| Vancouver Auto Chat 2016 VAC Community Head Moderator: Raid3n |
 | 
06-25-2010, 08:30 PM
|
#1 | | Proud to be called a RS Regular!
Join Date: Sep 2002 Location: df
Posts: 138
Thanked 4 Times in 4 Posts
Failed 1 Time in 1 Post
| Can I get a $25,000 car loan?
I've never financed a car before so I'm curious if I'll have any problems financing a car.
I'm looking to spend somewhere in the $25-30k range. I just finished university a year ago, so my income last year was only about $30k which was self-employed income (this year it will be considerably more than that). I own a condo with about $60k equity in it and I have good credit.
The low self-employed income last year scares me- thoughts?
| 
|  | |
06-25-2010, 09:29 PM
|
#2 | | Banned (ABWS)
Join Date: Oct 2006 Location: MacLeod
Posts: 7,298
Thanked 542 Times in 289 Posts
Failed 1,639 Times in 418 Posts
|
in order for you to get the most accurate answer, you should ask this same question to the bank.
| |
| | |
06-25-2010, 09:44 PM
|
#3 | | I only answer to my username, my real name is Irrelevant!
Join Date: Oct 2002 Location: CELICAland
Posts: 25,668
Thanked 10,388 Times in 3,914 Posts
Failed 1,390 Times in 625 Posts
|
yes u can
| |
| | |
06-25-2010, 09:45 PM
|
#4 | | RS Operative (G)
Join Date: Oct 2007 Location: GYM
Posts: 12,641
Thanked 4,567 Times in 1,530 Posts
Failed 406 Times in 127 Posts
| Quote:
Originally Posted by votrechien  I've never financed a car before so I'm curious if I'll have any problems financing a car.
I'm looking to spend somewhere in the $25-30k range. I just finished university a year ago, so my income last year was only about $30k which was self-employed income (this year it will be considerably more than that). I own a condo with about $60k equity in it and I have good credit.
The low self-employed income last year scares me- thoughts? | whats your social insurance number ? i will be able to tell by this
__________________
╔╦╦╦═╦╗╔═╦═╦══╦═╗
║║║║╩╣╚╣═╣║║║║║╩╣
╚══╩═╩═╩═╩═╩╩╩╩═╝
| |
| | |
06-25-2010, 09:57 PM
|
#5 | | Diagonally parked in a parallel universe
Join Date: Aug 2009 Location: Coquitlam
Posts: 1,476
Thanked 522 Times in 263 Posts
Failed 102 Times in 40 Posts
|
As long as your credit is good you should be able to. That said, if you expect your income this year to be signifigently greater, you may be better off waiting until next year to apply.
__________________
~ Just another noob looking for a clue
| |
| | |
06-25-2010, 10:07 PM
|
#6 | | Need my Daily Fix of RS
Join Date: May 2009 Location: Nanaimo B.C.
Posts: 248
Thanked 21 Times in 9 Posts
Failed 7 Times in 6 Posts
|
I've always found they want your most recent pay info ,what you made last year isn't important.
__________________
Its the Internet, only complete anal pricks worry about their grammar...... or correct other peoples .Just sayin'
| |
| | |
06-25-2010, 11:20 PM
|
#7 | | MiX iT Up!
Join Date: May 2006 Location: vancouver
Posts: 8,138
Thanked 2,069 Times in 867 Posts
Failed 642 Times in 183 Posts
|
__________________
Sometimes we tend to be in despair when the person we love leaves us, but the truth is, it's not our loss, but theirs, for they left the only person who couldn't give up on them.
Make the effort and take the risk..
"Do what you feel in your heart to be right- for you'll be criticized anyway. You'll be damned if you do, and damned if you don't." - Eleanor Roosevelt | |
| | |
06-25-2010, 11:23 PM
|
#8 | | My dinner reheated before my turbo spooled
Join Date: Jun 2008 Location: Vancouver
Posts: 5,944
Thanked 13,521 Times in 1,745 Posts
Failed 2,239 Times in 545 Posts
|
It depends, if your really ugly you probably won't be able to get a loan.
