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Discussion Starter #1
Well here's the story.....I've tried twice now to get the loan, and I've been denied both times. My mom was applying as the primary and me as the co-signer. I have applied for a loan of 18 grand, and it's not working. My mom's credit is below average, and I have no credit. Any recommendations/hints to help me find a way to get the loan? I have 3 grand saved up right now........help me please!
 

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Lol, I wish I could borrow some money, but my family isn't by any means rich. I'm trying any angle I can think of here......
 

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cutlass4lfe said:
Lol, I wish I could borrow some money, but my family isn't by any means rich. I'm trying any angle I can think of here......
Race civic's on your bicycle for money? :wink:
 

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cutlass4lfe said:
Well here's the story.....I've tried twice now to get the loan, and I've been denied both times. My mom was applying as the primary and me as the co-signer. I have applied for a loan of 18 grand, and it's not working. My mom's credit is below average, and I have no credit. Any recommendations/hints to help me find a way to get the loan? I have 3 grand saved up right now........help me please!
If you can't get in under your parent's credit then it sounds like you're pretty much screwed. The only thing you can really do is to continue to save and put your money in a credit union. Try and build up some credit too. They're more apt to give out loans to their members. You should also think about putting a sizable downpayment when you try again, a 500 dollar downpayment isn't going to cut it.

-faast
 

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Discussion Starter #6
Three things.........
1) I have a car, it's a pos, and I want a new one......lol, I don't ride a bicycle thanks.
2) I am a member of a credit union.
3) I already have saved up around 3 grand, I was planning on putting most of it down, if not all....not 500 bucks.
 

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I second Wasp's notion; they'll let damn near anyone cosign for you. Find some long lost relatives, make some friends...
 

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I am in the same boat.
I bought my Mazda P5 in November 02' and put 6k down on it.
It was my first car loan and the bank financed 13.5K for it.
I have a buyer for the Mazda now but the bank will not up loan to the 18k I need to get the SRT4.
So I either have to save up more of a down payment so that my loan ammount is the same that I have now (i would need 7k down), or they said they would increase my loan if I continue to pay on time for another 6 months or so to establish credit with them.
So now I wait sitting on my hands and making the payments every month.
Tic Toc...must rob bank...tic toc.
 

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Xerxes said:
I second Wasp's notion; they'll let damn near anyone cosign for you. Find some long lost relatives, make some friends...
Just don't blame them if they don't want to, it's their ass on the line if you don't pay.

-faast
 

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Unfortunately, it goes back to credit worthiness and honoring your commitments. The banks look at it as a ‘RISK LOAN’. Due to the current economy, getting loans at your age is going to be harder than a booming economy.

There are several items you have to accomplished in order to get a car: 1) steady job (usually they look for more than 24 months), 2) debt ratio to earn income (this must be almost zero for your age), prior credit (even small items can be listed). They are looking prior payments pattern to determine the risk level, 3) Cosign with someone with a credit point of 600 plus. Your mother may not qualify for this based on your statement, 4) Home Equity Loan (your mother can borrow against her house). This is an easier way to do it, 5) Credit Union. Apply for a small stupid type loan and pay it off in three months or less. To build some credit points or ensure less risk factor, or the worst case, 5) put down 40 percent down. To a banker this clears the car worth at an local auction to resell it if you renege on the loan. There is hardly any less and lowers the risk assessment.

SCENARIO: I usually purchase a vehicle and make a three months payment and then pay it off. This helps me in my credit points and lowers my risk assessment for any larger loan. I walked in the Navy Fed Credit Union and dropped 32K check on the Dodge Hemi truck and then a couple weeks later applied another loan for a SRT-4. The credit union or loan committee had no problem in making a quick decision in giving the loan for the vehicle, seeing the prior payment pattern.


I know it is hard to be patient, but it is sure worth it. Though, I had to cosign a loan for my daughter and her husband, I finally see she was working too many hours and causing stress on her family. I decided to pay off the remaining loan to salvage the family and having be more of a mom at home or work less while spend more time with her best friend (her husband). Then have her pay me if she has the money or don't worry about it she doesn't have it that month. Though, I wish it was the same for you. Being a cosigner is not always a good option when the bank is demanding there money now and the other person cannot pay it.

Oh well....not ramble.
 

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Discussion Starter #12
All good points. Unfortunately the side of my family that I do talk to often lives in Las Vegas, and they're having enough financial troubles of their own. And my dad's side just isn't the nicest bunch of people around......lol. It looks like I'll just have to be more patient and save up for a while longer. U never know though, thanks for the advice to all of you.
 

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My plans are to try and get a loan on my own. I'm going to put 5 grand down and break out the check stubs to prove my income. My friend got a $14k loan with a $2500 down payment all in his name with no credit from his bank.
 

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Discussion Starter #14
The best my credit union is offering me is $7500. While that's not bad, but that plus 3 grand that I've saved up won't get me an SRT-4 :( Good luck on your plan though, hope it works out for you.
 
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