Should I have trouble getting approved for an auto loan?
I am looking to purchase a car from a friend pretty quickly because he cant afford payments after he got laid off and just needs to get rid of the car. The bluebook value is 14000, but he only has 8000 left to be paid on it. He wants me to get the loan in my name but im worried because i used to have like 3000 in debt and didnt always pay them on time because i wasnt making much money at all (2 credit cards and a college perkins loan). With late fees and interest the amount of debt i had stayed around 3000 and even got up to 3500 around christmas. I just joined the military and got out of boot camp last month and paid off all but 800 and i got the payments current on the one I have left. Should I have trouble getting an auto loan for the 8000 preferrably from USAA of Penfed?
well i know i could pay it now because im making 4 times what i was at my old job and living in government leased housing, so i have no bills other than car insurance and cell phone. The only reason I couldnt make the payments before is because i could barely pay rent some months.
the loan would be for 8000…. 14000 was just the bluebook value
im paying 1500 on the car, but im paying that straight to the buyer. The milage on the car is 25000 and its a 2005 dodge neon srt-4
sorry i meant to say im paying that straight to the seller.