LadyL

So i wanna get a loan from the bank to buy a second vehicle for the winter and when im nor driving my civic etc, i just need something with more room as a everyday type car.....anyways i wanna take a loan from the bank b/c i cannot afford to buy anything with cash....iv got zero credit history, cant even get a cell phone b/c i got no credit history ( telus wanted a 1,000 deposit)...iv applied for credit cards to only be turned down....anyways im working fulltime sicne august.....now my questions are........if i do get the loan does the car have to be in my name and insurance?......my civic is in my moms name and isurance, so can i do the same?......do i gotta tell them the loans for a car?........im looking for a 10,000 or so loan......also if i get a co-signer etc will it be easier to obtain?........like say my grandma or cousin who owns a home etc?.......

Double_B

You will need a co-signer. Don't think they will give you a loan on your own with zero credit. Plus, it all depends on how old the car will be in order to get the amount you want.

Can I ask why you need to buy a second car?

LadyL

can i just say its a personal loan?.....that way the car can be in my mothers name and insured under her?......i need a second car for work pretty much and just the extra room, i'm taking clients and products with me daily so the civic isnt very conventional.....id be looking to purchase a acura 1.6el most likely, but i definatly cant let my civic go

Double_B

You need collateral for the loan, they will be looking for that, and the purchase of your car will probably have a lean on it. So probably not, you will need to tell them what it is for if you have no collateral for the 10 g's

LadyL

my civic is also in my moms name and insurance, b/c i can't afford the price of insurance

Double_B

Ok, but do you have any outstanding debt on the Civic?

LadyL

no civic was paid for in cash

t_dot_porkchop

its not even july yet.....if you need the car for winter, cant you save up atleast half to buy the 1.6EL? they go for like $10Gs only. its much easier to get a $5G loan than $10G in your postion.

also, start getting some credit so you wont have to depend on everyone elses good credit. apply for a small line of credit....get a credit card (but dont use it unless you can afford to). also, pay off any debts.

banks will give credit cards to university students with no jobs/money...so how can you not get a card if you work fulltime for over a year?

Double_B

Yep agreed, you need credit, might as well start now.

imported_ERTW

a civic isnt very conventional, but an EL 1.6 is? its the exact same thing with a different badge

imported_Team Rukus

how old are you?
what do you do for a living?
do you get paid cash or by cheque?


those three questions will answer pretty much what you what to know.

anyone can go into a dealership (even if you dont have credit) and get a car only problem is that they might require emloyment letter and also bank statements. another thing is if you dont have credit the problem will be that your interest rates will be thru the roof pretty much.

1.6 EL? are you on crack? how in the hell is that better then a civic? its the same crap just rebadged with leather (thats providing you opt for the premium) which i highly doubt u can afford.

if the loan gets approved as a personal loan you can have the car under your moms name and have the insurance under her. chances are you wont get this because you have no credit so personal loans are out of the question.
if you get a car lease under your name which is easier to get you will have to get the insurance under your name and there will be no if's and's or but's. insurance will not allow you to switch over your insurance company or even cancel insurance aslong as the car still has a lien because you do not own the vehicle.
if the car is under finance you cannot get the car under your moms insurance either because the car doesnt belong to your mom and you cant transfer ownership either because it has a lien.
why dont you just buy a old car like a 93 honda accord exr. which is top of the line and will cost you at most 4500 for something really MINT.

Double_B

That would be a good option instead of buying an EL. Plus it would be cheaper and good idea since you want to buy it for the winter only. Also, if you are living at home, this would be the best time to get the insurance under your name and pay your dues now, because when you decide to switch your insurance over after, even when you are older, it's still going to be high.

LadyL

lol i think you guys sorta mis understood me, i want the el b/c its a 4dr and has more room, and is more practical for work then my hatchback....i guess all i can do is go to the bank and see what they say, i was just talking to my friend and they gave him a 15,000 personal loan no questions asked, and he used his mom as the co signer.....his first loan and everything

imported_viper

I used to be a loan officer at TD Canada Trust...here is how it would work at the bank....you would get the loan in your name with a co signor...best to get a car loan as it would be used as collateral and its easier to get a loan thats secured...this will also help build your credit(so you could eventually get that cell phone)...thus the car loan in your name...the car MUST be registered in your name...then your insurance you would have to get that figured out...in most cases (depending on the insurance company) you would have to have it insured under your name...the other things that will determine a loan outcome would be debt ratio...income vs. outstanding bills that report to credit bureau...

Just remember that you shouldnt do a lot of credit checks in a row...this will lower your beacon score substantially(15 points per check) you need minimum 650 score to have a decent chance on your own...still they would want a co-sinor...as well...your mom or whoever can have mint credit...but she also needs to be able to afford it if you were to ever default(not that you would)...

hope this helps...if you have any questions...pm me

imported_Team Rukus

correct.

for example my credit rating is pretty close to 830 and i was approved for 50 thousand dollars no questions asked just last week. when they offered me i asked them what the minimum would be that they require and they told me 680 is what they consider minimum anything lower even 679 would be considered high risk. now obvioulsy you dont have a credit record therefore co-sign will be a must so after about 7 months of having that record you as an individual will have about 620 on the scale providing you are up to par meaning no payments 30 days late no payment 60 days late no payment 90 days late and there are no collections under your name,

imported_alwaysoverkill

a great way to start credit is a loan. to start my credit history i had a $3000 loan and bought a brand new computer, paid off debts, etc. paid this loan off in 2 years and got a visa. kept the visa clean always paid etc and now when i just opened a brand new account with TD $15,000 line of credit no questions asked didn't even care about my employement. so it doesn't take much to get, but it also dosen't take much to **** up either.

i have a 1.6EL...go civic if you plan on modding, EL is specific for some mods since front is all diferent as is the *** end. no rear lip, need a civic bumper since EL bumper is different. front lip is 96-98 civic only. hood, hard to get. lights, hard to get.

only other common car to get JDM parts is the damn rare Honda Domani...its just not worth it unless you want a civic si engine in a 4 door. thats the only thing and its nothing.

bdotdan

a great way to get great credit is to have someone you know (most likely parents) to put you on there credit card. if they have good credit, you will too in about 6 months

you can't beat that, you do nothing and establish good credit

imported_Hybridtheory

how hard was it to get that loan?? what did you tell them it was for??




if your looking to build credit, apply for a canadian tire master card, I don't know anyone that has been turned down for one, the only down side is that the interest rates on it are crazy high, so make sure you pay everything on time.

they'll start you off with a $800 limit, but that will go up as your credit builds.

imported_alwaysoverkill

had to have a co-signer, but told them it was for a computer. they basically approved it instantly being for so low plus my dad has good credit. gave them a receipt of purchase for their files and thats it.

imported_viper_2_4

if you can't afford the insurance for one car, I really don't think you can afford a 2nd car....maybe you should sell your civic if you need a bigger car for business..atleast till you have more money