advice on a loan loan:yes or no

[Halfwit]

dont forget also to get several different numbers on loans also so you can compare rates and terms... they'll compete for your business.

Bank A gives you this much for this percentage.

But you say, "ok, thats great, but i've got a better offer from bank B who is willing to loan me this much for this percentage... can you beat that or match it because i'd really like to do business with you, the bank i know i can trust" **while handing them your written quote from bank B***

ill print up fake ones that are like -8% where they actually pay me to borrow money, and ill see what they sya..lirl

[jlaudio88]

id do it

[The Golden Child]

is there a certain time you have to pay off the loan ??

[ALVIN]

I work in the car industry. Paying off a car quickly is up to the person. I have a lady that is paying hers off in less than 90 days. It all depends if you have the money to finance or not.

It is easy to dig yourself into a hole with too many accounts open. I couldnt sell a car because some lady had 7 credit cards open and didnt have a one on her (meaning her bf uses them). HE also pays for them but we cannot prove that so that means her credit score sucks and her debt-income ratio sucks and she wont get approved through anyone.

I know wachovia does a $5k loan no questions asked, at least I believe they do. They used to. like Carassco said, credit is good for certain things but not all. If you are looking to get high credit to buy a car...you must get approved and take delivery on a well priced vehicle. Sometimes we dont approve because the only CAR loans someone has had are 8k therefore not showing that they are responsible to take on say a $44k loan.

Just depends on you and wether you want a bill or not imo.

[ALVIN]

dont forget also to get several different numbers on loans also so you can compare rates and terms... they'll compete for your business.

Bank A gives you this much for this percentage.

But you say, "ok, thats great, but i've got a better offer from bank B who is willing to loan me this much for this percentage... can you beat that or match it because i'd really like to do business with you, the bank i know i can trust" **while handing them your written quote from bank B***

I say this may be hard. I personally know from a car salesman point of view that we will not give you the deal to walk out with. THat is plain stupid. Why? you may ask. Well that is simple. Why would one institution give you a deal and say here go find another one from another place and they'll beat it and we'll lose business. It just doesnt work that way.

Im sure alex wont do that if someone was looking to get a loan..."here have the deal I put out for you and worked my ass off to get you to this payment, interest rate, amount...and go to another mortgage company and get a lower one."

Another thing is that it is easy to tell someone...oh I got this deal from this and this place but I want to do business with you. "well we cant get you the same deal because we offer different rates and such and such so you should have probably stuck with the other company"

[Vteckidd]

Personally,

I would never do a loan on car PERFORMANCE parts. If your only ride or transportation breaks an you dont have the money to fix it, and your DEPENDANT on getting to work with said vehicle that is one thing.

BUt a performance mod should always be paid CASH or with a Credit card at time of completion.

Reason i say this is , its PERFORMANC, NOT NEEDED. Its a hobbie, and a hobbie such as cars has UPS and DOWNS.

let me throw a scenario at you. I may be biased because i know what you want to get done, but follow me anyway. No motor is bullet proof, no motor is perfect. We strive to build the best an most powerfull stuff out there and do a great job doing it. But, the performance market is pushing a car to its limits, and at that limit, shit breaks. Lets say your driving your 350whp car down the road that you borrowed $3000 to get done. Your oil return line breaks on the back of the block, thus emptying your motor of oil. In that process, your motor loses oil pressure, spins a rod bearing an starves the turbo for oil . Shit happens. Now, you have to continue paying back your loan for something that:
1) doesnt run
2) needs more money to fix.

Where had you paid cash OUTRIGHT, you could use the credit NOW to fix the car.

something to think about.

[dwnsthGABOY]

^^^exactly!