Getting A Loan.

[Quick281]

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]

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]

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]

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]

You are undeserving of a loan with no job.

If you have $4000
Buy a $4000 truck.

[Quick281]

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.