This may sound dumb but if I were planning on buying a new car and all i need is 11,000 to borrow. Do you think taking out a private student loan would be better then getting a car loan. My credit score is only 650 and I have three years of credit history. And if i could get a car loan at what interest rate do you think i could get it at best?
I know it was a general question. I was just trying to see if anyone out there has had the same circumstance. This is an open forum there was no need for you to be rude.
if you dont understand the ins and outs of credit, then you shouldn’t be applyijng for a loan. Stick to the bus.
unknownshopper
Senior Member<br>6K
posted: Jun. 14, 2006 @ 3:25p
One of these days somebody should get around to compiling a FWF faq or list of common questions and answers.
alex1432
Tired Member
posted: Jun. 14, 2006 @ 3:27p
unknownshopper said: One of these days somebody should get around to compiling a FWF faq or list of common questions and answers.
I don't think there are enough answers for all the questions... Besides no one would belive the FAQ applies to them. I mean sure my FICO score is around 650 but it's not exactly 650 can I still get a loan?
unknownshopper
Senior Member<br>6K
posted: Jun. 14, 2006 @ 3:29p
I was being sarcastic. OP's question is one of those listed in the sticky at the top of this forum.
Apparently you haven't read it either. No problem. Nobody does.
tholzer
Senior Member - 1K
posted: Jun. 14, 2006 @ 5:05p
If you could get a student loan, the interest rate would be better than a car loan. You would be more likely to qualify for a student loan.
tholzer
Senior Member - 1K
posted: Jun. 14, 2006 @ 5:07p
Clarification: The student loan would be best for you, because it will probably be federally subsidized (to get better interest rate, etc). With that said, the federal government needs to stop taking my money to help pay for your loan!
You can't/shouldn't be able to use a federally subsidized student loan to purchase a car (but no one checks what you really use the money for). A private student loan will often have a variable rate.
"Only 11,000" to borrow--what happened to the beater everyone drove when I was in college? It may not be pretty, but it goes and you don't do something stupid like take out a student loan to pay for it. Since you have no real guarentee as to how much money you will actually make when you get out of school, you should borrow as little as possible so you will be able to make all the payments and support yourself (and maybe even a family) for the (at least) 10 years you will be in repayment.
Why not call around a few institutions and check, but if you're determined to get this loan then apply to all on the same 3 days so the hits don't show on your credit report yet and further lowering your score and then choose from them. Try in-house, try your bank, try credit unions...
My friend has not so great credit because of the length of credit and the amounts and he got a 16.9% on 11k on a used car. Used vs new is also a factor within the financing experience.
computerquest said: You can't/shouldn't be able to use a federally subsidized student loan to purchase a car (but no one checks what you really use the money for). A private student loan will often have a variable rate.
"Only 11,000" to borrow--what happened to the beater everyone drove when I was in college? It may not be pretty, but it goes and you don't do something stupid like take out a student loan to pay for it. Since you have no real guarentee as to how much money you will actually make when you get out of school, you should borrow as little as possible so you will be able to make all the payments and support yourself (and maybe even a family) for the (at least) 10 years you will be in repayment.
i'm paying for my 03 mustang and i'm in high school
Man, I giggle everytime I see that..... some web dude at ANY credit Card Company or other LENDER, which uses "default.xxxx" for a index or home page...
With 650 FICO, I wouldn't consider to finance a car. Get a bike! Or take subway! Taxpayers help students to go to school with student loans, not to get a car when they cannot afford it.
spockones
Senior Member
posted: Jun. 15, 2006 @ 6:53a
You're in luck! There are two best times to buy cars. June and December. A lot of dealerships fiscal year ends in June and of course, that extra commision check in December makes nice Christmas gift.
The bottome line about car loans is unless you have bad payment history of house or car, if you have a pulse every 5 minutes, and BP is greater than zero, you will be approved. Mortgages and car loans is two biggest concerns with being approved for loans.
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