__________________ PHOTOGRAPHY / FLICKR | |
| | |
06-26-2010, 09:52 AM
|
#9 | | I don't get it
Join Date: Nov 2006 Location: vancouver
Posts: 429
Thanked 162 Times in 71 Posts
Failed 6 Times in 4 Posts
|
Since you have $60k in your condo, why don't you take out home equity line of credit? If you have good credit, you can be prime minus or prime.
| 
| | |
06-26-2010, 03:13 PM
|
#10 | | Proud to be called a RS Regular!
Join Date: Sep 2002 Location: df
Posts: 138
Thanked 4 Times in 4 Posts
Failed 1 Time in 1 Post
| Quote:
Originally Posted by tacobell Since you have $60k in your condo, why don't you take out home equity line of credit? If you have good credit, you can be prime minus or prime. | It's an option, but I'd prefer to keep the line of credit for the business.
| |
| | |
06-26-2010, 04:15 PM
|
#11 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Apr 2001 Location: 604
Posts: 9,795
Thanked 106 Times in 55 Posts
Failed 5 Times in 2 Posts
|
different banks have different requirements.
Apply and find out.
Or if you're buying brand new, there are a lot of low interest financing options at the dealerships. They usually aren't very picky with who they provide financing to, because at the end of the day, if you don't make your payments, they'll take the car back.
| |
| | |
06-26-2010, 05:57 PM
|
#12 | | 14 dolla balla aint got nothing on me!
Join Date: May 2005 Location: Surrey
Posts: 689
Thanked 71 Times in 39 Posts
Failed 4 Times in 4 Posts
|
if u take a 25 grand loan be prepared to pay back like 27-28 grand minimum
__________________
00 Beetle Tdi (Herpie the love bug)
02 Focus Wagon
02 WRX Bug Eye Modded
92 Ford Festiva aka the FASTiva (Big GoKart)
08 GSX-R 600 (Sold)
90 Acura Integra Beater (Sold)
97 Jeep Tj Sahara (Sold)
93 Si Hatch Turbo'd IC'd 11 psi (Sold)
1992 Jeep Cherokee LTD (RIP)
1990 MitsubishEagle Talon Tsi (Sold)
| |
| | |
06-26-2010, 07:22 PM
|
#13 | | Banned (ABWS)
Join Date: Oct 2006 Location: MacLeod
Posts: 7,298
Thanked 542 Times in 289 Posts
Failed 1,639 Times in 418 Posts
|
I still don't get the point of this thread.
So if everyone on RS told you that you cannot get a $25000 car loan, would you actually not go to the bank and ask?
| |
| | |
06-26-2010, 09:36 PM
|
#14 | | Rs has made me the woman i am today!
Join Date: Mar 2010 Location: PM
Posts: 4,477
Thanked 3,341 Times in 842 Posts
Failed 207 Times in 86 Posts
|
Since you have a degree now, most banks will give you the benefit of the doubt. Fill out a credit app and see what happens....
| |
| | |
06-26-2010, 10:36 PM
|
#15 | | Proud to be called a RS Regular!
Join Date: Sep 2002 Location: df
Posts: 138
Thanked 4 Times in 4 Posts
Failed 1 Time in 1 Post
| Quote:
Originally Posted by orange7 I still don't get the point of this thread.
So if everyone on RS told you that you cannot get a $25000 car loan, would you actually not go to the bank and ask? | The point is it's a Saturday, few banks are open, and I'd like to have some idea of what to expect.
| |
| | |
06-26-2010, 11:01 PM
|
#16 | | 14 dolla balla aint got nothing on me!
Join Date: Mar 2009 Location: Richmond
Posts: 627
Thanked 319 Times in 111 Posts
Failed 31 Times in 10 Posts
|
i think you are in a fantastic situation
coming out of university, i am guessing you are young and you already have 60k put down on your condo!
bravo! btw i think that you got this in the bag
| |
| | |
06-27-2010, 12:39 AM
|
#17 | | I want to be a person and not an icon.
