Loan Question

[Porno Joe]

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.

[evallejo]

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!

[Fireman31]

do you have good credit? do you have a history with this bank already?

[chevydeth]

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)

[FireRescueSS]

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.

[Black2003SS]

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.

[Porno Joe]

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.

[moog5050]

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.