Porno Joe Posted February 28, 2008 Report Share Posted February 28, 2008 I'm looking into buying a fully custom s-10 as my new daily driver since my current DD, my 67 chevy, is only getting 4 mpg city. Since I am in college and don't currently have a job, would I be able to get a loan at a bank? I'm sure my dad would cosign for me if need be, but I want the loan in my name primarily. I know the payment would be no problem as the money I would save in gas would probably make it and then some. Quote Link to comment Share on other sites More sharing options...
evallejo Posted February 28, 2008 Report Share Posted February 28, 2008 I am pretty sure the only way you will get the loan is with a cosigner, but I don't know if you can get it in your name. Either way your pockets will benefit from driving a more gas friendly vehicle. Good luck! Quote Link to comment Share on other sites More sharing options...
Fireman31 Posted February 28, 2008 Report Share Posted February 28, 2008 do you have good credit? do you have a history with this bank already? Quote Link to comment Share on other sites More sharing options...
chevydeth Posted February 28, 2008 Report Share Posted February 28, 2008 (edited) try going through your bank... they are usually a little more lenient, especially if you been with them a couple years and your income & credit score is half decent. Edited February 28, 2008 by chevydeth (see edit history) Quote Link to comment Share on other sites More sharing options...
FireRescueSS Posted February 28, 2008 Report Share Posted February 28, 2008 try going through your bank... they are usually a little more lenient, especially if you been with them a couple years and your income & credit score is half decent. That, and they already HAVE your money, lol. Even if you get a Co-Signer, the loan will still be primarily yours. All a co-signer is, is that if YOU stop making payments, they have someone else on file that is responsible. Usually having a co-signer when you're not required to, will still lower your interest rate, cause there is less risk for a loss for the bank. If you're a full time student, may want to consider a student loan option. Quote Link to comment Share on other sites More sharing options...
Black2003SS Posted February 28, 2008 Report Share Posted February 28, 2008 No one will lend you money without a job. How will you repay the loan? You will need a co-signer with good credit and income. Also, not to rain on your parade, but why get a fully custom S10 that will need up keep and extra money put into it if you dont have a job? I recommend finding a stock S10 if you need a truck so badly or a nice economical midsize car sedan or coupe. Trust me from experience when I tell you to hold off on your wants until you meet your needs. You need an economical ride, you dont need a custom S10. You want a custom S10, you dont need it. And believe me, no one else knows how bad you probably want it than me. I always wanted the best looking, fastest, loudest, whatever, blah blah blah. I spent so much money on cars in my late teens and early 20's it delayed me from graduating from college and with all the money I spent, I could have probably paid cash for a house, seriously. Eventually, everything worked itself out, but it could have been alot better. Quote Link to comment Share on other sites More sharing options...
Porno Joe Posted February 28, 2008 Author Report Share Posted February 28, 2008 Yes I have good credit, payed off a few loans and have never been late on a credit card. And I do have some history with the bank, been with this one for 4 1/2 years now. I do have job lined up to start after graduation, that why I know I will be able to repay the loan. I thought about the student loan route, but I wanted to try to go thru a local bank first. Quote Link to comment Share on other sites More sharing options...
moog5050 Posted February 28, 2008 Report Share Posted February 28, 2008 The problem you may have is that typically banks will not consider custom work on a vehicle for its appraised value. They also won't typically loan you more than the blue book value on vehicle in its original condition. If you are seeking a loan greater than what the s-10 would be worth based on blue book without customization, you won't likely get it. Its alll about security for the loan. Quote Link to comment Share on other sites More sharing options...
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