Getting a car loan for a used car?
#1
Forum Regular
Thread Starter
Joined: Oct 2013
Posts: 138
Getting a car loan for a used car?
Hey all,
We are looking to lease one car and buy another. I will hopefully have the money to buy the car outright but I was thinking to start up building credit we should put the money in a bank account and get a loan and just pay it out. I figure we might end up paying a little more for the car over the loan but it seems a good fit to build up credit.
So would I be able to get a loan with little or no credit?
I am not talking about $4k, it would be more in the $15/$20k mark (depending on what our cars in the UK sell for).
We are looking to lease one car and buy another. I will hopefully have the money to buy the car outright but I was thinking to start up building credit we should put the money in a bank account and get a loan and just pay it out. I figure we might end up paying a little more for the car over the loan but it seems a good fit to build up credit.
So would I be able to get a loan with little or no credit?
I am not talking about $4k, it would be more in the $15/$20k mark (depending on what our cars in the UK sell for).
#2
Banned
Joined: Apr 2013
Posts: 5,154
Re: Getting a car loan for a used car?
Hey all,
We are looking to lease one car and buy another. I will hopefully have the money to buy the car outright but I was thinking to start up building credit we should put the money in a bank account and get a loan and just pay it out. I figure we might end up paying a little more for the car over the loan but it seems a good fit to build up credit.
So would I be able to get a loan with little or no credit?
I am not talking about $4k, it would be more in the $15/$20k mark (depending on what our cars in the UK sell for).
We are looking to lease one car and buy another. I will hopefully have the money to buy the car outright but I was thinking to start up building credit we should put the money in a bank account and get a loan and just pay it out. I figure we might end up paying a little more for the car over the loan but it seems a good fit to build up credit.
So would I be able to get a loan with little or no credit?
I am not talking about $4k, it would be more in the $15/$20k mark (depending on what our cars in the UK sell for).
Your exact scenario is covered here on the wiki: http://britishexpats.com/wiki/Fatbri...stallment_Loan
Read the 'installment loan' part.
#3
Re: Getting a car loan for a used car?
If a person is eligible to join a credit union, they may very well have loans available. Some CU's can be more flexible about such things compared to banks.
#4
Forum Regular
Thread Starter
Joined: Oct 2013
Posts: 138
Re: Getting a car loan for a used car?
I have been advised to join DCU when I arrive.
#7
Banned
Joined: Apr 2013
Posts: 5,154
Re: Getting a car loan for a used car?
Those are my sole two reasons for having an account with them.
#8
Re: Getting a car loan for a used car?
Oh they have their plus points...you just don't want to know about the dodgy stuff
#10
Re: Getting a car loan for a used car?
They are one of the easier places to get a loan from, for a reason.
Some of the compliance practices have been as not compliant as BoA.
Fun hidden charges.
Put another way, they are also popular when one doesn't have status or necessarily very good documentation. Which means the inevitable consequences that brings.
Saying that, the DCU Centre in Worcester is a pretty nice venue...and not all branches are dodgy, obviously but when blind eyes are allowed to be turned.
I would look at St Mary's, Middlesex or Rockland first.
I would also not look at Avidia or Sovereign, the Brazilian jobby rather than the Santander buyout, but I wouldn't look there either.
Some of the compliance practices have been as not compliant as BoA.
Fun hidden charges.
Put another way, they are also popular when one doesn't have status or necessarily very good documentation. Which means the inevitable consequences that brings.
Saying that, the DCU Centre in Worcester is a pretty nice venue...and not all branches are dodgy, obviously but when blind eyes are allowed to be turned.
I would look at St Mary's, Middlesex or Rockland first.
I would also not look at Avidia or Sovereign, the Brazilian jobby rather than the Santander buyout, but I wouldn't look there either.
#11
Re: Getting a car loan for a used car?
I see... all makes sense now. US equivalent of Wonga etc, preys on the poor to give out money easily and then shafts them from that point on.