Getting a loan? - United Bimmer Community

**catalyst** · 01-02-2006, 05:24 PM

Alright, basically my question is.. is it possible to get a loan for 1500 bucks..?

Where would i get such a loan if that is even possible, and what are the parameters upon what i can spend the money on?

Basically ive come upon something that i simply cant pass up and im willing to take a risk and go into debt for it..

Its a wrecked car, so this probably means it has a salvage title now that it is wrecked, correct?

Even if i used a credit card and got raped by interest it would still be a good deal for me, but doing that just makes me cringe.

DEATH2000 · 01-02-2006, 05:29 PM

yea, ur bank. What i did for my car loan is went and applyied for a line of credit. i dunno if ur bank has that option. But if it does, its much better than a tradional loan. It allows me to pay it back when ever i want, all i have to do is make the monthly intrest payments. Dont use ur credit car for it, your intrest rate will f*ck u over big time.

May i ask as to what car you want thats wrecked?

**catalyst** · 01-02-2006, 05:31 PM

1995 M3 100k miles 1500 bucks.

thanks, i will look into that.

Will they finance a wreck?

DEATH2000 · 01-02-2006, 05:33 PM

Quote:

Originally Posted by catalyst

1995 M3 100k miles 1500 bucks.

Very nice, how badly wrecked is it? Are u just gonna use it for parts?

Quote:

Will they finance a wreck?

Depends, some banks will. For $1500 they might, id still look into the line of credit route but thats just me.

**catalyst** · 01-02-2006, 05:35 PM

Quote:

Originally Posted by DEATH2000

Very nice, how badly wrecked is it? Are u just gonna use it for parts?

Not totally sure yet, im getting pics tonight and i may go see it tomorrow if possible.. the owner said the radiator was trashed and all the front panels were destroyed.

If i get it i would keep the drivetrain, suspension, and front seats for my car and part the rest.

DEATH2000 · 01-02-2006, 05:36 PM

Quote:

Originally Posted by catalyst

Not totally sure yet, im getting pics tonight and i may go see it tomorrow if possible.. the owner said the radiator was trashed and all the front panels were destroyed.

If i get it i would keep the drivetrain, suspension, and front seats for my car and part the rest.

Find out what rims are on there. I might like a set of M Contours if the price is right.

PS. I call first dibs on parts if u get it. lol

**catalyst** · 01-02-2006, 05:38 PM

Quote:

Originally Posted by DEATH2000

Find out what rims are on there. I might like a set of M Contours if the price is right.

PS. I call first dibs on parts if u get it. lol

Oh yeah thats just another bonus, he said it had 4 brand new tires on it. Not sure which rims though.

ok, enough of getting ahead of myself, i dont even know if i can pay for the thing yet, haha.

DEATH2000 · 01-02-2006, 05:39 PM

Quote:

Originally Posted by catalyst

ok, enough of getting ahead of myself, i dont even know if i can pay for the thing yet, haha.

If u dont i will. Sounds like good deal to me.

Storamin · 01-02-2006, 05:43 PM

ask for a loan for an apartment...

**catalyst** · 01-02-2006, 05:49 PM

Quote:

Originally Posted by Storamin

ask for a loan for an apartment...

haha, will that work?

im 17 and my dad is cosigning so i doubt that would fly.

So basically what im hearing is that i can get a loan for anything? Do i need to have collateral?

DEATH2000 · 01-02-2006, 05:59 PM

Quote:

Originally Posted by catalyst

haha, will that work?

im 17 and my dad is cosigning so i doubt that would fly.

So basically what im hearing is that i can get a loan for anything? Do i need to have collateral?

You cant get a loan for anything, ur 17 so trying to get a house loan or a $50,000 car loan is out of the question. But since your dads co-signing it then getting a $1500 loan wont be hard.

**Dudesky** · 01-02-2006, 07:32 PM

Quote:

Originally Posted by catalyst

Alright, basically my question is.. is it possible to get a loan for 1500 bucks..?

Heh, you mean $1490, since you won 10 bucks the other day

Just apply for a personal loan from your bank, and have your dad cosign. Or use your current car as collateral.

**TJsBimm** · 01-02-2006, 07:54 PM

Just apply for a personal loan from your bank, and have your dad cosign. Or use your current car as collateral.[/QUOTE]

And then sell the parts u don't want to make back your money. Sounds good to me

Storamin · 01-02-2006, 08:10 PM

Quote:

Originally Posted by catalyst

haha, will that work?

im 17 and my dad is cosigning so i doubt that would fly.

So basically what im hearing is that i can get a loan for anything? Do i need to have collateral?

when my dad was in the navy his buddy did this exact same thing. wanted a car but got the loan rejected so he got the loan for some furniture for his apartment. drive on!

**catalyst** · 01-02-2006, 08:10 PM

Quote:

Originally Posted by TJsBimm

Just apply for a personal loan from your bank, and have your dad cosign. Or use your current car as collateral.

And then sell the parts u don't want to make back your money. Sounds good to me

exactly what i was planning