Ford Ranger Forum - Forums for Ford Ranger enthusiasts!

Go Back   Ford Ranger Forum - Forums for Ford Ranger enthusiasts! > >
Forgot Password? Join Us!

Welcome to Ford Ranger Forum

Reply
 
Thread Tools Search this Thread

  #1  
Old 06-07-2011, 07:06 PM
mopar9012 mopar9012 is offline
Ford Ranger Driver
 
Join Date: Jul 2010
Posts: 518
Default anyone know anything about loans?

So id like to get some information so I dont go into a bank looking like an idiot or just plain waste my time.
Im 20 years old and just started working for an electrical company and Im getting plenty of overtime. Ive been establishing credit through my credit card for about a year. Normally I pay it off at the end of the month but I have recently been making payments(not the minimum though) so Id like to think my little credit history is good.
I have no co-signer at all. Is there a likely hood of me getting around a 5000$ loan? or am I just wasting my time?
__________________
2002 3.0 Ford Ranger 4x2, Auto, 250k miles
Reply With Quote
  #2  
Old 06-07-2011, 07:17 PM
ObsoleteE ObsoleteE is offline
I'm an F-18, bro
 
Join Date: Jan 2010
Posts: 1,972
Send a message via AIM to ObsoleteE
Default Re: anyone know anything about loans?

How long have you been employed? If its been less than 6 months, it would be a bit more tough to get approved. A year of credit history is also short, but its worth a shot because banks are really willing to give out loans at the moment. The worst they'll say is no. What is the loan for? This matters.
__________________
1999 B2500 5 Speed
Reply With Quote
  #3  
Old 06-07-2011, 07:20 PM
mopar9012 mopar9012 is offline
Ford Ranger Driver
 
Join Date: Jul 2010
Posts: 518
Default Re: anyone know anything about loans?

couple weeks now. Ive always had a job since I was 16 but this is my first real paying job.
I knew this would come up, lol. Im looking into a motorcycle. I want something fun(mechanically fun) and cars are expensive plus insurance. Im thinking they probably will say no because they think I will kill myself on it.
__________________
2002 3.0 Ford Ranger 4x2, Auto, 250k miles
Reply With Quote
  #4  
Old 06-07-2011, 07:22 PM
BlackBy4 BlackBy4 is offline
Ford Tough
 
Join Date: Jul 2010
Posts: 238
Send a message via AIM to BlackBy4 Send a message via MSN to BlackBy4 Send a message via Skype™ to BlackBy4
Default Re: anyone know anything about loans?

Quote:
Originally Posted by mopar9012 View Post
So id like to get some information so I dont go into a bank looking like an idiot or just plain waste my time.
Im 20 years old and just started working for an electrical company and Im getting plenty of overtime. Ive been establishing credit through my credit card for about a year. Normally I pay it off at the end of the month but I have recently been making payments(not the minimum though) so Id like to think my little credit history is good.
I have no co-signer at all. Is there a likely hood of me getting around a 5000$ loan? or am I just wasting my time?
Your best bet is to go into a credit union to get a loan. They're more willing to take on the risk.
Also, paying off your credit card completely every month isn't always a good thing. The best way to build credit fast is to maintain a balance of LESS than 50% of your total credit limit. So if you have $1000 limit, keep it around 3-400. Use it every month, and pay off the previous balance every month, but this will show that you are actually responsible with your credit card, and living within your means.
Credit is a hard thing to understand. I know a decent amount, but not everything. Also, I don't want to overrun this thread. If you want more advice, shoot me a PM>
__________________
Nathan

-2010 4.0L 5-speed 4x4 Black Sport
3" SR Bodylift | T-Bar Crank | 6400 Shackles | 315/75/16 Disco S/T | Hella Rallye 4000 9" | 55W 6000K HID
Reply With Quote
  #5  
Old 06-07-2011, 07:22 PM
TerrenceStuart TerrenceStuart is offline
Old man driver.
 
Join Date: Nov 2009
Posts: 14,895
Default Re: anyone know anything about loans?

have you ever had a car loan thats been paid off?
most banks look at your past history on "large" loans such as car loans, home loans, etc
then decides if they want to give you this $5000 loan or not.
You can ask for the loan, but don't be surprised if you are denied.
But, thry may also say "Yes!"
__________________
some kind of vehicle.
Reply With Quote
  #6  
Old 06-07-2011, 07:23 PM
FireRanger FireRanger is offline
Blinded by the light
 
Join Date: Sep 2009
Posts: 7,674
Send a message via AIM to FireRanger
Default Re: anyone know anything about loans?

Ya. That's barely a lone. That's like, nothing. Hell most people's normal credit card limits are $5,000 or so. That will be pretty easy.

So there are basically two ways this can work.

