REVscene - Vancouver Automotive Forum


Welcome to the REVscene Automotive Forum forums.

Registration is Free!You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today! The banners on the left side and below do not show for registered users!

If you have any problems with the registration process or your account login, please contact contact us.


Go Back   REVscene Automotive Forum > Automotive Chat > Vancouver Auto Chat

Vancouver Auto Chat 2016 VAC Community Head Moderator: Raid3n

Reply
 
Thread Tools
Old 06-06-2010, 10:28 PM   #1
Captain Happy Bubble is my Homeboy
 
TomBox_N's Avatar
 
Join Date: Jan 2010
Location: Vancouver
Posts: 318
Thanked 48 Times in 23 Posts
Want to get a loan for a car (private sale)? Where should I look?

Planning to get a 20-25k loan for a car. Should the go to the bank first? My main bank is BMO. And no, my mom isn't paying anything.

Tia
Posted via RS Mobile
Advertisement
TomBox_N is offline   Reply With Quote
Old 06-06-2010, 10:31 PM   #2
OMGWTFBBQ is a common word I say everyday
 
GabAlmighty's Avatar
 
Join Date: Oct 2008
Location: Whitehorse, YT
Posts: 5,320
Thanked 3,778 Times in 1,240 Posts
I had my car loan through a bank, I had a fairly low interest rate and could pay as much as I wanted (so long as it was above the minium obviously) whenever I wanted. I have no complaints by taking a loan from a bank.

And go to a few different banks, see what they can do for you.
__________________
'16 Ram 1500
'85 Corolla
GabAlmighty is offline   Reply With Quote
Old 06-06-2010, 10:36 PM   #3
Banned (ABWS)
 
Join Date: Oct 2005
Location: BC
Posts: 741
Thanked 54 Times in 41 Posts
so ur getting a loan to buy a used car? doesn't sound very smart to me.

only place i know that will loan is the bank. try asking rich friends and family.
fishing666 is offline   Reply With Quote
Old 06-06-2010, 10:37 PM   #4
I contribute to threads in the offtopic forum
 
Join Date: Jun 2006
Location: not vancouver
Posts: 2,642
Thanked 1,940 Times in 764 Posts
agreed with the above, banks will provide financing, they just need an asset (the car) to back it up

expect higher than mortgage rates, as cars depreciate whilst property appreicates (decreased risk... well, supposedly (look at financial crisis))

having said that, i have a rule, if i can't pay for it with cash, i can't afford it, but then again, not everyone's as boring as me
4444 is offline   Reply With Quote
This post thanked by:
Old 06-06-2010, 11:30 PM   #5
First to fail !SG evar! Now i have yellow fever...
 
Redlines_Daily's Avatar
 
Join Date: Jan 2010
Posts: 1,482
Thanked 2,431 Times in 475 Posts
^ so youre going to buy a house with cash?

financing a used car is perfectly fine, check the rates at your bank and if you are buying from a dealership they may have in house financing as well, which is usually pretty competitive.
Redlines_Daily is offline   Reply With Quote
This post thanked by:
Old 06-06-2010, 11:57 PM   #6
I contribute to threads in the offtopic forum
 
Join Date: Mar 2010
Location: richmond
Posts: 2,513
Thanked 1,352 Times in 445 Posts
Try n get a personal loan first, and not a car loan.
Posted via RS Mobile
vafanculo is offline   Reply With Quote
This post thanked by:
Old 06-07-2010, 12:03 AM   #7
I answer every Emotion with an emoticon
 
FerrariEnzo's Avatar
 
Join Date: Feb 2005
Location: somewhere
Posts: 7,905
Thanked 2,484 Times in 1,006 Posts
i believe banks will not lend loans if the car is 5 years old or more.... but maybe now its changed coz of the economy, they might want more business...
__________________
My Buy&Sell Feedback, Thanx
FerrariEnzo is offline   Reply With Quote
Old 06-07-2010, 12:43 AM   #8
Banned (ABWS)
 
orange7's Avatar
 
Join Date: Oct 2006
Location: MacLeod
Posts: 7,298
Thanked 542 Times in 289 Posts
nice to hear you're entering the car scene. Make sure you come to the RS summer meet.


