Is There A Banker In The House?!

Satyllac · 01-16-2005, 08:32 AM

If anyone here has any experience with taking out loans or has a job that relates to banking and/or loans, I could use some advice here.

I found one of my dream cars (yeah, cheesy, I know), but it's well out of my reach financially (think $12,000 or so). I'm most definately going to need to take out a loan to purchase it if I eventually choose to.

Since I have absolutely no credit whatsoever, it makes things a tad more difficult. What should I expect for interest rates? I'm assuming they'd be quite high, me being 18 years old with no credit history. If I get some money out of my insurance for the SC2 being stolen, I'd be able to put a $1,500 downpayment on it... Maybe $2,000 if I'm lucky. As I've stated before, I'm tight for cash at the moment.

Other problems might be:
I've only lived in Phoenix for six months.
I've lived at my current apartment for around four months.

And can someone define "APR" and all that other financial jargon these used car salesmen use?

Thanks much,
-Randy

Joeybagodonuts · 01-17-2005, 04:35 PM

im not a banker by a long shot (LOL i have trouble balanacing my own books! <grin>) but APR is annual % rate.
if going with a traditional type loan, hate to break the bad news, but i dont think youll get it (after owning 3 homes, dozens of boats and about 200 personal cars ive gone through ALLOT of diffrent loan types) but traditional loans usually want at least 12 months in one address, job at a certain length of time, etc.
now if going to a buy here pay here type dealer, they usually finance in house, if you live in a big city like phoenix im SURE theres DOZENS of buy here pay here, these dealers usually take ANYONE even bankruptcys, no credit history etc. if you find a DECENT respectable dealer they are supposed to report to the credit companys and that helps build future credit.
whats the dream car sattylac? is it something allot of dealers might have?

Satyllac · 01-17-2005, 05:19 PM

Something not too many dealers have, but there are a few private party's around here with them... Here's a pic of the one I inspected yesterday:

1996 Cadillac Eldorado ETC
-3800 Lbs Curb Weight
-300HP 4.6L 32V DOHC Northstar Engine
-Loaded To The Gills With Options
-Double Black (Exterior And Perforated Leather Interior, Somewhat Rare)
-$12,990 Sticker (Bad News For Me, But I've Got Some Room To Work Around With)

Joeybagodonuts · 01-17-2005, 05:34 PM

NO WAY LOL dude, ive always wanted a triple black etc also! in my heyday when i had my big restoration shop, i had TWELVE brand new devilles in a 3 year period, northstars, then 2 brand new sts's in a one year period (I used to lease em and write em off, all the other cars in my collection I flat out owned) the black etc and a "dodge little red express truck" are the two cars on my wish list I havent nailed yet.
next car were buying is for melissa, we have it narrowed down to three.
a dodge magnum hemi
a mercedes used 320 wagon
a volvo high pressure t-5 v-70 turbo wagon.
after that... ITS MID LIFE CRISIS time. then IM gonna get my etc, or little red express, i MIGHT consider the new crossfire....
does that dealer do in house financing?

Satyllac · 01-17-2005, 05:44 PM

Yup, the dealer has in-house, but I'm only eligble up for the lower end cars... He even tried talking me into one of the newer Saturn S-series sedans he had on the lot, but then I told him about how mine had been stolen.

I'm in the process of finding a good co-signer to help me snag this beautiful beastly auto.

*Edit* Good to hear I'm not the only Cadillac enthusiast around these forums!