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Loans?

Discussion in 'The Lounge' started by MTChevy, Jan 2, 2007.

  1. MTChevy

    MTChevy 3/4 ton status Premium Member

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    I am looking to get a new truck here pretty soon, probably private seller, and I would have to take out a loan for it. I am 18 and in college and was wondering how a loan would work for that. I know with my loan for school its just set up through financial aid and i got so many years at such a payment to pay that off. But being that im 18 how would I go about this? Would i need a co-signer? Please lets stick just to this topic i ask, not how am i going to afford this stuff and debt is bad please. Thanks
     
  2. 79Stomper

    79Stomper 1/2 ton status Premium Member GMOTM Winner

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    Alot depends on it. Depends on your debt to income ratio as well as your credit score. Being that your 18 chances are you have no credit. Most financial institutions offer what is called a "First Time Buyer" program. I used it on my first vehicle. If you use this then you won't need a co signer. If you don't chances are you will need one just to back your loan.
     
  3. CustomChevy

    CustomChevy 1/2 ton status

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    yeah you are probably going to need a cosign.

    You also have to be able to prove that you made sufficent income on a stable basis to pay the loan.
     
  4. MTChevy

    MTChevy 3/4 ton status Premium Member

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    As of right now i have 0 income and should have absolutely no credit. I will start getting income in right around 9 months though...
     
  5. gjk5

    gjk5 3/4 ton status

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    Search online, many institutions will give you a loan without verifying income if you have sufficient credit and just fedex you a check. If you have never had credit before you will most likely need a cosigner.
     

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