Looking at your bio, you're a post secondary student. If I were you, I wouldn't loan that much for a car.


anyways, it's your choice. Just make sure you post pics up if you do get it.

Last edited by orange7; 06-07-2010 at 12:50 AM.
orange7 is offline   Reply With Quote
Old 06-07-2010, 12:46 AM   #9
Banned (ABWS)
 
orange7's Avatar
 
Join Date: Oct 2006
Location: MacLeod
Posts: 7,298
Thanked 542 Times in 289 Posts
. double post
orange7 is offline   Reply With Quote
Old 06-07-2010, 12:54 AM   #10
:: Sells McLarens, Not tofu :okay: ::
 
tofu1413's Avatar
 
Join Date: Aug 2007
Location: vancouver
Posts: 9,674
Thanked 9,784 Times in 2,751 Posts
Quote:
Originally Posted by vafanculo View Post
Try n get a personal loan first, and not a car loan.
Posted via RS Mobile
+1

usually banks wont do private used car sales. loan it under as a "personal" loan. older the car, less likely it'll be approved.
__________________
16' (L405) Range Rover TD6 - "Dak"




- The Drinker of Many Coffees @ McLaren Vancouver ...
tofu1413 is offline   Reply With Quote
Old 06-07-2010, 02:38 AM   #11
Rs has made me the woman i am today!
 
oldsnail's Avatar
 
Join Date: Jun 2002
Location: Victoria
Posts: 4,193
Thanked 376 Times in 181 Posts
if you cannot afford it, dont get it.
there is a repo next to me.. and i see people losing there M5, mustangs, wrx from bank loans.. apparently the repo man said it is usually missing 3 months of payments
oldsnail is offline   Reply With Quote
This post thanked by:
Old 06-07-2010, 02:45 AM   #12
PM me for my nudes
 
smoothie.'s Avatar
 
Join Date: Apr 2006
Location: Burnaby
Posts: 3,832
Thanked 3,663 Times in 966 Posts
whatever you do, citi financial is NOT the place to go. they quoted 30% interest as a "good rate", compared to vancity personal loan which was < 8.
__________________
Quote:
Originally Posted by jasonturbo View Post
Too bad it isn't about flipping cars to lose money, I'm really good at that.
Quote:
Originally Posted by SkunkWorks View Post
This wouldn't happen if you didn't drive a peasant car like an Audi...
Quote:
[14-05, 14:59] FastAnna You tiny bra wearing, gigantic son of a bitch
[15-05, 10:35] FastAnna Yeah I was dreaming of those big titties in that tiny bra
Quote:
Originally Posted by westopher View Post
I'd probably blow someone for that 911
smoothie. is offline   Reply With Quote
Old 06-07-2010, 07:41 AM   #13
RS.net, helping ugly ppl have sex since 2001
 
ShyGuy's Avatar
 
Join Date: Nov 2001
Location: Vancouver
Posts: 8,341
Thanked 263 Times in 82 Posts
are you able to get a line of credit?
__________________
:makeout:
ShyGuy is offline   Reply With Quote
Old 06-07-2010, 09:10 AM   #14
OMGWTFBBQ is a common word I say everyday
 
GabAlmighty's Avatar
 
Join Date: Oct 2008
Location: Whitehorse, YT
Posts: 5,320
Thanked 3,778 Times in 1,240 Posts
Quote:
Originally Posted by FerrariEnzo View Post
i believe banks will not lend loans if the car is 5 years old or more.... but maybe now its changed coz of the economy, they might want more business...
I took out a 6k loan on an 82 volvo....

