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Old 05-15-2007, 04:16 PM   #1
xxweekxx
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financing for a used car.. guys please help..

Ok hey everyone,

My best friend is trying to get a used car in a month or so. Her budget is around $200/month car payment plus maybe $150 in insurance. Basically from my math she can afford a $6000 car.

My questions are these:

If she gets financing from a credit union or bank and then goes out and buys the car from a private party, will the car be in her name or the banks name? Why im wondering is if the car is in her name then she wont have to get comprehensive insurance...

Capital one offers you a "blank check" upon approval to go buy a car with, so if she uses this who's name will the car be in?

Basically, if you had $1k cash, and could afford $200/month for a car, how would you go about buying/financing your used car.

Most of you will say yea dont buy a car but she needs it for work. I

I could help her but she wont take free money from me

SO help guys.. thanks
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Old 05-15-2007, 04:46 PM   #2
WWC-Moe B.
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every time you finance a car you have to get full insurance.... unless you get a personal loan without using the car as a collateral then you just need liability.
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Old 05-15-2007, 04:49 PM   #3
xxweekxx
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how easy is it to get personal loans of $5,000 or $6,000
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Old 05-15-2007, 04:49 PM   #4
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Does it have to be a used car? Can she not get in to something new for slightly more money? When you add in repairs and what not on older cars, it can drive the monthly payment up a lot.
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Old 05-15-2007, 04:54 PM   #5
xxweekxx
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she'll get a new car next yr when she graduates and takes her fulltime job offer.. for now she's better with used..
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Old 05-15-2007, 06:58 PM   #6
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Quote:
Originally Posted by xxweekxx View Post
Ok hey everyone,

My best friend is trying to get a used car in a month or so. Her budget is around $200/month car payment plus maybe $150 in insurance. Basically from my math she can afford a $6000 car.

My questions are these:

If she gets financing from a credit union or bank and then goes out and buys the car from a private party, will the car be in her name or the banks name? Why im wondering is if the car is in her name then she wont have to get comprehensive insurance...

Capital one offers you a "blank check" upon approval to go buy a car with, so if she uses this who's name will the car be in?

Basically, if you had $1k cash, and could afford $200/month for a car, how would you go about buying/financing your used car.

Most of you will say yea dont buy a car but she needs it for work. I

I could help her but she wont take free money from me

SO help guys.. thanks
re: comprensive insurance - just last night, I had my car broken in to and nearly stolen (the ignition system and a bunch of stuff below the steering columg got pretty fucked up), and paying that extra for comprehensive is making me breathe easier atm

edit: point being, unless you're just buying some beater that nobody would waste time on, the extra for comprehensive can really be worth it.
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Last edited by DTK; 05-15-2007 at 06:59 PM..
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Old 05-15-2007, 07:03 PM   #7
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Quote:
Originally Posted by xxweekxx View Post
If she gets financing from a credit union or bank and then goes out and buys the car from a private party, will the car be in her name or the banks name? Why im wondering is if the car is in her name then she wont have to get comprehensive insurance...
the car would be in her name and the bank or C/U would have a lien on the car, until the loan was paid off....and usually they will require proof of full insurance on the vehicle....
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