cindy67005
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 12 Oct 2005
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| LOAN HELP!!! |
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OK this might seem confusing so barr with me. I work under the table at my brothers hair salon, i am on the contract as half owner but i work under the table. When my son was 16 years of age he bought his own car with cash and had nothing but problems with it so we traded it in and got a car for around $9,000 took a loan out for $3,700 threw a financial place (i knew the lady) He pays a high interest. Now he is 19 years old and the payments are almost done. Now my other son that is 17 years now bought his car just like the other one with cash and is having nothing but problems with it. He cant sell it, so we are thinking of trading his in for a car but he is going to need about a $5,000 loan. Is this possible to get knowing that my other son has a loan out with my name still on it and that i am paid under the table? My son that wants the $5,000 loan has a very very good paying job and gets S.S. I dont know if this matters but his father doesnt live with us, so his father got him a credit card with his name on it (my sons name) does this mean he has credit? The question is will i be able to get a $5,000 loan? The company i got mine from before i knew the lady and it is one of those companies that are for people with bad credit ect. Would i be able to get my son i loan from our bank or somewhere else? Any input would help...any questions welcomed!!
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Wed Oct 12, 2005 1:16 am |
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sayyes
Preferred Member
Cash: $ 11.60
Posts: 143
Joined: 02 Jul 2005
Location: Newport, RI
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There is no magic formula that we can plug your numbers into and be able to tell you that you will be able to get a loan. The only one who can tell you that is the bank!
Why not go in and ask them, it seems it is almost as much work as asking us and you'll get the definitive answer. The worst that can happen is they say no.
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Wed Oct 12, 2005 3:03 am |
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redview
New Member
Cash: $ 0.70
Posts: 3
Joined: 04 Oct 2005
Location: indiana
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| Hmmmm |
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I respectfully suggest as far as your big picture goes,
that you get your hands on a copy of suzy ormans book,
THE LAWS OF MONEY< THE LESSONS OF LIFE>
Read law/lesson number 1
I don't agree with her on everything, but this one is so true.
From a past rule breaker, now much wiser. Take care.
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Wed Oct 12, 2005 3:09 pm |
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chiron
Contributing Member
Cash: $ 11.54
Posts: 49
Joined: 10 Feb 2005
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May I suggest a consideration that Lady Suze forgets to mention in her book? Take the next car to a certified mechanic for a full inspection before you buy it this time?
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Thu Oct 13, 2005 7:16 am |
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UrCredit5
Member
Cash: $ 3.05
Posts: 14
Joined: 29 Aug 2005
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| Auto Loan for Son |
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The first thing I would do is get a credit report for you (mom) and your son. If the father got a credit card for his son in his sons name, then it's possible the father could have gotten something else in the son's name. Maybe not likely depending on the father's character, but possible. So get a credit report for the son to see what all is on the credit report in the son's name. After you do this and have a good idea if you want to go further and apply for an auto loan, you can apply for it. But more than likely, no matter how good your son's credit score is, he will still need a cosigner if he has never had an auto loan before. This might be influenced also by how much the car loan is for. But by him also being 17, I'm assuming that he doesn't have a credit history longer than 2 years. This will also push for a cosigner.
Good Luck!
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Wed Oct 19, 2005 6:44 pm |
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