Getting A Loan.

Quick281 · 03-12-2009, 04:04 AM

Cliff Notes: Going to Alaska in a couple weeks. Wanted to leave a couple of days ago but things keep getting pushed back. Originally wanted to do it on a bike but now I am thinking about taking a truck so that I can haul all my shit up there instead of shipping it out. I also like that I have a much wider range of trucks to choose from down here.

Right now I am jobless which makes getting a loan hard, but once I get to Alaska I have two jobs waiting for me and should be able to get something then, however I need the truck now.

Pretend I bought a truck for 12 grand.

I have 4 grand cash and my mom is offering to lend me 8 grand out of pocket. However it is part of her emergency cash fund and I wouldn't want to be paying her back over any length of time beyond 1 year.

Would it be reasonable to assume that after establishing my employment that I could take the title of my truck into a bank and get a loan for 8 grand? I can probably pay her 4 to 6 grand out of pocket over the course of the summer but I just want some thought on getting a loan using the truck as collateral if she were to suddenly need cash. The truck's age would be between 99 and 02 which I do realize might be too old for some banks to loan on.

Just thought I would run these things through you guys in case you can come up with ideas or thoughts that I am missing for better or for worse.

Smileyman any thoughts? Anyone else?

My brother works for Wells Fargo and he was telling me that their policies prevent them from loaning on trucks older than 7 years.

derf · 03-12-2009, 04:16 AM

It would have to be some kind of personal loan. Although with truck prices now you could get a new truck for almost the same price

ericr · 03-12-2009, 10:31 AM

HOw about getting your mom to just co-sign with you for the difference? THat way she can help you on a payment or 2 until you get settled and then you take over. She wouldn't be out of her emergency fund that way either and it will help build your credit.

Quick281 · 03-12-2009, 01:25 PM

Quote:

Originally Posted by ericr

HOw about getting your mom to just co-sign with you for the difference? THat way she can help you on a payment or 2 until you get settled and then you take over. She wouldn't be out of her emergency fund that way either and it will help build your credit.

That was a plan but my mom doesn't think her credit is that great.

pauldun170 · 03-12-2009, 01:37 PM

You are undeserving of a loan with no job.

If you have $4000
Buy a $4000 truck.

Quick281 · 03-12-2009, 01:49 PM

Quote:

Originally Posted by pauldun170

You are undeserving of a loan with no job.

If you have $4000
Buy a $4000 truck.

Also true but I have two jobs lined (ie Contract) up and unlike most people with jobs I pay my bills.

wildchild · 03-12-2009, 01:59 PM

kind of off topic but a truck that is more then 7 years old is not worth 12 grand. I agree with Pauldon find one you can buuy for cash. Should be able to find one. If not something where your mom isn't putting in the max that she said she could. Maybe 1 or 2 grand from her.

thunderex · 03-12-2009, 01:59 PM

Maybe you should buy a $4000 truck that will get you to Alaska, then buy a more expensive one up there if you need it and when you have the money. No point in paying more for a truck that's going to get beat-up going cross country anyway. Hell, you might even turn a profit. Seems like getting new cars into the system there in Alaska ain't exactly easy.

Just quickly glancing at the Craigslist in Atlanta there are a number of late 90's early 2000's trucks available for that price or less. Must be a decent one in there somewhere.

pauldun170 · 03-12-2009, 02:19 PM

Quote:

Originally Posted by Quick281

Also true but I have two jobs lined (ie Contract) up and unlike most people with jobs I pay my bills.

Means nothing. Is it a job that contractually it is impossible you could get fired after 1 day?

In you case a collateral based loan is a better fit.

Quick281 · 03-12-2009, 04:31 PM

I looked around the Alaska craigslist (there is only one for the entire state) and idealy I will buy something just to get there and flip it. I have actually found a truck that meets what I am looking for but the interior blows. At any rate it will get the job done and the owner says he can produce the paper work for proof of a new tranny in the last 20 k miles.

I was in a super shitty mood when I started this thread up last night. I think I have it figured out.

03-12-2009, 04:04 AM	#1
Quick281 Victim of Blazer Rapage Join Date: Mar 2008 Location: Talkeetna, AK Moto: 06 GSXR 600 Posts: 1,707	Getting A Loan. Cliff Notes: Going to Alaska in a couple weeks. Wanted to leave a couple of days ago but things keep getting pushed back. Originally wanted to do it on a bike but now I am thinking about taking a truck so that I can haul all my shit up there instead of shipping it out. I also like that I have a much wider range of trucks to choose from down here. Right now I am jobless which makes getting a loan hard, but once I get to Alaska I have two jobs waiting for me and should be able to get something then, however I need the truck now. Pretend I bought a truck for 12 grand. I have 4 grand cash and my mom is offering to lend me 8 grand out of pocket. However it is part of her emergency cash fund and I wouldn't want to be paying her back over any length of time beyond 1 year. Would it be reasonable to assume that after establishing my employment that I could take the title of my truck into a bank and get a loan for 8 grand? I can probably pay her 4 to 6 grand out of pocket over the course of the summer but I just want some thought on getting a loan using the truck as collateral if she were to suddenly need cash. The truck's age would be between 99 and 02 which I do realize might be too old for some banks to loan on. Just thought I would run these things through you guys in case you can come up with ideas or thoughts that I am missing for better or for worse. Smileyman any thoughts? Anyone else? My brother works for Wells Fargo and he was telling me that their policies prevent them from loaning on trucks older than 7 years. __________________ -Alex- Resident TWFix Noob. My 06 GSXR 600 <-- Its Clickable Fools.

03-12-2009, 04:16 AM	#2
derf token jewboy Join Date: Nov 2008 Moto: CBR 900, KLR ugly ass duckling, Gas Man Posts: 10,799	It would have to be some kind of personal loan. Although with truck prices now you could get a new truck for almost the same price __________________

03-12-2009, 01:59 PM	#8
thunderex Kneedragger Join Date: Nov 2008 Location: Manhattan Beach, CA Moto: 2004 Aprilia Tuono Posts: 148	Maybe you should buy a $4000 truck that will get you to Alaska, then buy a more expensive one up there if you need it and when you have the money. No point in paying more for a truck that's going to get beat-up going cross country anyway. Hell, you might even turn a profit. Seems like getting new cars into the system there in Alaska ain't exactly easy. Just quickly glancing at the Craigslist in Atlanta there are a number of late 90's early 2000's trucks available for that price or less. Must be a decent one in there somewhere. Last edited by thunderex; 03-12-2009 at 02:02 PM..

03-12-2009, 04:31 PM	#10
Quick281 Victim of Blazer Rapage Join Date: Mar 2008 Location: Talkeetna, AK Moto: 06 GSXR 600 Posts: 1,707	I looked around the Alaska craigslist (there is only one for the entire state) and idealy I will buy something just to get there and flip it. I have actually found a truck that meets what I am looking for but the interior blows. At any rate it will get the job done and the owner says he can produce the paper work for proof of a new tranny in the last 20 k miles. I was in a super shitty mood when I started this thread up last night. I think I have it figured out. __________________ -Alex- Resident TWFix Noob. My 06 GSXR 600 <-- Its Clickable Fools.

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03-12-2009, 01:59 PM	#7
wildchild cruiser Join Date: Nov 2008 Location: on the run Moto: '09 HD superglide, 16 Yamaha FZ 09 Posts: 2,749	kind of off topic but a truck that is more then 7 years old is not worth 12 grand. I agree with Pauldon find one you can buuy for cash. Should be able to find one. If not something where your mom isn't putting in the max that she said she could. Maybe 1 or 2 grand from her.