I have a job and I could probably save up around a thousand dollars for a down payment. The loan is to purchase a vehicle through a government auction and resell it for more money. Is this idea a stupid one?
Eric h, all the vehicles have been wked on and most of them are 2000+. I wouldn’t buy anything older. But to my knowledge from what I’ve read, all the vehicles are in good running condition.
as in the year 2000 sorry about that
Originally posted 2009-07-12 06:33:08.
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I would waste your time to be honest. I cant imagine a bank loaning money to someone who has already said I dont pay my bills.
ie: Bad credit
Unless you’re a mechanic, I’d say it’s a bad idea.
You have no idea if the car is roadworthy – what if it requires another $5,000 in repairs for you to sell it? You’d be sunk.
While you may be able to get a loan, the interest rate might be as high as 30%. Again, if the car needs more work, you’re sunk.
Sounds like you’ll be out too far on a limb.
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