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06-25-2010, 07:30 PM
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#1 | | Proud to be called a RS Regular!
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| Can I get a $25,000 car loan?
I've never financed a car before so I'm curious if I'll have any problems financing a car.
I'm looking to spend somewhere in the $25-30k range. I just finished university a year ago, so my income last year was only about $30k which was self-employed income (this year it will be considerably more than that). I own a condo with about $60k equity in it and I have good credit.
The low self-employed income last year scares me- thoughts?
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06-25-2010, 08:29 PM
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#2 | | Banned (ABWS)
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in order for you to get the most accurate answer, you should ask this same question to the bank.
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06-25-2010, 08:44 PM
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#3 | | I only answer to my username, my real name is Irrelevant!
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yes u can
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06-25-2010, 08:45 PM
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#4 | | RS Operative (G)
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| Quote:
Originally Posted by votrechien  I've never financed a car before so I'm curious if I'll have any problems financing a car.
I'm looking to spend somewhere in the $25-30k range. I just finished university a year ago, so my income last year was only about $30k which was self-employed income (this year it will be considerably more than that). I own a condo with about $60k equity in it and I have good credit.
The low self-employed income last year scares me- thoughts? | whats your social insurance number ? i will be able to tell by this
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06-25-2010, 08:57 PM
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#5 | | Diagonally parked in a parallel universe
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As long as your credit is good you should be able to. That said, if you expect your income this year to be signifigently greater, you may be better off waiting until next year to apply.
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06-25-2010, 09:07 PM
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#6 | | Need my Daily Fix of RS
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I've always found they want your most recent pay info ,what you made last year isn't important.
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06-25-2010, 10:20 PM
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#7 | | MiX iT Up!
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06-25-2010, 10:23 PM
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#8 | | My dinner reheated before my turbo spooled
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It depends, if your really ugly you probably won't be able to get a loan.
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06-26-2010, 08:52 AM
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#9 | | I don't get it
Join Date: Nov 2006 Location: vancouver
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Since you have $60k in your condo, why don't you take out home equity line of credit? If you have good credit, you can be prime minus or prime.
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06-26-2010, 02:13 PM
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#10 | | Proud to be called a RS Regular!
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| Quote:
Originally Posted by tacobell Since you have $60k in your condo, why don't you take out home equity line of credit? If you have good credit, you can be prime minus or prime. | It's an option, but I'd prefer to keep the line of credit for the business.
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06-26-2010, 03:15 PM
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#11 | | RS.net, helping ugly ppl have sex since 2001
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different banks have different requirements.
Apply and find out.
Or if you're buying brand new, there are a lot of low interest financing options at the dealerships. They usually aren't very picky with who they provide financing to, because at the end of the day, if you don't make your payments, they'll take the car back.
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06-26-2010, 04:57 PM
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#12 | | 14 dolla balla aint got nothing on me!
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if u take a 25 grand loan be prepared to pay back like 27-28 grand minimum
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06-26-2010, 06:22 PM
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#13 | | Banned (ABWS)
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I still don't get the point of this thread.
So if everyone on RS told you that you cannot get a $25000 car loan, would you actually not go to the bank and ask?
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06-26-2010, 08:36 PM
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#14 | | Rs has made me the woman i am today!
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Since you have a degree now, most banks will give you the benefit of the doubt. Fill out a credit app and see what happens....
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06-26-2010, 09:36 PM
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#15 | | Proud to be called a RS Regular!
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| Quote:
Originally Posted by orange7 I still don't get the point of this thread.
So if everyone on RS told you that you cannot get a $25000 car loan, would you actually not go to the bank and ask? | The point is it's a Saturday, few banks are open, and I'd like to have some idea of what to expect.
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06-26-2010, 10:01 PM
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#16 | | 14 dolla balla aint got nothing on me!
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i think you are in a fantastic situation
coming out of university, i am guessing you are young and you already have 60k put down on your condo!
bravo! btw i think that you got this in the bag
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06-26-2010, 11:39 PM
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#17 | | I want to be a person and not an icon.
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Just ask Hyde for it he drops that much every time he sneezes
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06-28-2010, 08:46 AM
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#18 | | Rs has made me the woman i am today!
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Originally Posted by votrechien The point is it's a Saturday, few banks are open, and I'd like to have some idea of what to expect. | if your bank isn't open saturdays you should find a differnt one
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06-28-2010, 12:11 PM
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#19 | | OMGWTFBBQ is a common word I say everyday
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What are you looking into? Just curious, dealerships have lots of deals on financing you may be better off that route. Especially looking for new.. Hell the Genesis deal was a steal.. 4 grand off and 0% financing..
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06-28-2010, 12:16 PM
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#20 | | Banned (BBM)
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| Quote:
Originally Posted by brute_4s if u take a 25 grand loan be prepared to pay back like 27-28 grand minimum | sounds about right
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06-28-2010, 12:54 PM
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#21 | | Ubereem Mod
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| Quote:
Originally Posted by brute_4s if u take a 25 grand loan be prepared to pay back like 27-28 grand minimum | this post is redundant, Isn't this an obvious fact, he'll have to pay more if it is a loan? 
Loan = borrowed money @ a cost (aka interest.)
And it might not necessarily be 27-28K, depending on loan structure could be more or less, or he wins the lottery and pays it off the next day.
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06-28-2010, 03:25 PM
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#22 | | I answer every Emotion with an emoticon
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1 of the thing you should look into is the savings if u pay in cash. Sometimes getting a loan to take advantage of the cash savings will help u save more money than using the dealer's financing services.
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