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View Full Version : First loan for me, need help.


Icedveins
12-29-2005, 09:37 PM
hey guys! As everyone knows I'm kinda the car freak and you know that I totaled my Supra a while ago and I'm missing it a lot, so I found another one for a GREAT deal. I dont have the cash right now so I'm wanting to take out a loan and start over with the Supra and Integra. I'm wanting to have someone co-sign for me, but this person doesn't have a job right now, but has nearly PERFECT credit. Anyway, my question is would they let this person get a loan even without a job because they have good credit or not? I hope i explained this enough, if not let me know :)

bamf-hacker
12-30-2005, 05:38 AM
I have gotten a few loans in my time.... Most loan companies want to verify that you or the co-signer have a job. Good credit is important, but they want to make sure you are making money to pay it back.

But don't take my word for it. Talk to a loan officer.

HacKeR

shunut
12-30-2005, 06:18 AM
They probably won't let the person co-sign for you without any income. One of the responsibilities of a co-signer is be able to make the payments if you are unable to. If they don't have a job they can't do this. Also, when you apply for a loan they look at your DTI, Debt to Income ratio. If you don't have any income then that ratio will be really high and they won't approve the loan.

03TiburonGT
12-30-2005, 09:09 AM
However you get the money, you must get your integra back on the road asap. Yeah, the co-signer has to have income for the reasons shunut said.

Icedveins
12-30-2005, 09:18 AM
However you get the money, you must get your integra back on the road asap. Yeah, the co-signer has to have income for the reasons shunut said.


What? My Integra is on the road. This is for another Supra.

Recon by Fire
12-30-2005, 05:59 PM
It would be more beneficial for your credit rating if you can secure the loan yourself without a co-signor.

03TiburonGT
12-30-2005, 06:33 PM
What? My Integra is on the road. This is for another Supra.

Ah, misunderstood. Stock twin-turbo'd supra? lol, im a car guy too

shunut
12-30-2005, 06:42 PM
It would be more beneficial for your credit rating if you can secure the loan yourself without a co-signor.


Yes it would be way better if you could get it on your own. Even if that means you have to save up a little longer for a bigger down payment, you have to start on your own sooner or later. Sooner is better. I'm not sure how old you are but I got my first car loan at 18, which my parents co-signed for because it was my first loan. My next loan I saved up $2000 to get the the loan on my own, by the time I was probably 22 I could get approved for any loan I wanted, no problem and most car loans I have applied for since then I've done with no money down.

Icedveins
12-30-2005, 09:10 PM
Alrighty, I'll see what I can do. I'm 23. I had a Supra before but was involved in an accident that took it away (totaled) So, Im sporting an Integra ITR, and a Ford Explorer. And found a supra @ a good deal. I'll see what I can do.

03TiburonGT: Oh yes, ;) If I get this supra i'll have it allout like my last one :)