Ya, get the personal loan. I had my dad co-sign for me as he has more assets then me. But I had it figured out, paid it off in under a year.
__________________
'16 Ram 1500
'85 Corolla
GabAlmighty is offline   Reply With Quote
Old 06-07-2010, 09:31 AM   #15
I contribute to threads in the offtopic forum
 
TheSalesman's Avatar
 
Join Date: Dec 2002
Location: vancouver
Posts: 2,637
Thanked 154 Times in 91 Posts
What kind of car are you looking for?
TheSalesman is offline   Reply With Quote
Old 06-07-2010, 10:29 AM   #16
Head Moderator
 
Lomac's Avatar
 
Join Date: Dec 1982
Location: Great White Nor
Posts: 22,642
Thanked 6,407 Times in 2,068 Posts
I did a personal loan on a car that was >5 years old. Only did it because my ICBC payout wasn't enough to cover the cost of the car I wanted and my car fundhad been sunk into rebuilding and modifying the engine. Lol. I was easily able to pay for it, but I didn't want to go carless while I saved up. Yes, I'm paying interest but oh well.
Posted via RS Mobile
Lomac is offline   Reply With Quote
Old 06-07-2010, 10:43 AM   #17
RS.net, helping ugly ppl have sex since 2001
 
TypeRNammer's Avatar
 
Join Date: Jan 2005
Location: Vancouver
Posts: 8,608
Thanked 2,815 Times in 833 Posts
Quote:
Originally Posted by smoothie. View Post
whatever you do, citi financial is NOT the place to go. they quoted 30% interest as a "good rate", compared to vancity personal loan which was < 8.
That's not too bad, last time I took out a personal loan, I got tacked with 12%.

Paid it off in two months so it was all good.
__________________
Quote:
Originally Posted by The_AK View Post
Or you meet some girl at the club, cum inside of her, find out shes only in grade 12, so you buy a Prada bag for her to make things right, she finds out the bag is a fake and decides to have the kid
Quote:
Originally Posted by RX_Renesis View Post
wtf did she get some bolt-on titties or what?
they look sooooooooooo much bigger than they were 2ish years ago.
Quote:
Originally Posted by nns View Post
I can't stand the sound of Mandarin either. Boo yow nee bey nee shing bo now noong gey shee mayo mayo mayo mayo mayo mayo mayo.
TypeRNammer is offline   Reply With Quote
Old 06-07-2010, 12:40 PM   #18
Captain Happy Bubble is my Homeboy
 
TomBox_N's Avatar
 
Join Date: Jan 2010
Location: Vancouver
Posts: 318
Thanked 48 Times in 23 Posts
Hmmm, it seems that there are 2 schools of thots. I dunno what car I'll be getting yet. My plan is to get the money ready first cuz it's always gonna be harder to get money when you actually need it.

As for those suggesting to get a personal loan first, will they ask you what the money is for? And if you tell them that it is for a car, will they automatically turn it into a car loan.

Also, I have saved up a decent sum as down payment, I'm just asking for more than I need so I can have more flexibility.

This may be a stupid question, but if my account with BMO is in one branch, is it ok that I go speak to a rep from another branch? The reason being that the branch I have my account with does not open on saturday. Also, if I don't have an account with a bank, can I just walk in and ask for a loan?

Thanks
__________________
FYI, I'm smarter than everyone here.

Last edited by TomBox_N; 06-07-2010 at 12:48 PM.
TomBox_N is offline   Reply With Quote
Old 06-07-2010, 12:45 PM   #19
nuggets mod
 
freakshow's Avatar
 
Join Date: Feb 2002
Location: richmond
Posts: 6,925
Thanked 3,385 Times in 926 Posts
Quote:
Originally Posted by TomBox_N View Post
Hmmm, it seems that there r 2 school
Your sig and your post really don't match up very well..

