getting a loan from da bank
05-Feb-2004, 08:40 PM
#1
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Join Date: May 2003
Location: btown
Posts: 2,084
getting a loan from da bank
hey ppl tommorow im going to a few banks to try and get a loan so i can buy a new car. im gonna be looking for a 5,000 dollar loan, thign is im doubtful ill get granted one, heres my situation. i make over 15 grand a year, have nothing else to pay for, im 19 and have been working at my current job for 10 months now. I have no credit cards or debt. Anybody got any tips or banks to got ry that give loans easier or whatever?....aslso what should i bring with me for paper work and such?
05-Feb-2004, 08:46 PM
#3
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Join Date: Dec 2003
Posts: 23,881
if u make 15grand a year and have no expenses then why dont u have money?
on the realness, bring the last 2-3 years tax returns, a letter from your employer stating how long you have worked there and how much you get paid/hr or whatever.
other than that its upto the big dogs if you get it or not, since you have no credit rating you have a lesser chance of getting it than if u did have a credit card in good standing...in worst case scenario you will need a co-signer
but thats all u need to bring, tax returns, letter from employer or a month of computerized paystubs
on the realness, bring the last 2-3 years tax returns, a letter from your employer stating how long you have worked there and how much you get paid/hr or whatever.
other than that its upto the big dogs if you get it or not, since you have no credit rating you have a lesser chance of getting it than if u did have a credit card in good standing...in worst case scenario you will need a co-signer
but thats all u need to bring, tax returns, letter from employer or a month of computerized paystubs
05-Feb-2004, 09:41 PM
#7
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Join Date: May 2003
Location: btown
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a buddy of min walked into a cibc and asked for a loan, they gave hima 5000 loan like nothing with no opreviosu credit history. so hmm whio knows...im gonna go to scotiabank,td, and cibc tommorow
05-Feb-2004, 10:07 PM
#9
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Join Date: Nov 2003
Location: H-town YOOOO
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Originally posted by cxtasy
i doubt it man.. no credit history etc.. unless u got someone to co-sign u... that's what i did a few years back..
i doubt it man.. no credit history etc.. unless u got someone to co-sign u... that's what i did a few years back..
i agree.... just get someone to co-sign with you!
the only way to have credit is to do it this way!
06-Feb-2004, 11:09 AM
#12
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Join Date: May 2003
Location: Toronto
Posts: 166
Been in that exact Situation, They will probably try to give you a credit card with a low limit for the first while, then maybe a year down the road you can get a loan. Loans will make your life so much more difficult, i took a small loan for my car and hated it, my next ride i am buying all out cash. You can haggle and get better deals if your offering cash as well.
07-Feb-2004, 01:34 AM
#15
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Join Date: Dec 2002
Location: Pickering
Posts: 3,984
loans are all based on credit history.. unless you have good collateral(well paying stable job, property, assets in general), no credit? no loan..
That is why it's good to use your credit cards often, but pay them off at the end of the month. I buy pretty much everything on credit and clear the balance at the end of the month. I was pre-approved for a $15,000 line of credit when i was 21.
That is why it's good to use your credit cards often, but pay them off at the end of the month. I buy pretty much everything on credit and clear the balance at the end of the month. I was pre-approved for a $15,000 line of credit when i was 21.
07-Feb-2004, 02:25 PM
#17
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Join Date: Apr 2002
Location: GTA
Posts: 378
getting a line of credit is easier then getting a bank loan... plus its more flexible
With a line of credit, say you get approved for $7500... which isn';t that unreasonable for a 19 year old (my dad does this type of work for a living)
you can use any amount on it and pay 0.03% of the balance back per month..
So say you spend like 6g's on your line of credit, the payments per month are only like $186!!
Thats easy, and management if you have a steady PT job...
BUT... the downfall, your more then likely gonna need a co-signer. You have no credit whatsoever, not even a cell phone bill... like the most they may give you on your own is like 2g's... if that..
I recommend finding a co-singer, or getting a credit card and using it for a year steady (and a cell phone bill) and build yourself some credit.
My best advice to you..... don't rush into anything.... trust me im talking from experience.
Everything will come into play, just give stuff time and be patient.
Cars.. come and go unfortunely i know this well, and i've learned to have patience to drive a sick car
give it time man, sell your monte, save for like half a year and dont spend, be hard on yourself and dont spend on useless ****, and eventually you will have the money you need and then you can go shoppin$$$$$$
Peace man
By the way if you need banking advice just PM me.... I know a few things
(ive done it all from line of credits to personal loans either me or my brother has done, plus my dads a financial executive of 25+ years and is a genius at convincing banks with speeches)
peace
! hope this helps
With a line of credit, say you get approved for $7500... which isn';t that unreasonable for a 19 year old (my dad does this type of work for a living)
you can use any amount on it and pay 0.03% of the balance back per month..
So say you spend like 6g's on your line of credit, the payments per month are only like $186!!
Thats easy, and management if you have a steady PT job...
BUT... the downfall, your more then likely gonna need a co-signer. You have no credit whatsoever, not even a cell phone bill... like the most they may give you on your own is like 2g's... if that..
I recommend finding a co-singer, or getting a credit card and using it for a year steady (and a cell phone bill) and build yourself some credit.
My best advice to you..... don't rush into anything.... trust me im talking from experience.
Everything will come into play, just give stuff time and be patient.
Cars.. come and go unfortunely i know this well, and i've learned to have patience to drive a sick car
give it time man, sell your monte, save for like half a year and dont spend, be hard on yourself and dont spend on useless ****, and eventually you will have the money you need and then you can go shoppin$$$$$$
Peace man
By the way if you need banking advice just PM me.... I know a few things
(ive done it all from line of credits to personal loans either me or my brother has done, plus my dads a financial executive of 25+ years and is a genius at convincing banks with speeches)
peace
! hope this helps
09-Feb-2004, 01:28 AM
#20
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Join Date: Feb 2004
Location: Go Leafs Go
Posts: 8
When I was 18, I got a loan for a 10k through Trans Canada Credit. I got raped on the interest but at the time I didn't care. They got me on the road.
Bank loans are hard to get unless you have established some kind of credit, you will prob need a co-signer.
My advice for you, save your money and buy outright. You won't be dissapointed.
Bank loans are hard to get unless you have established some kind of credit, you will prob need a co-signer.
My advice for you, save your money and buy outright. You won't be dissapointed.
