This is topic personal loan question in forum General Talk at Northern California Ford Owners .
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Posted by Ty (Member # 4920) on
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so im trying to get a newer truck cuz riding my crotch rocket everyday is getting old and i cant carry anything on it. basically what i want to do is instead of getting an auto loan and have to pay full coverage on a car plus sr22 i want to just get a personal loan and pay cash for the truck. does anyone have any experience doing this and if so what are your interest rates like. lookin for around 8,000
Posted by Yaterstang (Member # 7659) on
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You'll have to have TITS credit in order to get an unsecured loan nowadays. Credit unions are your only chance, the bigger banks will not give out a personal loan like that.
Posted by Yaterstang (Member # 7659) on
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https://www.golden1.com/ProductsServices/Rates/ratedetails.aspx?rid=24&l=en
Posted by 50 Deep (Member # 6216) on
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You are better off getting an auto loan. Personal loan interest rates are much higher in general that that of an auto loan. Which eventually will cost you more in the long run. Also in order to obtain a loan for 8k the business is going to want collateral property to put a lien on. The only way around that is to have perfect credit and an extremely low debt to income ratio. Which includes all possible open lines of credit you could use, even if the balances are low or paid off. As Yaterstang said you will be extremely hard pressed to obtain an unsecured loan.
What I have seen done is opening a credit card with an 8k or more limit and just purchasing the car by pulling money from that. However you need bomb ass credit, low debt to income, and a nice monthly income to obtain that kind of balance.
Good luck tho
Posted by Yaterstang (Member # 7659) on
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Crap they are chargin 13-14 percent. Im sure if your credit is good enough to qualify for that, you'd be better off just getting a car loan. Full coverage insurance is never a bad idea anyways.
Posted by Ty (Member # 4920) on
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holy hell i had no idea they would be that high. the only thing im scared of is getting raped on the full coverage with the sr22 because i have a dui plus being 23 the insurance companies love to stick it up my ass. my creadit should be 700 or higher, i havent checked it in a while but right now im only in debt like 230 bucks
Posted by Yaterstang (Member # 7659) on
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You might not have enough trade lines, trade lines are lines of credit that are required by the bank to determine how you can handle multiple credit accounts. They usually want to see you with 2-3 trade lines before giving out a personal loan like that otherwise they will decline you for lack of credit history. Paying that bullshit SR22 is part of owning up and handling your shit. You know you need a truck or some sort of vehicle here before the rain starts coming again, sell me your bike and you might have enough for a truck! Watcha got?
Posted by Slowback67 (Member # 6348) on
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Buy a bucket.... I got a DUI/ wet and reckless when I was 21.... Your insurance will be off the hook for at least 2 years. That said, buy a bucket and don't pay hella money for insurance.
Posted by Yaterstang (Member # 7659) on
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quote:
Originally posted by Slowback67:
Buy a bucket.... I got a DUI/ wet and reckless when I was 21.... Your insurance will be off the hook for at least 2 years. That said, buy a bucket and don't pay hella money for insurance.
BINGO!
Posted by wilit (Member # 3367) on
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Personal loans always have a much higher interest rate than auto loans. Check out a credit union and see if you can get a line of credit. My ex bought a car on a credit line and the interest was only 7%-ish.
Posted by Ty (Member # 4920) on
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quote:
Originally posted by Yaterstang:
You might not have enough trade lines, trade lines are lines of credit that are required by the bank to determine how you can handle multiple credit accounts. They usually want to see you with 2-3 trade lines before giving out a personal loan like that otherwise they will decline you for lack of credit history. Paying that bullshit SR22 is part of owning up and handling your shit. You know you need a truck or some sort of vehicle here before the rain starts coming again, sell me your bike and you might have enough for a truck! Watcha got?
ive got two lines of credit that ive had open for almost 3 years so i think that wont be a problem. i know i just gotta suck it up with the sr22 just tryin to save a few bucks where i can. and i definetly need a truck for work and i really dont want a bucket because i drove a bucket mustang for 8 years and im ready for a nice ride.......as for the bike its a 99 cbr600 with a ton of suspension work and a few different bolt ons along with a set of cams thrown in it......always thinking of selling it
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