal or Usaa. If not, Wachovia and Bank of America have pretty good rates too. I'm sure there are more but those are the only ones I'm really familiar with. Whoever you go with, just make sure it says fixed interest rate or ask them if it is.
04-27-2006, 04:38 PM
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Re: Advice on taking out a loan for a car
Originally Posted by Topik
USAA ftw.
04-27-2006, 04:39 PM
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Re: Advice on taking out a loan for a car
I actually had a few problems with them when I totaled my car. They were trying to give me a couple thousand below the fair market value of my car.
