Can I get a loan? I just requested a loan from my bank usaa for 4k. i've never had a problem with them. i have my car insured through them, its been a lil over a year now. i've never had a late payment with my insurance. they gave me a 1k credit card along time ago and i've never used it. i've never had a late payment paying my insurance. also im only 19 with prob no credit. my question is whats the posibility their gonna aprove me for a 4k loan for a vehicle.
There are many factors here which need to be established before giving you an answer: 1) Your income level, 2) Your credit scores, 3) value of automobile, and loan value to vehicle value ratio, 4) your debt to income level I recommend that you get your credit reports from www.annualcreditreport.com, they are free. Also, purchase your credit scores to know exactly where you stand. It also doesn't hurt to speak to your bank and inquire as to what their approval criteria are. Most banks will give you an idea of your ability to get the loan before you actually apply.
hmm income is about 550 a week salary. and i told you id ont have credit. i have one car thats worth 2k. and i want a personal loan for another one for 4k. and i dont have debt.
Your salary seems acceptable, and you should have some credit with the credit card you mentioned. I'm assuming the 4K is the purchase price, do you know what the "book values" are? How much are you planning to put down as cash? If the numbers work, you should probably qualify for the loan.
hmm well its gonna be a personal loan then im gonna buy a car on craigslist . so its not like a car loan even though its gonna go towards a vehicle. its more like a personal loan. i might use 3k for teh car and 1k for my savings.
Not to discourage you, but a "personal loan" will be harder to secure. You are only pledging your "credit", and are not securing the loan with any collateral. You may want to try for a preapproved auto loan, just to start building credit.
whats the difference between a car loan and a personal loan, there still gonna hand me 4k right?..or is a car loan where they pay for the car and not give me the cash?
The main difference is that the bank will hold title to the vehicle, as collateral against the loan. Usually the check is made out to the seller, but sometimes the buyer. A personal loan is not back, or secured by any collateral, or property held in case you do not pay. A personal loan only relies upon your "good credit".
You said you've never used the credit card. That may mean that you don't have any credit. USAA will talk to you. Call them and see what they said. But since you have no credit, I would be very surprised if they give you a personal loan. They will probably only give you an auto loan if you're making a down payment of at least 5-10% of the cost, so the ratio of the loan to the value of the car gives some equity in it. At 19, with no credit, you're going to have a problem, in my opinion. You should be using that credit card. Use it for things like gas, that you can pay when you get the bill. Buy things you have the cash for, and set the money aside to pay the bill. Right now you don't have much to show that you have the ability to manage credit. You need to show that before anyone will lend you any significant amount of money. Since you both bank and have insurance with USAA, they may work with you, though. They may want you to set up automatic withdrawals to cover the loan payment. As I said, your best bet is to call them. They're pretty up-front about what they will and won't do.
