My friend is selling a car to me ( REAL GOOD DEAL) only problem is i have no cash for the down payment. I would hate to pass up this chance! Does anyone know how hard it is to get approved for a loan around 2,000-4,000 from the bank? Also my credits not so good... If anyone has any ideas or tips on where to go i would appreciate it very much! Thanks
Last year (i was 19) I got approved for 5k loan from wachovia. Almost finished paying it off. I think banks start loaning at 5k. I could be wrong though and stand to be corrected. Anyways, just go to a few banks fill out some forms and see if they give you the money.
If you dont mind me asking did you have credit? also how does it work they approve you then they write a check?
As strange as it sounds, in my experience it is much easier to borrow a lot of money than to try to get a small loan. I have no idea why.
Yeah I had a little bit of credit, nothing impressive. I had started building it with a Wachovia credit card since I turned 18. When they approved me they simply wrote me a check, I took it to the bank teller and they cashed it for me and I left. It was pretty simply. I'm not sure how willingly banks will loan money right now though. Good luck though.
I've been with my credit union for about 16 years, have decent credit (about 680 or so) and only got approved for a $1,500 loan about 3 months ago. You may have better luck than me though.
with no credit, you can set up a secured loan with a CD as collateral. after 12 months or so if you make your payments on time, they will release your money back to you with interest... but you have to have something to back up what you are borrowing if you have no credit. it's kind of a Catch 22, but it will help build credit and maybe you can try it with a smaller amount, say $500 or $1000. If you have that money laying around, at least you can break it up in payments over the next year...
CITI Financial is pretty stupid. They will give you a **** load of money no matter how terrible your credit is. They are a good example as to why are economy is the way it is. Of course if your credit is already bad then I highly suggest you just pass on the loan and the car and worry about fixing your credit before increasing your debt any further.
also, nate, it is a great idea to apply for a line of credit with a department store like Macy's or Express. An employee who got me approved for a $200 line of credit at Express pulled some strings and classified me as a student. then you can start to apply for a gas card or for a $200-$250 line of credit with Capitol One or something like that. all of the sudden you will be getting credit card applications and you will start getting approved. make all your payments on time and in full in the first year.
