automobile help: I need to get a car, but I’m scared to take out a loan. - Help.com

If you have a good job , you can ask for a loan at Prosper, the ebay for loans. People may help you. More information at http://www.acreditlibrary.com/prosper…

First thing is don’t get a loan if you can help it. Ultimately, a loan will add pressure to life—the bank isn’t going to give you much mercy if you decide that you want to go on vacation, or you need to say home to help a friend that is sick or whatever…don’t take a loan unless you need it.

Second, don’t take more of a loan than you need. I don’t know what your expectations are, but you probably don’t need a new car. Come up with a realistic budget and stick to it. Don’t get sucked into bumping up your payment so that you can afford a bit better of a car. It’s easy to do, but it isn’t worth giving up your standards of living to make a car payment.

Finally, negotiate a loan with your bank or credit union or whatever BEFORE you go car shopping. Make sure you understand the terms of your loan. (Get a truth in lending statement from the bank and be sure you know what it says.) Then, you can apply for a loan from the dealer (especially if they are running a zero percent financing option or whatever) but go with your original loan if you can’t beat the bank’s numbers.

Finally, enjoy the process! Getting a car can be a lot of fun. Make it an adventure that you share with your friends, especially if you’ve got one or two that have gone through the process before. If you buy a used vehicle, make sure you get it thoroughly checked out by a mechanic you trust!

Let us know how it works out!

There is a bit of risk when you buy or sell a vehicle to someone you know, since there often isn’t a good way to tell if something is ABOUT to go wrong with a vehicle…if something bad happens to the vehicle it can lead to an unpleasant situation.

However, that doesn’t mean that it isn’t ever the right thing to do. Get a price for the vehicle from your boss, and then see what you can find in that price range from other sources. If you can do as well, great! It’s best to avoid the potential strain.

On the other hand, if your boss is giving you a good deal, then take the car to your mechanic and have them do a thorough inspection. If it checks out OK, then go for it! Things go wrong with vehicles sometimes. If it happens to your boss’ car, then you will have to deal with it. At least you’ll have the mechanic’s report to show that it didn’t foretell impending doom,

Just out of curiosity, what is the make/model of your boss’ car?

There are better cars out there, for sure. on the other hand, he can’t be asking a lot for this vehicle. (I’m guessing 2-3 grand might be a fair price, although of course I can’t see the condition and I don’t know how many miles are on the car.)

You aren’t going to be able to find a lot in that price range. In this price range, the condition of the vehicle is WAY, WAY more important than anything else.

Can you share more details about the car? And how much is your boss asking for it?

That doesn’t sound like a bad deal at all…especially if you take the time to look at the junk that you can buy from a dealer for two grand.

What are you using for transportation now? And is there a family member that would be willing to loan you the money? (The only drawback to this is that the bank might be a bit reluctant to loan money on this car, since it is older. If the bank is the only option, then you might have to take a personal loan, which will carry a higher interest rate.)

Bottom line: If you actually need a car, this might not be a bad bet, unless you significantly more money that you can spend without anxiety. On the other hand, if you don’t really need a car, don’t get it. You’ll be guaranteeing yourself freedom from car troubles!