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Message
Personal loan for new (used) car plus a little extra
Posted on 7/16/23 at 10:43 am
Posted on 7/16/23 at 10:43 am
Sold my wife’s car to get something a little bigger for her and the baby. We sold it for 12k and looking for something around 15k. I always buy from private sellers instead of dealerships (for many reasons).
I also need to put about 2k into my truck for some body damage and front end work before I sell it.
What’s the best route to get a loan for about 5k that I can use for anything with a 760 credit score? I’ll be getting a couple big checks in the next few months that I’ll be able to pay off the loan quickly. Just don’t want to take 5k out of my savings right now.
I have never taken out a loan or paid a note on a vehicle so all this is brand new to me.
I also need to put about 2k into my truck for some body damage and front end work before I sell it.
What’s the best route to get a loan for about 5k that I can use for anything with a 760 credit score? I’ll be getting a couple big checks in the next few months that I’ll be able to pay off the loan quickly. Just don’t want to take 5k out of my savings right now.
I have never taken out a loan or paid a note on a vehicle so all this is brand new to me.
12
Posted on 7/16/23 at 11:06 am to BayouBengal23
So you’re taking out a loan because you don’t want to take money out of your savings.. but you’re expecting to get big checks soon to pay off the loan?
Posted on 7/16/23 at 11:12 am to VermilionTiger
Correct
Posted on 7/16/23 at 12:02 pm to BayouBengal23
If you truly have the money in savings, and you truly expect to have income that offset the expenditures in the next "few months", then a personal loan makes little financial sense. You're gonna pay 8%apr or like 6%+ origination fees, loans cost more than youre making on your savings. It would be way less work to take it out of savings, it wouldnt temporarily lower your credit, and you would end up with more money in your pocket in a few months than if you take out a loan.
Only reason to take out a personal loan here is if you have no savings. In that case, just Google, or start at nerd wallet, there's an endless stream of people waiting to sell small personal loans, its a profitable business. Your bank would be a good place to start.
Only reason to take out a personal loan here is if you have no savings. In that case, just Google, or start at nerd wallet, there's an endless stream of people waiting to sell small personal loans, its a profitable business. Your bank would be a good place to start.
This post was edited on 7/16/23 at 12:16 pm
Posted on 7/16/23 at 12:06 pm to BayouBengal23
I don’t see why you don’t take out a loan for the car. Put about 50% down and borrow the rest and use the cash you have for extra stuff.
Pay off the loan in a few months
Pay off the loan in a few months
Posted on 7/16/23 at 12:10 pm to BayouBengal23
Firstly congratulations on your baby! Secondly congratulations on being practical with vehicle purchases.
Beyond that, how much is in savings?
Beyond that, how much is in savings?
Posted on 7/16/23 at 12:13 pm to BayouBengal23
Sounds like you need to visit a Payday Loans or one of those loan shops usually located by a cell phone store.
…or just use money out of your savings and be done. If you’ll be coming into some money soon, why not just float it on a credit card?
…or just use money out of your savings and be done. If you’ll be coming into some money soon, why not just float it on a credit card?
This post was edited on 7/16/23 at 12:25 pm
Posted on 7/16/23 at 12:32 pm to BabyTac
quote:
Payday Loans
That's only something people like you are dumb enough to use.
Posted on 7/16/23 at 12:42 pm to BayouBengal23
Light stream. Quick and easy loans for whatever.
Posted on 7/16/23 at 12:43 pm to BayouBengal23
Signature or secured loan
Posted on 7/16/23 at 1:18 pm to BayouBengal23
Auto loan will be less interest than personal loan 99% of time
Posted on 7/16/23 at 3:28 pm to BayouBengal23
$15k for new car and $2k for truck repairs?
Pay the truck repairs out of pocket, put down whatever amount you want down on the new car and get a regular auto loan for the balance. Secured loan is almost always going to be a better rate than unsecured.
But if you’re really going to have big checks and payoff the entire loan in the next few months, why not just take the money out of savings now and avoid the hassle and 7-8% interest and just put the money back into savings when those checks come?
Pay the truck repairs out of pocket, put down whatever amount you want down on the new car and get a regular auto loan for the balance. Secured loan is almost always going to be a better rate than unsecured.
But if you’re really going to have big checks and payoff the entire loan in the next few months, why not just take the money out of savings now and avoid the hassle and 7-8% interest and just put the money back into savings when those checks come?
Posted on 7/16/23 at 5:27 pm to BayouBengal23
Just go to a credit union and get a used car loan (compare rates at a few).
Pay for your repairs from the proceeds of her sale. Put the rest or a portion as down payment. Borrow the balance from credit union.
Pay for your repairs from the proceeds of her sale. Put the rest or a portion as down payment. Borrow the balance from credit union.
Posted on 7/16/23 at 5:27 pm to Tiger Prawn
Not a bad idea. Guess I forgot to mention I don’t have enough in savings to do everything I want to do. I have some but don’t want to get it down so low just in SHTF.
Just bought a house so it drained most of my savings
Just bought a house so it drained most of my savings
Posted on 7/16/23 at 5:33 pm to BayouBengal23
Sofi or lending Club. With that score it won’t be an issue.
Posted on 7/17/23 at 8:03 am to BayouBengal23
I don’t really understand your post.
quote:You should have had something picked out before you sold your wife’s car unless there was an unusual circumstance. Still, did you clear $12k on the sale or use all or most of that to pay the note on your wife’s car? If you cleared that much or even half, use the proceeds to fix your truck (why are you selling the truck?) and then use the rest as a down payment on a used car for your wife. The auto loan will be a much better interest rate than the personal loan.
We sold it for 12k and looking for something around 15k.
quote:Do the above or wait a couple of months for the body damage repairs on the truck.
I’ll be getting a couple big checks in the next few months that I’ll be able to pay off the loan quickly. Just don’t want to take 5k out of my savings right now.
Posted on 7/17/23 at 8:09 am to BayouBengal23
quote:
I don’t have enough in savings to do everything I want to do.
After seeing this post, it sounds like you make a lot of bad financial decisions. Fall back to the concept, if you don’t have cash to pay for it, don’t do it for a while.
Everything “you want to do” is not entitled to you.
This post was edited on 7/17/23 at 8:11 am
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