Well looking at buying my second truck. Looking at getting a 15,000 dollar loan. Looking for an 04-07 Screw 4x4 under 60k miles yada yada yada. Had a credit card for a little over a year now with a $900 limit now and pay it off every month since i have had it. I'm looking at buying the truck in the near future so i want to be ready. Looking for the best things to do, where to go, etc when getting a loan. I have heard credit unions will give the best rate and so on. Just lookin to get everyones opinions. I've had my job for almost a year and a half and make good money for 19. Have a checking and savings account with good money in both.

-Curtis-

 

I got my loan when I was 19, I had some prior credit with my credit cards that were always paid on time and all my other bills were always paid on time and it helps but either way your gonna get screw on interest rates no matter where you especially with the economy now, luckly I did mine before it crashed so im not sure what they will do now for you even if you can get approved. Im sure a lot people are not going to want to lend 15k to someone at this time but who knows. My advise would be to save a few grand and put down a hefty down payment to keep your monthly payments lower.

 

I have 4 grand to put down. Planning on getting an 18k truck.

 

Yeah, you're going to get screwed on the interest rate, but it's part of the growing process. If possible, you should maybe get your mother and/or father to co-sign the loan for you. That will get you a better interest rate since (hopefully) your parents' credit is well established. In fact, it's likely that your father or mother may already belong to a credit union through work that offers decent interest rates.

 

Call around looking for the best rate. Let your fingers do the walking. Know what rate you want, and ask for it. You can get a better deal if your willing to put some work into it. Most bankers today make Ebenezer Scrooge look fair and compassionate.

 

Get and account with a credit union NOW so you can start establishing a relationship with them then get your loan thru them. Mine gave me a lower interest rate than anyone else then dropped it .25% with automatic payment. Right now that's all I use that account for since it's out of state. While it'll be easier to get your truck thru a dealer, you'll probably be able to find a better deal thru a private seller (I'll sell you mine for $19k...wait, too many miles LOL). Do the freecreditreport.com thing and see where your credit is before you go in so you don't have any surprises. You may need a co-signer or get a crappy rate, but it'll be a good start. No more Saturn dd??

 

Be sure to ceck what your insurance premiums are going to be. Oh yea the sales and personal property tax too. The may even tax the tax where you live. I know your a smart young man, and have probably already thought about it. But I thought I'd remind you.

 

I'm in the same boat. I want to take out a loan for $20k for a Duramax. I dont have much of a credit history though... I just paid off my $40K student loan though.... that should help, maybe?

 

Paying off the credit card every month doesn't help your credit. the company doesnt make any money that way so it doesn't do much for you. It's good that your doing that and not putting $40343104129 on a card and not paying on it. but to increase your amount of credit you want to do it small. With just having a $900 credit limit it's going to be hard getting a $15,000 loan. because I had trouble getting mine. I had really good credit but just I didn't have a big amount like you did. Highest loan I've got by myself was $6000 beforehand so banks are really tightening down. So I had to battle to get my 20,000 loan. but good luck and remember to talk them down. be ready to walk away if they won't go down. make them work for your business.

 

Every bank is different I owned a ranger in high school had to have my parents co sign paid that off early, then about a year ago, I bought my F150, so I financed again though the same bank and made a good down payment also on it, the lady at the dealership was shocked that I had the ranger paid off and was also going to make a down payment. I was approved for a loan in like 5 minutes, this was a time when loans where suppose to be hard to come by lol.