Options for me

[corysti]

Well I checked my credit score and currently its 550...Honestly Im pretty excited considering just two months ago it was around 450 so Im very proud of my self. Anyways, I've been wanting to see what my options were for a small loan. I have around 1000 to put down and I only need around 2500 total for the loan. Are banks willing to loan on bad credit with a small amount and that type of down payment? I will have collateral...I have a Four wheeler that retails for around that price maybe a little more. Or do you think I should find a loan online? Any suggestions on a loan company you suggest? 

[Anonymous]

My first question is: Why do you need a loan?

Is this just for credit score purposes or do you actually need it?

[pizzadude]

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@corysti wrote:

Well I checked my credit score and currently its 550...Honestly Im pretty excited considering just two months ago it was around 450 so Im very proud of my self. Anyways, I've been wanting to see what my options were for a small loan. I have around 1000 to put down and I only need around 2500 total for the loan. Are banks willing to loan on bad credit with a small amount and that type of down payment? I will have collateral...I have a Four wheeler that retails for around that price maybe a little more. Or do you think I should find a loan online? Any suggestions on a loan company you suggest? 

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Many banks have a minimal loan amount, based on whether you are purchasing a new or used vehicle, and $2,500 may not qualify.....I'd suggest calling a few lenders to see what they have to say.

[Anonymous]

I'm just confused when he says that he needs a $2,500 and he has X amount to put down. 

It sounds like me like he just wants a loan for personal history, but I wanted to make sure.

If that's what he wants, then I'd suggest a CD-back personal loan. He would just have to make sure that they report the loan to the CB's.

If he wants a small personal, I'd check local community banks or credit unions as well, sometimes they are willing to take on smaller loans and 2,500 might actually be their max, but the interest rates can be around 10 to 12%. 

[Anonymous]

Wow, someone didn't realize he was in the AUTO LOANS sub-forum. Smooth, Frugal, smooth.

Anyway, for $2,500, you might not find much, OP, to be honest. Most banks have a time minimum on their car loans, which means they'll finance used cars up to 5 years older than the current year. And usually the prices are much higher. You still might want to check a smaller bank or a small dealer.