1) Normal loan, you make monthly payments that include interest and principle stretched out over the course of X years. Due to the interest, you end up paying back more than the actual loan amount. That's just how conventional loans work.

2) Loan with no payments for X amount of time or no interest for X amount of time. These sound really great because you don't have to pay the interest or don't have to pay anything for a year or two or whatever the promotion is. BUT... Usually, after that [1 year] with no interest, if you haven't paid the entire loan amount off, you owe the loan amount plus that entire year's worth of interest piled on top. These are great loans if you KNOW you can pay it completely off within that given time frame. You save a shit load of money by not paying interest. But if you don't pay it in that promotional period, you get totally fucked.

Can I ask what this is for?
__________________
(Formerly)
FireRanger
2003 Edge 4.0 4wd

How to: Aux light wiring, relays, & fuses
Info: 300+ intake threads here on FRF
Info: HID Projectors
How To: NO HEAT Troubleshooting Guide
Reply With Quote
  #7  
Old 06-07-2011, 07:23 PM
Tom Tom is offline
Ranger Enthusiast
 
Join Date: Nov 2008
Posts: 6,829
Default Re: anyone know anything about loans?

What kind of loan? Personal loan? Car loan? etc.

Do you have anything to your name, such as your Ranger, to use as collateral?

Based on your lack of history I would expect the bank to say "No, but we can offer you a loan for this amount instead..."
__________________
2006 Ford Ranger Sport 4.0 2WD on 32x11.50R15s
-3" Doetsch Spindle Lift


Using the forum:
How to Post on the Forum
Creating a signature (do this before asking any questions)
Upload an Avatar (image of your Ranger)
How to Post Pictures on the Forum
Switch the site layout: Light Theme or Dark Theme

Things to do:
Participate in Truck of the Month
Participate in the Ranger Photo Contest
Participate in the Non-Automotive Photo Contest
Become a Site Contributor
Shop at the FordRangerForum.com Store
Reply With Quote
  #8  
Old 06-07-2011, 10:42 PM
knightmare1015 knightmare1015 is offline
Senior Member
 
Join Date: Feb 2010
Posts: 2,010
Default Re: anyone know anything about loans?

They'll also say no because he hasn't been employed long enough at his current job. The banks look at work history too. This will also make a difference to. If you go to a bank or credit union make sure you have an up to date account with them. For some reasons unknown to me and alot of others, they won't loan any money out to someone who doesn't have an active and up to date account with them. For example: If I were to walk into a with a good referance, a solid work history and no bills that are behind with good collateral, I wouldn't get a loan because I have a checking account with them but has had no activity within the last few months and some of the info on the account is not up to date. That has indeed stopped me from getting vehicle loans in the past.
__________________
SOLD: 2004 Ford Ranger Edge 3.0 V6 5 speed



www.knightmare1015.blogspot.com

Last edited by knightmare1015; 06-07-2011 at 10:44 PM.
Reply With Quote
  #9  
Old 06-07-2011, 10:56 PM
03fx4 03fx4 is offline
Ford Tough
 
Join Date: Oct 2010
Posts: 483
Default Re: anyone know anything about loans?

do you have a bank in mind your going to use. find out what bank your company uses. they usually have an idea if a company keeps people for long periods or likes to hire and fire a lot. also what kinda bike you wanting to buy? being young and depending on your driving record something like a street bike might cost a fortune in insurance.
__________________
2003 fx4 levelII 4.0 5speed manual t-case 4.10 gears with eaton E locker in the back.

2001 mountaineer 5.0 awd loaded and stock

2004 chevy 3500 cclb dually duramax
Reply With Quote
  #10  
Old 06-07-2011, 10:57 PM
RangerJustin RangerJustin is offline
~+!)@(#*$&%^
 
Join Date: May 2009
Posts: 3,033
Send a message via AIM to RangerJustin Send a message via Skype™ to RangerJustin
Default Re: anyone know anything about loans?

Like said above, short term at current job does not help. But definitely try credit unions first. I refinanced through one without having any previous account with them and had no problems.
__________________
Sold:2004 XLT 4x2 Ext. Cab. 3.0 Mods: 3" spindle, AAL, shackle, 32x11.5 on 15x8s, billet grille, clear corners, flow 40 dumped, line-x, CB/PA, traction bars, lil sound system, auto up down windows
Sold:2005 XLT 4x4 Ext. Cab. 4.0 Mods: ProComp lights w/ HID swap on tabs, 32x11.5 on 15x8s, CB/PA, black out heads/corners, lil sound system, cranked t-bars, flow 40 dumped, line-x, shell, bed rug, 06+ tails, metal tail gate handle since plastic one shattered, OHC, Mustang Dome.
Reply With Quote
  #11  
Old 06-07-2011, 11:03 PM
knightmare1015 knightmare1015 is offline
Senior Member
 
Join Date: Feb 2010
Posts: 2,010
Default Re: anyone know anything about loans?

