getting a loan?
Thread Starter
Teching In
Joined: Aug 2006
Posts: 2
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getting a loan? alright heres the deal, i'm approved to get a loan through state farm, but they denied my request for a certain vehicle because the blue book value is less then what i'm paying for it...they don't add in the value of all the custom modifications for it. i'm trying to take out a 7,000$ loan and i'd be putting like 3,000 down, buying it for a total of $10k, is there any way i can get around this? What happens if I tell them i'm buying a different car then what i'm actually purchasing, say a 2002 blazer.....when id actually be buying a 91 camaro, if I get a correct vin and everything for the blazer, will they make sure I go through with the purchase before giving me the loan for it. (i know this is illegal, but if i dont get caught who cares, right 
)
) don't lie to the insurance or bank...because they will bend you over and no lube it up the **** if they figure that out...
and i hope you aren't buying a 91 camaro for 10k...that better be a LS1 CUSTOM mo fo to be paying 10 grand for a 3rd gen camaro...
by the by...good luck man! hope you get the car you're looking at!
and i hope you aren't buying a 91 camaro for 10k...that better be a LS1 CUSTOM mo fo to be paying 10 grand for a 3rd gen camaro...
by the by...good luck man! hope you get the car you're looking at!
Thread Starter
Teching In
Joined: Aug 2006
Posts: 2
Likes: 0
http://www.cardomain.com/ride/758603 is the one that i was looking at originally, i might be going with something else now
Yeah you'll probably need to do a personal loan. Most auto loans have certain vehicle stipulations that may make it difficult to get an older f-body.
For example..
When I got my loan I had to find a car that was
2000 or newer
50k or less miles
No more than 110% of NADA retail value
etc.
These requirements are put in place so that the loan company could recover if you default on the loan. Getting a loan for a 1991 vehicle may be difficult. Under NO circumstances give them a false VIN number, there are just way too many things that can go wrong. Say you get in a wreck or if the car is stolen, you wouldn't have insurance... if the loan company finds out what you're doing they will call the loan and press felony fraud charges on you... etc. It's not worth the risk of jail time and all the financial reprocussions that could occur. Like someone else before me said, take out a personal loan, or a home equity loan. They don't care what you do with the cash.
For example..
When I got my loan I had to find a car that was
2000 or newer
50k or less miles
No more than 110% of NADA retail value
etc.
These requirements are put in place so that the loan company could recover if you default on the loan. Getting a loan for a 1991 vehicle may be difficult. Under NO circumstances give them a false VIN number, there are just way too many things that can go wrong. Say you get in a wreck or if the car is stolen, you wouldn't have insurance... if the loan company finds out what you're doing they will call the loan and press felony fraud charges on you... etc. It's not worth the risk of jail time and all the financial reprocussions that could occur. Like someone else before me said, take out a personal loan, or a home equity loan. They don't care what you do with the cash.
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On The Tree
Joined: Aug 2006
Posts: 109
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Citi bank approved me for $10k cash by only showing proof of income, of course credit check but to see the interest rate. but the car will be yours and no lien holder. If you get another loan dont lie to them cuz at the time of making all the papperwork they want their name on the title and then make you take the car back if you didnt
TECH Addict
Joined: May 2005
Posts: 2,245
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From: Top of 4th Gear; Plano, TX
4th gen or nothing.
go to www.capitalone.com and apply for an auto loan. You pick the amount and the terms and they mail you a blank check if youre approved. The rest of the car purchase is up to you
go to www.capitalone.com and apply for an auto loan. You pick the amount and the terms and they mail you a blank check if youre approved. The rest of the car purchase is up to you
Originally Posted by eminence
What happens if I tell them i'm buying a different car then what i'm actually purchasing, say a 2002 blazer.....when id actually be buying a 91 camaro, if I get a correct vin and everything for the blazer, will they make sure I go through with the purchase before giving me the loan for it. (i know this is illegal, but if i dont get caught who cares, right )
)I really dont wonder why there are so many people who file for bankruptcy.
If you start your credit history like that, you will be driving beaters all your life. If you go the correct route, banks will be giving you more than you want...it takes time. Dont F#!K UP so early in life. Try a personal loan like others on here have said or Capitolone....how about a co-signer??
Sorry if I come off sounding like dad, but I have helped a few friends get great credit ratings. Maybe later in life you would like to be able to buy a home ?? Do the right thing.
