What is the most bennificial and cheapest way to take out about a six thousand dollar loan...?

for a college student in need of a used car? I am currently selling my honda so i will have a decent downpayment, around 1500-2000 dollars. Also, I have no credit at this moment. Where would I find the lowest interest rate?

What is the most bennificial and cheapest way to take out about a six thousand dollar loan...?

you need to belong to a bank or credit union to take out a loan

you also need to establish credit for a loan or have a co -signer

good luck

What is the most bennificial and cheapest way to take out about a six thousand dollar loan...?

With no credit it is going to be hard to get a bank loan or a loan from a dealership that doesn't have an outrageous interest rate, all by yourself that is. Do you have someone that can co-sign for you? If you do - you will have better luck usually with the car dealerships because you can haggle over the interest rate. Make sure your co-signer has GREAT credit. That will help out with your interest rate as well. Good luck and don't be pushed into some crazy interest rate of 15% just because you're young. Creditors see young people coming and immediately think you're stupid. So - watch your back.

What is the most bennificial and cheapest way to take out about a six thousand dollar loan...?

Going to your bank is the best way. They like to lend to their own people. If that doesn't work, you are welcome to come on my site and try one of my auto lenders. Roadloans is a great place for first time buyers. They will treat you right. They send you a blank check and you go to the dealership you want and buy a car.

Also, I used to sell cars, so before you head out to the dealership with cash down (which is a good thing), sign up for my free newsletter on how to negotiate. The last yahoo guy that did saved $2,500 on his car purchase.

With money down you should be able to get a car. Keep in mind a couple things though. If you want to finance a $6,000 car and it has 100,000 miles on it - the bank won't do it.

When you are a first time buyer they will limit you to a car that is under 5 years old and under 50,000 miles. This protect you (safe, reliable transportation) and it also protects them and ensures you'll pay off your loan and not default on the loan cause it broke down.

What is the most bennificial and cheapest way to take out about a six thousand dollar loan...?

THE ONLY WAY THIS THIS IS GOING TO HAPPEN IS IF YOU ARE ABLE TO FIND A CO-SIGNER.