Quote:
Originally Posted by RangerJustin View Post
Like said above, short term at current job does not help. But definitely try credit unions first. I refinanced through one without having any previous account with them and had no problems.
Yep. Credit Unions are alot easier to deal with than the banks are and they might have a better interest rate too. That short term at your job will not help at all, in fact it will most likely cost you your loan no matter what your credit is. If they see you only have been employed there for just 2 weeks, and they know the company extremely well, then you'll be considered too high of a risk.
__________________
SOLD: 2004 Ford Ranger Edge 3.0 V6 5 speed



www.knightmare1015.blogspot.com
Reply With Quote
  #12  
Old 06-08-2011, 05:05 AM
dixie_boysles dixie_boysles is offline
5.Oh All the way

 
Join Date: May 2009
Posts: 6,581
Send a message via Yahoo to dixie_boysles
Default Re: anyone know anything about loans?

X2 on a credit union. More than likely, you will have to have a cosigner because with a 5000 personal loan, they are taking a bigger risk because they have no collateral. Ususally just starting out, you WILL have to have a co-signer. So dont be surprised. When you go to the bank, dress kindly nice, go ahead and bring your paystubs and anything you may need. This looks better on your part.
__________________
2014 F150 SuperCrew XLT 4x4
275/65/17 Falken Wildpeak AT3W | Shorty Antenna | Tinted Windows | ProClip Phone Mount |5.0 v8 |Tow Package | Oxford White


Sold/Totaled: 2006 Ranger XLT 2D SuperCap 4x4 Torch Red
15x8 Pacer 164P Polished Wheels | 31x10.50 BFG ATs | Level II Tow Hooks | FX4 Red Insert Seats
Tinted Windows | 6000K HIDs | Kobalt Low Profile Toolbox | Pioneer Speakers
Reply With Quote
  #13  
Old 06-08-2011, 05:27 PM
mopar9012 mopar9012 is offline
Ford Ranger Driver
 
Join Date: Jul 2010
Posts: 518
Default Re: anyone know anything about loans?

My friend is part of a credit union. I was thinking about joining as well just havent. As far as my job goes I wasnt looking to get a loan right NOW but in the near future which I know isnt that much better. Right now im not even sure if I want a motorcycle anymore, just heard about a guy dieing on one today on the way home from work.

I havent paid anything off in the past, my truck was paid for by my grandfather and thats all ive had. If you have to have a co-signer for your first loan no matter what your job standing/credit is then theres not way I will ever get a loan. lol. My dad lost his job 3 years ago and everything went down hill from there so they would just laugh a me even harder if I brought my parents in with me.
__________________
2002 3.0 Ford Ranger 4x2, Auto, 250k miles
Reply With Quote
  #14  
Old 06-08-2011, 05:36 PM
btm757 btm757 is offline
In Memory of Jason Finn
 
Join Date: Jul 2010
Posts: 748
Default Re: anyone know anything about loans?

I was able to get a $2800 loan with no collateral and no co-signer from my bank (credit union) this was when I was 18 and had no credit yet. im now 21 and have almost a 800 credit score with no credit cards. Im told I can get my score higher if I got a credit card and used it but paid it off when the bill came
__________________
This is Ford Country and On a quiet Night you can Hear a Chevy Rust.
2004 XLT SUPER CAB STEPSIDE 4.0l 4x4 3"BL W/ 33/12.5 KM2s on Black Procomps and I Haz ______/--------- <Cutoff FTW
Facebook
Reply With Quote
  #15  
Old 06-08-2011, 10:09 PM
knightmare1015 knightmare1015 is offline
Senior Member
 
Join Date: Feb 2010
Posts: 2,010
Default Re: anyone know anything about loans?

Quote:
Originally Posted by btm757 View Post
I was able to get a $2800 loan with no collateral and no co-signer from my bank (credit union) this was when I was 18 and had no credit yet. im now 21 and have almost a 800 credit score with no credit cards. Im told I can get my score higher if I got a credit card and used it but paid it off when the bill came
They told you a little bit wrong my friend. Yeah it can improve your credit as long as you show activity. But if you pay it off and don't use it again, it can harm your credit as well. It's really a two way street. Also don't apply for too many credit cards because each and every time your credit is checked it lowers your credit score with every credit reporting agency. Just be carefull and reasonable and you'll be ok.
__________________
SOLD: 2004 Ford Ranger Edge 3.0 V6 5 speed



www.knightmare1015.blogspot.com
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
Chrysler to pay off Loans... knightmare1015 Off Topic 13 05-25-2011 12:57 AM