P()()RB@Y

How do people get loans for cars when they go for more than there supposed to be worth.

Like a 92' civic with a swap will go for a little more than $2,000.

Like is it possible to get a personal loan for $6,000. and buy a car with it?

Thanks

93SSPHatch

That 92' must have a whole hell of a lot of miles for $2000. I paid $3500 for a 93' with a CX motor

The easiest answer to your question would be to call the bank/credit union where you would like to take the loan from. The last time I checked, the interest rates on a personal loan were through the roof. I would imagine that you cannot use a personal loan to get a car. The reason being that the DMV is going to want to know who actually owns the car. If you use a banks loan check to buy a car, then technically the car is not yours until you pay off the loan. The bank would then find out that you purchased a car with the "personal loan" and that would be the end of it.

The only way to get around the extra costs for a car with a swap is to buy in cash. The don't have car loans for nothing!

95excoupe

Thats actually not true when you get a personal loan you dont have to tell them what your using it for and if they ask just lie. I got one a long time ago for my civic they give you a check and you just cash it right there i walked out with 5000$ in hand. Interest rate isnt bad either

93SSPHatch

Good info, I guess my credit union is just very ****. I checked for a personal loan about a month ago, and the interest rate from Washington Mutual was somewhere around 16-19%. That's pretty high considering you could get a car loan for around 12% and below (considering you belong to a credit union, and you have a reputable credit history).

Anyways, thanks for clearing that up.

Good luck to the guy trying to get the car. Why not just buy a hatch with a stock engine and buy your own swap? Just an idea, it is so much more gratifying knowing that you upgraded all the parts of your car, not some "jo-smoe" before you.

nsxmatt

Depends on how good your credit is on how much you can get a personal loan for. If your credit isn't very good then they put a lein on the car for the loan. I did that once for $2,000 on a 89 crx I bought. Just be careful going to a finance company cause you'll pay twice what you owe in the end Banks are better if the'll do the small loan for you.

1BlackHatch

You can definitely get a personal loan for anything. You would be just as well off to charge the car on your VISA card. The interest rates are very close. I got my car loan from peoplefirst.com and they allow you to pay up to 130% of book value for the car. Hope this helps...

GoLowDrew

What ever you do, DON'T use the cash advance from CC. It's like getting rapped with no lube. I would even go to your boss to see if the company can give you an advance. My GF did, and they let her borrow the down payment. It's much more reasonable, and beats any bank.

HXMan

I was looking into a personal loan also....interest rate was like 18% from the bank I have my accounts at! That is just too much. 9-10% wouldn't be that bad.