Join Date: Jan 2010 Location: Mugello
Posts: 4,179
Thanked 5,286 Times in 892 Posts
Failed 829 Times in 182 Posts
|
Just ask Hyde for it he drops that much every time he sneezes
| |
| | |
06-28-2010, 09:46 AM
|
#18 | | Rs has made me the woman i am today!
Join Date: Dec 2002 Location: GVA
Posts: 4,168
Thanked 54 Times in 8 Posts
Failed 18 Times in 7 Posts
| Quote:
Originally Posted by votrechien The point is it's a Saturday, few banks are open, and I'd like to have some idea of what to expect. | if your bank isn't open saturdays you should find a differnt one
| |
| | |
06-28-2010, 01:11 PM
|
#19 | | OMGWTFBBQ is a common word I say everyday
Join Date: Jan 2004 Location: Van/Bur
Posts: 5,029
Thanked 1,563 Times in 515 Posts
Failed 60 Times in 33 Posts
|
What are you looking into? Just curious, dealerships have lots of deals on financing you may be better off that route. Especially looking for new.. Hell the Genesis deal was a steal.. 4 grand off and 0% financing..
__________________
Cash Rules Everything Around Me!
Current:
2006 Honda Fourtrax Rancher 400cc ATV (Offroad trails + Winter Snow Plow)
1995 Toyota Tacoma (Toy Hauler)
2003 Honda Civic SIR (Daily Beater)
2018 KTM 390 Duke (Gas Saver)
2017 Subaru WRX Sport-Tech + STI 6MT (Weekend Track)
2022 Yamaha MT09(Faster Gas Saver)
Past:
2014 Honda Grom
1971 MG MGB Tourer
Kayo MR125 Race Bike
2001 Honda Odyssey
2009 Toyota Corolla CE
2007 Honda Ruckus
2007 Husqvarna SM610 SuperMoto
2001 Honda S2000
| |
| | |
06-28-2010, 01:16 PM
|
#20 | | Banned (BBM)
Join Date: Jul 2004 Location: Vancouver
Posts: 16,142
Thanked 627 Times in 368 Posts
Failed 1,106 Times in 390 Posts
| Quote:
Originally Posted by brute_4s if u take a 25 grand loan be prepared to pay back like 27-28 grand minimum | sounds about right
| |
| | |
06-28-2010, 01:54 PM
|
#21 | | Ubereem Mod
Join Date: Mar 2002 Location: Richmond
Posts: 3,070
Thanked 120 Times in 63 Posts
Failed 24 Times in 10 Posts
| Quote:
Originally Posted by brute_4s if u take a 25 grand loan be prepared to pay back like 27-28 grand minimum | this post is redundant, Isn't this an obvious fact, he'll have to pay more if it is a loan? 
Loan = borrowed money @ a cost (aka interest.)
And it might not necessarily be 27-28K, depending on loan structure could be more or less, or he wins the lottery and pays it off the next day.
__________________ Quote:
Originally Posted by Culture_Vulture sometimes I like to use kindergarten art class scissors to cut my pubes | | |
| | |
06-28-2010, 04:25 PM
|
#22 | | I answer every Emotion with an emoticon
Join Date: Apr 2005 Location: Vancouver
Posts: 7,760
Thanked 375 Times in 181 Posts
Failed 159 Times in 63 Posts
|
1 of the thing you should look into is the savings if u pay in cash. Sometimes getting a loan to take advantage of the cash savings will help u save more money than using the dealer's financing services.
__________________
Ignorance is bliss
How I wish I can remain ignorant, why do I know so much?
| |
| | |
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts
HTML code is Off
| | |
All times are GMT -8. The time now is 02:49 PM.
|
You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!
The banners on the left side and below do not show for registered users!
