Put it on a credit card and pay that off. HOWEVER – make sure it’s a card with a good interest rate and NEVER make a late payment while you’re paying it off! 1 late payment and they will jack your interest rate up to 24% or higher and that down payment will become a nightmare you’ll never pay off!
Get a co-signer. If you get a co-signer not only are you borrowing their good name, you’re borrowing their income! Banks look at the combined income of the two parties (if they are related to each other). Then the bank will probably approve you for the full amount you want to borrow.
There should be some Finance company that will take that low risk loan for you. You could also apply for a personal loan which usually have lower required minimums. Another alternative is to pay less down to meet the minimum requirement then just make a big payment with the 1st bill.
Did you ever consider saving the extra 2 -3 grand? If you saved 12 thousand dollars you can save 2 more.
Or better yet, negotiate a lower price on the car you want. or even better than that, buy a car that cost $ 12K.
But seriously. Any bank on the planet will loan you $ 4000 if you show them $ 12K and plan to use a $ 15K car as collateral on a $ 4000 loan. You’d be a fool to risk having a $ 15K car reposessed for not paying on a $ 4000 loan.
Go to a credit union. With that much down you should have no problem getting a 6.5% loan on 2-3K
try a local credit union
Two things you can do:
Put it on a credit card and pay that off. HOWEVER – make sure it’s a card with a good interest rate and NEVER make a late payment while you’re paying it off! 1 late payment and they will jack your interest rate up to 24% or higher and that down payment will become a nightmare you’ll never pay off!
Get a co-signer. If you get a co-signer not only are you borrowing their good name, you’re borrowing their income! Banks look at the combined income of the two parties (if they are related to each other). Then the bank will probably approve you for the full amount you want to borrow.
There should be some Finance company that will take that low risk loan for you. You could also apply for a personal loan which usually have lower required minimums. Another alternative is to pay less down to meet the minimum requirement then just make a big payment with the 1st bill.
Did you ever consider saving the extra 2 -3 grand? If you saved 12 thousand dollars you can save 2 more.
Or better yet, negotiate a lower price on the car you want. or even better than that, buy a car that cost $ 12K.
But seriously. Any bank on the planet will loan you $ 4000 if you show them $ 12K and plan to use a $ 15K car as collateral on a $ 4000 loan. You’d be a fool to risk having a $ 15K car reposessed for not paying on a $ 4000 loan.
Interesting question…
You could try a personal loan club
like lendborrowclub.com
If you have trouble, find a group and
ask for assistance.
Robert