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xunsinkablex · May 9, 2007, 07:39 AM

I'm looking into getting my first car, and my parents are taking out a loan from the bank so that I don't have to make car payments (my insurance is high enough as is, being a new driver). I was wondering how long it typically takes to be approved or denied?
They have pretty good credit and own a home. We're only looking to get a $2000 loan, and I have looked up the Blue Book value for a used 1994 Jetta GLS. The average for that model in good condition is $2495 and fair is $2905. I believe it's in good condition, because it doesn't need any repairs, etc although there are a few small stains on the interior roof.

How long does it typically take to get approved or denied for this type of loan? And how likely is it that we'll get enough to cover the cost of the car?

Fr_Chuck · May 9, 2007, 07:55 AM

When I am sittting at the bank about 2 minutes. One day at most normally. Next please do not "beleive" it is in good condition, have it checked out by a certified mechanic and see if you can get an extended warranty on it.
The last thing you want is after 2 weeks the transmission going out and you have a 1500 dollar repair to get back on the road

xunsinkablex · May 9, 2007, 08:02 AM

Originally Posted by Fr_Chuck

When I am sittting at the bank about 2 minutes. One day at most normally. Next please do not "beleive" it is in good condition, have it checked out by a certified mechanic and see if you can get an extended warranty on it.
The last thing you want is after 2 weeks the transmission going out and you have a 1500 dollar repair to get back on the road

It actually comes with a 6 month/7500 mile warranty on it (I'm not buying from a private seller), but thank you!