Cash loans?

[an0therh22]

anyone know how an 18 year old would be able to borrow 8 grand? Not for school but rather for a car? just wondering because a friend of mine has been stumped with that situation for awhile.

[Tracy]

You go to our bank and ask them for a loan through them for a car.

[redrumracer]

what she said or have something of real value around that much.(not what you think its worth but what the lending institution thinks its worth.)

[MikeyPrzy]

Get your parents to co-sign a loan or have them get a loan and you pay them for cheaper rates...

[Julio]

How much.. I will loan at 135 % =]

[Kevykev]

How much.. I will loan at 135 % =]

c'mon man you know i'm the IA Cash Loan Shark


I charge 35% compounded bi weekly.

[an0therh22]

c'mon man you know i'm the IA Cash Loan Shark


I charge 35% compounded bi weekly.

haha so thats how this site keeps going.

all jokes aside the only thing i told him so far was to go to the bank. than he saids he doesnt even have a bank account yet.

[Kevykev]

His credit profile will label him as "High Risk."

Unless he has reasonable collateral, his application will be declined.

He WILL need a cosigner.

[an0therh22]

His credit profile will label him as "High Risk."

Unless he has reasonable collateral, his application will be declined.

He WILL need a cosigner.

dam man. that sucks. ok i guess the bank isnt an option than. anyone know any other ways?

[osiriskidd]

lendingtree.com have his dad do it and he pay his dad. thats how i had to go about doing it. if the car's not NADA/KBB then get a personal loan.

[an0therh22]

lendingtree.com have his dad do it and he pay his dad. thats how i had to go about doing it. if the car's not NADA/KBB then get a personal loan.

care to pm me details?

[osiriskidd]

care to pm me details?

www.lendingtree.com

where banks will email you and contact you with details and rates so you know how much you're expected to pay. and usually they'll give you an okay.

if its for automotive use, i recommend, CapitalOne Auto Finance,

for personal, just fill it out accordingly.

[Dracc]

find a fat italian guy named joey sit and talk with him... just make sure your on time with the payments...

[KPowerEP3]

tell him to get a job and save. He doesn't want payments that young.

[Jkuao]

Do not get a personal loan for a car!

The average interest rate of a personal loan is 13.12%. A kid w/ no credit will more likely be closer to 20% (that's crappy credit card range) if they even consider you. It's probably more likely he'd have to go through the legal loan sharks at cashcall and pay closer to 99% interest.

The reason car loans are usually cheaper is b/c there's some collateral in the car. There's also a reason why they won't loan on something like an 240SX that blue books for 3k and you want to borrow 8k on. The insurance company will only pay out 3k if the car's stolen or totalled meaning they'd lose their shirts lending on a car like that.

8k for a car is a lot of money for an 18y/o w/o any credit. If you have to get a personal loan for 8k, you probably have no real savings. If your parents won't help in the first place, they may not help if you get into trouble w/ payments or other expenses from an 8k car. Factor insurance, repairs(most 8k cars need something), gas, and mods (God help ya if you're modding and you need to borrow that much money).

Killing your credit before you hit 20 is very bad once you're ready to buy your 1st car, house, etc.

Walk it to work, bum a ride, drive the beater your parents gave you, or save your pennies. Whatever you do, do not get creative in borrowing money for a depreciating asset at high interest rates. B/c the car is probably worth less than the loan amount (at least its insurable amt), even once you figure out its a money pit and decide to set the POS on fire, you'll still owe money on it.

[Turbo04]

Do not get a personal loan for a car!

The average interest rate of a personal loan is 13.12%. A kid w/ no credit will more likely be closer to 20% (that's crappy credit card range) if they even consider you. It's probably more likely he'd have to go through the legal loan sharks at cashcall and pay closer to 99% interest.

The reason car loans are usually cheaper is b/c there's some collateral in the car. There's also a reason why they won't loan on something like an 240SX that blue books for 3k and you want to borrow 8k on. The insurance company will only pay out 3k if the car's stolen or totalled meaning they'd lose their shirts lending on a car like that.

8k for a car is a lot of money for an 18y/o w/o any credit. If you have to get a personal loan for 8k, you probably have no real savings. If your parents won't help in the first place, they may not help if you get into trouble w/ payments or other expenses from an 8k car. Factor insurance, repairs(most 8k cars need something), gas, and mods (God help ya if you're modding and you need to borrow that much money).

Killing your credit before you hit 20 is very bad once you're ready to buy your 1st car, house, etc.

Walk it to work, bum a ride, drive the beater your parents gave you, or save your pennies. Whatever you do, do not get creative in borrowing money for a depreciating asset at high interest rates. B/c the car is probably worth less than the loan amount (at least its insurable amt), even once you figure out its a money pit and decide to set the POS on fire, you'll still owe money on it.

Best advice in this thread right there.....

[an0therh22]

^^^ that guy has some serious advice. thanks man ill pass that on

[Barefoot]

without a cosigner good luck. i tried every option i could find. all i did was waste my time and others. got a cosigner and was approved the first time around.

[Dietcoke]

Tell him to get a bank account and start paying some revolving accounts to get credit history. I got 4.49% on the 30k loan on my sky, I've got roughly a 740 credit rating at 20 year old. It's all about being smart with money and investments. Your money should be making you money, not costing you money. Looking forward to buying my first house soon.