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  #1  
Old 12-29-2005, 08:37 PM
Icedveins Icedveins is offline
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Default First loan for me, need help.

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
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Old 12-30-2005, 04:38 AM
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Default Re: First loan for me, need help.

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.

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Old 12-30-2005, 05:18 AM
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Default Re: First loan for me, need help.

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.
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Old 12-30-2005, 08:09 AM
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03TiburonGT 03TiburonGT is offline
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Default Re: First loan for me, need help.

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.
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Old 12-30-2005, 08:18 AM
Icedveins Icedveins is offline
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Default Re: First loan for me, need help.

Quote:
Originally Posted by 03TiburonGT
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.
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Old 12-30-2005, 04:59 PM
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Recon by Fire Recon by Fire is offline
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Default Re: First loan for me, need help.

It would be more beneficial for your credit rating if you can secure the loan yourself without a co-signor.
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Old 12-30-2005, 05:33 PM
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Default Re: First loan for me, need help.

Quote:
Originally Posted by Icedveins
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
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Old 12-30-2005, 05:42 PM
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Default Re: First loan for me, need help.

Quote:
Originally Posted by Recon by Fire
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.
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Old 12-30-2005, 08:10 PM
Icedveins Icedveins is offline
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Default Re: First loan for me, need help.

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
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