How does the credit union finance the car for you ?
The Truth Hurts ! asked:
I am trying to get a used car something reliable and under 10k..I was told by a loan officer since I have no credit history they might be able to finance a car for me..So what does that mean…
Would I need a down payment ?
I am trying to get a used car something reliable and under 10k..I was told by a loan officer since I have no credit history they might be able to finance a car for me..So what does that mean…
Would I need a down payment ?
Tags: Finance A Car, Finance Car, Loan Officer
June 22nd, 2009 at 1:30 am
they buy the car and you pay the credit union the cost of the car plus interest,
you are going to pay alot of interest on the car because you have no credit history
the best thing to do is have your perants Co-sign on the loan it will help and you will have lower payments
June 25th, 2009 at 10:29 am
If you have a savings or checking account with the credit union, it would help. Otherwise, they might approve a relatively small loan for you, at a high interest rate. This means you might have to come up with cash to make up the difference between the loan amount and the price of the car you want.