Getting A LOAN

[UbeenSmoked]

ok im am woundering how much can i take out to get my very ever first loan for my self. wut do i need to get one and do u think i can get one for about 5,000. the reasonf or asking is im going to be getting a inclosed trailer and other stuff. i need ur opinions on it. let me know every detail that i need to know to get one.

i dont have any credit and i have had a job for a year now and i work tow jobs during the summer, will i have problems in getting one

[Aceman]

I don't think any institution will loan you anything with no credit. Best bet is get someone to cosign with you. You should get a checking account with a credit union to help build credit. I have had a checking account with a regular bank for about 4-5 years and when I went in and asked for a loan, no dice. On the other hand, my buddy had a checking account with a credit union for not very long and needed a loan for 5 grand and they gave it to him. You should also get a credit card and charge a few things to it every month such as gas, car parts, etc. then pay it off every month to help build credit. It's a slow process but it's worth it.

[JUSTINcredible]

but becarefull if u get a credit card, the money goes faster than it may seem, and your better with no credit than bad credit

[alimdar2times]

Take it from me, that's good advice.... ^ ^ ^

I'm 30 years old now, and at age 19 I couldn't buy a $2.00 meal with a 5 dollar bill, that's how bad my credit was. If you do get credit, in whatever form, USE IT WISELY! Cell phone companies, utilities (gas, water, electric), even medical, can and will report you to credit reporting firms. If you get a credit card, use it for a purchase you know you can afford to pay off, and then be sure to pay it off, don't get suckered into the "minimum monthly payment" deal.

Establish a checking and a savings account, and always carry a balance in both. DO NOT WRITE BAD CHECKS! I cannot stress how important that is. I know it sounds simple, but take it from me, you don't want to go there. As far as getting the loan, you will (in all likelihood) need a co-signer. After you successfully pay off one loan that's been co-signed for, you should be able to obtain a small loan yourself. The other important thing is to establish a relationship with a local bank or credit union. Last week, for example, I purchased a 2002 Jeep Wrangler and all it took was a phone call and literally 1 minute for the loan officer I work with to approve it. I'm not bragging, I'm just trying to show an example of how useful this can be. Having good credit is one of the most important tools a person can have. It's literally like having money in the bank. Sorry to be so long-winded, I just have had a lot of "ups and downs" with this subject.

[big_poppa49]

Originally posted by UbeenSmoked

i dont have any credit

= No Loan!! Trust me, I tried to get one for like $2,500 to get my g/f a car and I have worked at my job for a year and a half AND I have 2 credit cards (one $1500 and the other $500) and they STILL said I didn't have enough credit. Do like somebody else said and find you a co-signer (that has good credit of course) and get them to sign for you. All thats saying is that if you dont pay it then they will make your co-signer pay it. But good luck finding somebody to do it, not many people are willing to risk theirselves for somebody else, I know I wouldn't.

My best advice is to try to get some credit built up, credit card, cell phone, etc. then see what happens.

OR, if going to your bank dont work you can pay real high interest and go to one of these loan places to get one. Yeah sure they will loan you money, with something for collateral (like, your inclosed trailer) plus you will be paying high interest out your bunghole for it too. Then if you dont pay it they will compensate your trailer. Hope this helps...:(

[Quad18star]

Depending on your age, credit cards are a good way to build credit for yourself . It's the way I did it , and when I went for a loan for my quad , they apporved me automatically , and just for fun I asked how high they would approve me , and the girl said they were willing to loan me $20 000 without a co-signer . This was when I was 20 years old .

You just gotta be careful with credit cards ... very easy to spend too much . I used it to put gas in my car , and when the bill would come in , I'd pay for it right away . Never missed a payment , so my credit was always good .... but once you defect on a payment , you're screwed .

But unfortunately , cuz you have no credit history , you're going to have to get a co-signer .

And whatever you do .... DO NOT go to one of those "Pay Day Loans" things ..... you'll never get out of it . My buddy's gf borrowed $10 000 from them for a car , they have made payments on the car now for 8 months ... and they owe the company $10 600 . They now need a loan from the bank to pay off the other "Loan" company .

[bradley300]

just be real careful with a credit card, dont put it on your card if you dont have it in your wallet!

and FYI, NEXTEL and CINGULAR phones will only send negative credit reports. if you never miss a payment they will not be on your credit report, only if you miss one

[UbeenSmoked]

thanks for ur input guys. i do have a co Signer my Sister is going to sign for me and already has taken a loan out for me twice now but im turning 18 and she said she would again and she has very good credit aswell. i also have collateral to my car titel, so i think it will work i hope