Loans ?

[LS1ow]

So with this move and renting a storage space for all my junk ive depleted pretty much my entire fund for a new vehicle. Just in time for the vehicle ive always wanted to go up for sale. with this situation being as negging as it is, i wass thinking about taking out a loan ? i would need about a 15k to get the truck i need plus the $ i still have. and i plan on paying that back within 2 years. i just have NO CLUE about loans. do i get the lump sum up front and they pay it back with an interest rate ? hows it work ? and is it a good idea...

[LTb1ow]

Better find some one to cosign for you if you have no credit card history or history of paying bills off on a timely manner.

If you have a bank account (I assume you do) go to that bank and sit down with a loan adviser, see what percentage rate they will give you, and if they will approve you. You can do this online in most cases, just be aware that applying for loans does ding your credit for some odd reason.

Then go sit down with a dealer (if you are buying from one?) and see what they can do for you. The dealer will more than likely get you some sort of horrid loan percentage wise, so its best to get your bank to get you a nice one and walk into dealer prepared instead of #yolo.

I would try to get as much cash/funds as you can to throw down on the truck, if you can have the bank approve you for a loan and you have money to throw down, balls in your court versus the dealer. Again, assuming its a dealer, vs private.

[BonzoHansen]

You'll get wacked on interest on an unsecured personal loan.

Honestly if you're in that position the last thing you need is a $15,000 truck that is depreciating on a daily basis.

[OG]

Originally Posted by BonzoHansen

You'll get wacked on interest on an unsecured personal loan.

agreed. they really hammer you on interest. if you shop around you might be able to find something in the 7-9% interest range

but you'll be better off if you have a rich uncle that'll lend you $$$ with 0% interest.

[Blackbirdws6]

Many different loan types out there but any personal loan will be loaded with interest. To answer your question though, the money is provided up front and basically you will be charged interest until you pay it off. You can pay more aggressively which is always smart but there will likely be a minimum payment.

Without collateral or something the bank would like to secure the loan with, you may have some trouble.

[WildBillyT]

Originally Posted by BonzoHansen

You'll get wacked on interest on an unsecured personal loan.

Honestly if you're in that position the last thing you need is a $15,000 truck that is depreciating on a daily basis.

This. It will not be pleasant. Also, I don't know your situation but in most cases it's a bad move to take out a loan for toys. If it's for work that's something else entirely.

[LS1ow]

its not really a toy, its more just a truck to drive. im aware of the whole Co-signer thing, and have already contacted multipul people(brother, grams, uncles) that would have no problem with it. im really not concerned about not making the payments back, and i know ill have significant interest.

[Mike]

Originally Posted by LS1ow

its not really a toy, its more just a truck to drive. im aware of the whole Co-signer thing, and have already contacted multipul people(brother, grams, uncles) that would have no problem with it. im really not concerned about not making the payments back, and i know ill have significant interest.

If hell bent on doing it. Why ask for advice

[//<86TA>\\]

if you have to shell out the bulk of you funds for the vehicle, leaving you will little left for the unknown, its a bad idea. Murphy's Law.

as for getting a loan, do you have any credit history? credit cards ect? if not, it will be hard, but if you do, this could be a good opportunity to help build you credit, but if you use a cosigner, it will do little or nothing for you.

If you go for the loan yourself, form a bank, they may look for collateral for the loan. You could make a trip to the bank or where ever and talk, see what they can do and what it will require from you and at what interest rate.

[LTb1ow]

Afaik, even with a cosign, a car loan is one of the best ways to build credit.