It's ok to get a loan for a used car, as long as your not over extending yourself. Depending on the interest rate you're gonna get, a 25K loan is quite a lot for a student buying a car. I would just drive a ~$5K car while you're still studying.
__________________
I searched for truth, and all I found was You

'00 323i (Sold)
'01 Civic Si (Sold)
'95 240sx (Sold)
'02 LMB M5 (Sold)
'92 4Runner (Sold)
'92 Civic VX (Sold)
'03 SL500 (Sold)
'92 NSX
'99 M3 (Totalled)
'07 A4 2.0T (Sold)
'01 CB M5 (Sold)
'01 540i (Sold)
'11 535ix
'08 Civic Si (Sold)
'08 RS4
freakshow is offline   Reply With Quote
Old 06-07-2010, 12:52 PM   #20
Captain Happy Bubble is my Homeboy
 
TomBox_N's Avatar
 
Join Date: Jan 2010
Location: Vancouver
Posts: 318
Thanked 48 Times in 23 Posts
Quote:
Originally Posted by freakshow View Post
Your sig and your post really don't match up very well..

It's ok to get a loan for a used car, as long as your not over extending yourself. Depending on the interest rate you're gonna get, a 25K loan is quite a lot for a student buying a car. I would just drive a ~$5K car while you're still studying.
Oh, hahaa

Actually I've graduated already but forgot to update my profile. I have a job right now. So my thinking is that if I get a 20k loan, pay it off over 3 years, that's ~7000/year = ~ 650/month. Yes I know I havent taken compounding interest into account but is my logic correct here?
__________________
FYI, I'm smarter than everyone here.
TomBox_N is offline   Reply With Quote
Old 06-07-2010, 02:04 PM   #21
Everyone wants a piece of R S...
 
jstn86's Avatar
 
Join Date: Apr 2005
Location: BC/ON
Posts: 365
Thanked 332 Times in 43 Posts
$20k loan sounds like a pretty damn big amount.

unless your job is relatively secure and you know you can pay it off, then go for it.
but like others above me suggested, if you can't afford it, then don't try too hard to buy it.

you don't need a nice car. you WANT a nice car.

there are plenty of cool/fun cars to choose from maybe within half of the price you are looking at right now. ($10k or under)

and you said you wanted 20-25k for a car loan but you have enough for a downpayment? but now you are saying you just want to have that money ready just in case? what's going on here.. haha
jstn86 is offline   Reply With Quote
Old 06-07-2010, 02:13 PM   #22
OMGWTFBBQ is a common word I say everyday
 
GabAlmighty's Avatar
 
Join Date: Oct 2008
Location: Whitehorse, YT
Posts: 5,320
Thanked 3,778 Times in 1,240 Posts
Is your job union?
__________________
'16 Ram 1500
'85 Corolla
GabAlmighty is offline   Reply With Quote
Old 06-07-2010, 02:21 PM   #23
RS.net, helping ugly ppl have sex since 2001
 
TypeRNammer's Avatar
 
Join Date: Jan 2005
Location: Vancouver
Posts: 8,608
Thanked 2,815 Times in 833 Posts
Quote:
Originally Posted by TomBox_N View Post
Oh, hahaa

Actually I've graduated already but forgot to update my profile. I have a job right now. So my thinking is that if I get a 20k loan, pay it off over 3 years, that's ~7000/year = ~ 650/month. Yes I know I havent taken compounding interest into account but is my logic correct here?
But taking out a loan of that significant amount, you're gonna get raped with interest.

Lets say you want to pay it off in 3 years, annual interest is about 10-12%, the amount that it costs to take out a 25 grand loan is another 5 grand on top of that. Which equals to about 850-950 per month, insurance...lets say 200 more on top, and gas, 200 bucks.

With this rough estimate, the cost tor drive the car per month is almost 1500 bucks per month.

But another loan you can take out is a line of credit, and you'll only get approved for one if you meet the minimum requirements for a specific bank. (CIBC, you need to make 17 grand annually in order to get approved)

Lets say if the annual interest is about 5% and you plan to pay for it in about 4 years, that's about $3000 of interest you pay to borrow $25,000.

