I’m trying to buy a car from my dad – he told me to get a loan approved from a bank first. How do I do this?
Will this hurt my credit?
How Do I Get a Loan from a Bank to Buy a Car?
Refinancing Loan
How to refinance loans
I’m trying to buy a car from my dad – he told me to get a loan approved from a bank first. How do I do this?
Will this hurt my credit?
You go into the bank, speak to a loan officer, and apply. It won’t hurt your credit except you don’t pay back the loan.
simply go into any bank and question a teller who you see for an auto loan. They will direct you to the person. If your approved it will help your credit (provided you make the payments on time). Make sure you take in a pay stub for proof of income and employment and proof of any other buys you have bought on time. good luck
Don’t question me question the bank! Start where you have your savings account. This will help your credit as long as you make your payments on time. Possibly daddy can co-sign the loan for you if necessary.
Walk into the bank and question for A loan and if they give it to you and you don’t pay it, YES it will make your credit terrible
Getting a loan will hurt your credit, but may be excellent for it in the long run. Whenever a loan officer pulls your credit report it will negatively impression your credit in the small run. Reckon about your situation (credit, relationship with the lender) prior to asking for a loan, because if they deny you or give you lousy terms, the fact that you questioned for a loan shows up as a unenthusiastic on your credit report for subsequent attempts to get a loan. Also just having a loan will hurt your earnings to debt ratio, so if you are trying to get a car loan and a mortgage at the same time, it is better to lock down the mortgage first on the most favorable terms, before seeking a car loan, as the reverse will cost you more money on the mortgage. Good luck. There are much better sources to question then Yahoo. The only caveat is make sure that the people you are asking for advice don’t have a touch to gain by giving you terrible advice or have a conflict of interest. If you bank with a local bank and you (or your dad) doesn’t reckon they’re dirtbags then question them. If you even suspect they are trying to sell you a loan then you should be very suspicious. Don’t forget that when a bank/credit union/manufacturer gives you a loan, they are not doing you a favor. The only reason they are willing to give you a loan is /c they reckon they can make money. There is nothing inherently incorrect with that, but if deep down you know that you are not credit-worthy (young, no credit history, terrible debts) then if someone give you a loan you are probably getting a terrible deal.
Local banks are the toughest to get loans from but they usually have the best rates too. A credit union is fantastic. They have low rates like banks and are simpler to get approved.Only problem is you need to be a member first. Now on line its quick and you shop a bunch of places in a small time. They can pre-approve you in minutes and some will issue you a check in 24 hours.Here you can get free quotes
Now your credit drops because your debt to income ratio goes up. As you pay the loan off your debt to income ratio goes down so your credit goes up provided you make your payments on time.