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Car Loan?

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Vanessa Valentine

Femme Fatale
Sep 5, 2002
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Toronto
www.missvanessavalentine.com
As soon as I return to Toronto (next week), I want/ need to buy a car! I've been renting one since I finally got my license and I'd rather own than rent or lease.

Would I qualify for a loan on my own? What are the requirements? And is there anything I can do to increase my chances of getting loan?

I'm looking for a used (2000- 2004) SUV. I'm willing to spend up to $20K for the right vehicle and can put anywhere up to 40% down.

Where should I go? Should I go to my bank for a loan or a loan company? Help!

Vanessa
 
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Mack Bolan

Active member
Sep 24, 2001
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Some where in Cyber Space
Vanessa

Check out Care Help Canada, which is on Sunday night on CityTV(24). They can help you with getting a good deal on a new/leased or used vehicle.

If you've had a credit card and been making your payment or have paid it off. Plus you'll have to show the bank how you make your income and they will need some sort of paper tail.

Regards

Mack
 
Z

zydeco

Active member
Aug 16, 2003
1,493
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Mack - don't you mean paper trail? Well - maybe you're right - in Miss V's case they would probably want some tail!
 
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brat_man_7

New member
Jan 17, 2004
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Guelph
sensual lady said:
Vanessa,

I can recommend a r5eputable company in Ottawa ( don't know if you want to drive there. lol. Or next time you're in Ottawa) but they are always recieving Jeep Grand Cherokees. These are used vehicles and are 3 years old at the most. A friend of mine bought a 2001 Grand Cherokee Limited there for 21K with about 60 Kms on it. They sell for a lot of less than dealerships and have a warranty on them. Here is the link for the SUVS: http://findacarottawa.com/vehicles/listbytype.asp?type=suv They primarily deal with domestic vehicles. Having owned a Grand Cherokee, I liked it but don't expect a smooth ride as you would in a car. I got rid of mine because I put 80 K on it in 1.5 years travelling back and forth. The Jeeps they have a good price considering mine was a 2002 and the dealership I traded it into sold it for close to $28K with the above mileage on it.

Currently there is a Grand Cherokee Laredo for $20495 with only 43K there. Or for the 2001 Grand Cherokee Limited with no money down is $428/month based on 4 years financing. If you take a longer finance period, your monthly payments will be a bit lower. I beleive their interest rate is 7.% for those with good credit. If you've got 40% to put down, then you're laughing. Ask for Scott. He's the person who runs the Ottawa location. Tell him I sent you.lol.
Click to expand...


I would stay away from the Cherokee. The reason that the resale price is so good is because there are so many used ones on the market because they are plagued with problems. Very Very high maintenace. Read the Lemonade Book and find out which ones are favourable. All SUV's are hard on gas, insurance and general maintenace. If you can live with a 4 cylinder, I would reccommend the Honda CRV. Nice ride, reliable, about 10 liters for 100 kms. This is not so bad compared to others which use 17 liters/100 kms. Insurace is reasonable. Easy to park etc. Again stay away from the Cherokee, the reason they are cheap is because people are dumping them. They can't afford to maintain these beasts.


Cheers.
 
S

senorita

New member
Jul 30, 2004
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Miss Valentine said:
As soon as I return to Toronto (next week), I want/ need to buy a car! I've been renting one since I finally got my license and I'd rather own than rent or lease.

Would I qualify for a loan on my own? What are the requirements? And is there anything I can do to increase my chances of getting loan?

I'm looking for a used (2000- 2004) SUV. I'm willing to spend up to $20K for the right vehicle and can put anywhere up to 40% down.

Where should I go? Should I go to my bank for a loan or a loan company? Help!

Vanessa
Click to expand...
To answer your question dear...usually the more money you already have to put down, the better your chances of getting financing for a vehicle...it shows you have interest enough to save up...I went to the bank to get a loan for a car, but because there was no actual pay stubs, or much of a paper trail, they wouldn't even consider it.

The dealerships offer financing, and they may be a little different. Really the only paper trail I had was my bank account. I wasn't consistant with putting money in my account though. Long story short, my husband had to get the loan for me :(

If you go to a loan company, you will be paying a fortune in the end. High interest rates are where they make their money. It will probably be a lot easier getting money from them,but like I said, you'll pay for it in more ways than one!!!

It may be different where you are, I don't know, that was just my experience with trying to buy a car...a new car anyway...eventually my hubby had to get me the loan...that was aggravating! lol I can afford it, but he had the PROOF of the income! lol

Hope that helped a little bit, and didn't sound too negative...

kayla
 
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gypsy

Banned
Oct 26, 2003
361
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0
It has nothing to do with declaring income or not. If you put down 50% on a used car most places will finance but at a ~20% rate.

At $300/hr cash income I'm surprised that financing would be an issue to Vanessa.
 
F

freakshow

Active member
Dec 20, 2002
2,038
3
38
Vanessa i am a mortgage broker and can arrange finacing for you....and also have some resources for used vechicles years old of lease at great prices..........pm me
 
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MajorWood

New member
Jan 22, 2004
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Go to your own bank, there'll be way less hassle for someone self employed like Miss V., since they already have your account history on file.
 
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i_am_good

Active member
Apr 1, 2002
1,126
19
38
beauty AND brains...

...I like the way Miss V. goes about her business - think first, then act.

I'm afraid that Miss V. might be in for an unpleasant experience. Most banks want T4 slips AND a current Notice Of Assessment. Credit history is also a very important factor.

I'm sure Miss V. will find a way.

Then there's INSURANCE. Miss V. is newly licensed! Ouch! Car insurance can be outrageous for newbies.

First things first.

Does anyone know of a dealership that offers its' own private financing?
 
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Gord's Bro

Re: beauty AND brains...

i_am_good said:
...Does anyone know of a dealership that offers its' own private financing?
Click to expand...
Check my earlier post. They also, apparently, have their own financing.

Gord's Bro
 
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gladheateher

New member
Feb 13, 2004
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mighty Leafs Nation
brat_man_7 said:
I would stay away from the Cherokee. The reason that the resale price is so good is because there are so many used ones on the market because they are plagued with problems. Very Very high maintenace.


Cheers.
Click to expand...
Agreed. A friend of mine had one and he got rid of it. AVOID
 
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Vanessa Valentine

Femme Fatale
Sep 5, 2002
778
0
0
Toronto
www.missvanessavalentine.com
gladheateher said:
Agreed. A friend of mine had one and he got rid of it. AVOID
Click to expand...
I keep hearing the complete opposite. Quite a few members and friends have contacted me telling me how much they love their new and used Jeep Cherokee's. I've always wanted one.

A friend of mine keeps telling me to buy a Japanese or German model- to stay away from American vehicles...

V.
 
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