OT: how do loans work?


Gold Member
Username: Trey4sports

Post Number: 1575
Registered: Sep-06
i know as soon as im 18 ill be able to take out a loan for a vehicle but will i also be able to take out a small loan for tax,tag, and title? do banks usually loan for that kind of thing?

Bronze Member
Username: Visitor

Middleofnowhere, Minnesota USA

Post Number: 60
Registered: Jul-07
depends on what the vehicle is worth. say you want a car that is for sale at $10k.. it books at $12k. they will loan you up to 12k on it..

Silver Member
Username: Fearthisskyy

Dallas, Texas United states

Post Number: 355
Registered: Apr-07
yeah, they can just include it in the auto loan if you want.

you take a loan on the vehicle, they split it up into monthly payments over a period of time and tell you how much the interest rate will be, then you pay that plus the principle (what you owe for the car) each month for x amount of months.

Gold Member
Username: Trey4sports

Post Number: 1577
Registered: Sep-06

Gold Member
Username: Killerzracing71

Fredericksburg, Virginia United states

Post Number: 1530
Registered: Aug-05
the denied me for my 4k loan on a car school and to fix my yellow car.... said i asked for too much :-( so i have to re apply i need my Lesabre n banana boat on da road now ha ha

Gold Member
Username: Adam_s

Post Number: 1819
Registered: Aug-04
One thing is if you dont have any credit your going to need a cosigner and most likely the car you take the loan out for will have to be put up for collateral which means you have to have full coverage insurance on it so when you choose a car that will also come into play of how much you can really afford.

Silver Member
Username: Mixmastaspig

Canada, Canada Canada

Post Number: 986
Registered: Sep-05
Weird how you can be 18 to get one, I had to be 19 before I got a loan and my credit card if I can remember correctly.

Yeah get a cosigner if you don't have a line of credit as if the cosigner has good credit you will more than likely get approved. They also will want to know what you own now, like a car or car stereo as they need to have collateral (Steinke brought it up) as if you cant make the payment and you cosigner cant, they like to take stuff instead of money!
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