friends help: I need help with a loan. - Help.com

I need help with a loan.

Ok so Im 18. I have no credit established and no one to co-sign a loan. I was a foster child so no parents to call and ask either. I have 2600 cash ready to buy a car. A good friend of mine has been working on this project car for about 2 years. Its really nice. New everything. Well hes selling it for 4500. I cant get any banks to finance me because the car is either too old, or because i have no credit, or because i dont make enough money. No matter what I do I cant get approved. I would think that because im putting 2500 down on a 4500 loan that i wouldn’t have a problem. Even if i default on my payments they already made their investment back plus they hold the title to the car until the loan is paid. Does any out there have any advice or maybe a number to a private lender?

This open post was written 10 months, 1 week ago | V/U/S: 208, 12, 11 | Edit Post | Leave a reply | Report Post

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Since writing this post RMReid may have helped people, but has not within the last 4 days. RMReid is a verified member, has been around for 1 year, 1 month and has 2 posts and 13 replies to their name.

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friends, automobile, Money, number, title, friendship, matter, finance, Year, Investment, loans, credit (How Tags Affect Reciprocity)

Replies (12)

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Times' gone mad offline Verified User (1 year, 4 months) Long Term User Shouts: 22 #
Silver Spring, MD, US | 10 months, 1 week ago (19 minutes after post)

Why not buy a reliable beater, and put some of the money you have saved aside for the future? Building credit is a process that can take a while to build up and just a few months to ruin.

www.craigslist.org

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Axeman101 offline Verified User (10 months, 1 week) Long Term User Shouts: 0 #
Littleton, CO, US | 10 months, 1 week ago (13 hours, 2 minutes after post)

Can your friend take the 2500 up front and let you pay the rest off? Or can you get a pay advance from your job?

I’d suggest trying to build a credit history whatever happens. Do you have nothing in your name? Cellphone? Lease? Utilities?

Paying your bills on time should help establish a credit history.

Are you totally positive you can afford this car? It’s not just the up front cost but you’ll have insurance, gas, maintenance and all the other fun involved. If it’s old and modified it will probably be an uphill battle for every step.

Good luck
Axe

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Times' gone mad offline Verified User (1 year, 4 months) Long Term User Shouts: 22 #
Silver Spring, MD, US | 10 months, 1 week ago (19 hours, 34 minutes after post)

Don’t listen to the spam!!!

Axe, is right though—
Any mod. car no matter how cherry it seems will have a large amount of upkeep and maintenance—probably small things over the course. Plus older cars generally use more gas, and with gas prices, that’d going to be a pain.

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