Auto loan or not?

[Anonymous]

Speaking of the loan amount do they look at the person the same way be it a $5k loan or a $45k loan? It seems crazy to lump the two together

[Creditaddict]

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@Anonymous wrote:

Speaking of the loan amount do they look at the person the same way be it a $5k loan or a $45k loan? It seems crazy to lump the two together

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with auto loan they will look at NADA Value, and the Debt to income, and the person ability to pay

[Anonymous]

Now the loan amount I was asking for was for a private sell but what about financing at a used car dealership? From what I understand most wont do it if you are out of state?

[Creditaddict]

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@Anonymous wrote:

Now the loan amount I was asking for was for a private sell but what about financing at a used car dealership? From what I understand most wont do it if you are out of state?

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i would think dealership would be easier and out of state shouldn't be an issue, especially for the credit union.

the dealership just faxes in buyers order with the totals and credit union writes a check (if you are already pre-approved and such)

[Anonymous]

I really don't want to do anything until I have at least my settlement check first and the other money to have at least $2k then maybe the loan money to back the rest up

I don't know what my interest rate will be however

[Anonymous]

Quick question... well two..

So I'm going to try and go to the CU this Friday so how long does it take to find out if I get approved or not for a loan?

Also for car dealerships that list as guaranteed credit approval what is the catch on that?

[Creditaddict]

Up to 50% down in cash and interest ratesover30%

[Anonymous]

Ah I see.. well for the price of the car it's still doable for me but not the idea way I would want to do just because I want to have at least $2k put aside.

I still haven't cashed the checked I recived from Allstate just because I'm not sure what I want to do yet.

I have also been at my job going on 7 years in Nov.

[Anonymous]

Ok so I opened up the account at the credit union today and not sure if this is how all of them work but for me to have a checking account I needed to have a savings account, so I opened the savings with $100 and put the other $1,490 in checking. I wonder if I should of asked for a personal loan instead of a auto loan (more on that later) So i was told I have to wait 30 days for my account to be open not to have a $25 charge should I not get the loan.. if I get the loan then I wont be charged. If I ask for a loan after 30 days then I would not be charged should I get the loan or not.

Now having said that when I said I wanted a auto loan they said they work with enterprise and how they can find whatever car and whatnot.. however it's highly doubtful they will have a '05 subaru Outback with a manual transmission. So I did see a deal on CL in which I could just ask for a loan of say $2500, they had options of having the payments taken out of your check or making payments.

Some of the fees seem just as high as a normal bank it seems.

[Creditaddict]

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@Anonymous wrote:

Ok so I opened up the account at the credit union today and not sure if this is how all of them work but for me to have a checking account I needed to have a savings account, so I opened the savings with $100 and put the other $1,490 in checking. I wonder if I should of asked for a personal loan instead of a auto loan (more on that later) So i was told I have to wait 30 days for my account to be open not to have a $25 charge should I not get the loan.. if I get the loan then I wont be charged. If I ask for a loan after 30 days then I would not be charged should I get the loan or not.

Now having said that when I said I wanted a auto loan they said they work with enterprise and how they can find whatever car and whatnot.. however it's highly doubtful they will have a '05 subaru Outback with a manual transmission. So I did see a deal on CL in which I could just ask for a loan of say $2500, they had options of having the payments taken out of your check or making payments.

Some of the fees seem just as high as a normal bank it seems.

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I guess I don't know what you are referencing wtih a fee.

Do they have just personal loans or checking overdraft lines of credit?

doesn't seem like the auto loans they offer fit your $2500 that you want, is that really all you need to purchase the car is $2500 loan?