Again all of this is a rough estimate.
__________________
Quote:
Originally Posted by The_AK View Post
Or you meet some girl at the club, cum inside of her, find out shes only in grade 12, so you buy a Prada bag for her to make things right, she finds out the bag is a fake and decides to have the kid
Quote:
Originally Posted by RX_Renesis View Post
wtf did she get some bolt-on titties or what?
they look sooooooooooo much bigger than they were 2ish years ago.
Quote:
Originally Posted by nns View Post
I can't stand the sound of Mandarin either. Boo yow nee bey nee shing bo now noong gey shee mayo mayo mayo mayo mayo mayo mayo.
TypeRNammer is offline   Reply With Quote
Old 06-07-2010, 03:31 PM   #24
Captain Happy Bubble is my Homeboy
 
TomBox_N's Avatar
 
Join Date: Jan 2010
Location: Vancouver
Posts: 318
Thanked 48 Times in 23 Posts
Quote:
Originally Posted by jstn86 View Post
$20k loan sounds like a pretty damn big amount.

unless your job is relatively secure and you know you can pay it off, then go for it.
but like others above me suggested, if you can't afford it, then don't try too hard to buy it.

you don't need a nice car. you WANT a nice car.

there are plenty of cool/fun cars to choose from maybe within half of the price you are looking at right now. ($10k or under)

and you said you wanted 20-25k for a car loan but you have enough for a downpayment? but now you are saying you just want to have that money ready just in case? what's going on here.. haha
That's very true

What I mean is that I can buy a car for say 20k. I can finance the whole thing thru the bank, or I can put 10k down and finance 10k thru the bank. It's just get have a bigger loan available provides more "wiggle room".


Quote:
Originally Posted by GabAlmighty
Is your job union?
No. I understand that job security should be a big consideration

Quote:
Originally Posted by TypeRNammer
But taking out a loan of that significant amount, you're gonna get raped with interest.

Lets say you want to pay it off in 3 years, annual interest is about 10-12%, the amount that it costs to take out a 25 grand loan is another 5 grand on top of that. Which equals to about 850-950 per month, insurance...lets say 200 more on top, and gas, 200 bucks.

With this rough estimate, the cost tor drive the car per month is almost 1500 bucks per month.

But another loan you can take out is a line of credit, and you'll only get approved for one if you meet the minimum requirements for a specific bank. (CIBC, you need to make 17 grand annually in order to get approved)

Lets say if the annual interest is about 5% and you plan to pay for it in about 4 years, that's about $3000 of interest you pay to borrow $25,000.

Again all of this is a rough estimate.
Yea, interest can be a pain in the arse. You really put it into perspective for me. I guess if interest is outrageously high, like double digit, then I should really reconsider. Time to meet up with a bank guy.
__________________
FYI, I'm smarter than everyone here.
TomBox_N is offline   Reply With Quote
Old 06-07-2010, 04:02 PM   #25
RS.net, helping ugly ppl have sex since 2001
 
TypeRNammer's Avatar
 
Join Date: Jan 2005
Location: Vancouver
Posts: 8,608
Thanked 2,815 Times in 833 Posts
Quote:
Originally Posted by TomBox_N View Post
That's very true

What I mean is that I can buy a car for say 20k. I can finance the whole thing thru the bank, or I can put 10k down and finance 10k thru the bank. It's just get have a bigger loan available provides more "wiggle room".




No. I understand that job security should be a big consideration



Yea, interest can be a pain in the arse. You really put it into perspective for me. I guess if interest is outrageously high, like double digit, then I should really reconsider. Time to meet up with a bank guy.
Yeah talk with the bank guy, another thing is if you have any outstanding loans, then expect the interest rate to be even higher.

Good luck on what you're doing!
Posted via RS Mobile
TypeRNammer is offline   Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off



All times are GMT -8. The time now is 05:11 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
SEO by vBSEO ©2011, Crawlability, Inc.
Revscene.net cannot be held accountable for the actions of its members nor does the opinions of the members represent that of Revscene.net