15000 Used Car Loan for in Houston Texas
This borrower has a really good strategy when it comes to borrowing money for a used car. He has applied for the full amount of what the car is going to cost him. He plans to sell his current car and apply the proceeds to his used car loan, reducing the loan by a third. The payments each month will remain the same and since there is less principal outstanding, there will be less interest and more of his monthly payments will go towards paying off the loan instead of interest payments.
He lives in Houston, Texas and works for an oil exploration company as an engineer in training. He is doing well from a salary perspective and has already paid off all of his student loans. He graduated two years ago and this is really a substantial achievement. Most consumers have to work at repaying their student loans over a much longer period.
Since he has an excellent payment record with his rent and all utilities, the student loan repayment has added to his credit score. He has excellent credit and should qualify for a low interest used car loan with no problems. If he follows through and repays this loan as planned, and does not encumber himself with any further debt, his credit rating should improve further. Most people will apply for a mortgage when they purchase a home. This applicant should be able to negotiate a very attractive interest rate for a mortgage as well when the time comes.
DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION
Car Loan Amount :: $15,000
Car Loan Application and Processing Speed (when do you need the funds)::As soon as possible, the seller is waiting to hear if I can close this deal
Do you currently have a mortgage? ::no and I do not have a car loan either. my current car is paid for and I expect to sell it to cover some of the cost of this used car that I am buying.
Bank Name and Branch :: Bank of Houston, Bering Dr.
What City/Town, State and County do you live in? :: Houston, Texas
Zip :: 77057
What is your employment field? :: Oil Exploration
Employment Position :: Engineer
When are you paid? (monthly/weekly/biweekly):: biweekly
Your credit rating to be – excellent, fair, or bad? :: Fair to excellent
How did you find us? :: online search for used car loans
How are you paid? (direct deposit/paper check):: direct deposit
Gross Amount Per Paycheck :: $2,307
Do you agree to have this information published online, without your PRIVATE information of course? :: I guess so as long as nothing personal is shared online
Extra information here please (some detail):: I need a used car loan so that I can purchase a car that a friend is willing to sell me. I have only been working for a couple of years and working my way up the income ladder and the management ladder at a local oil exploration company. I cannot afford a new really expensive car, so the next best thing is to buy a used one that looks great and runs well. I need $15,000 to buy this car and then I plan to sell my current car.
I am hoping to be able to sell my current car for around $5000 and will use these funds to pay down my used car loan right away leaving a balance of $10,000. Since I will continue with the same payments based on a balance of $15,000 I should be able to repay this used car loan in record time.
My credit rating should be excellent. I have not missed any payments on anything and only have two credit cards. I have lived in my current apartment for the past two years and have paid my rent plus all of the utilities on time each month. The credit cards do not carry a balance.
Note to Lender :: I have this really great job with a local oil company. I get to spend time in the office as well as out on a site when we are drilling test holes for oil. The company wants us to rotate through various jobs to increase our experience, make contacts throughout the company and in particular understand how our design work impacts people on the oil drilling sites. This is a really great opportunity and I love every minute of the job.
When I graduated, I had some student loan debt, but have been able to repay these loans in the first year and a half with the over time that I made. I am in a really good position financially now with no loans or debt other than this used car loan that I am applying for.
Living in Houston, Texas is another great advantage. We are close to everything and the city has a lot to offer a young engineer making a really good salary. Anyway, my buddy is waiting to hear if his car is sold, so can you let me know as soon as possible if the loan is approved or if you need more information?
|Category: Car Loan||APR 2.69%||APR 2.99%||APR 3.5%|
|Length of Term||3||4||5|
|Amount to be paid||$15,623.85||$15,921.82||$16,343.50|
|Total interest paid||$623.85||$921.82||$1,343.50|
|Paid per installment||$477.38||$437.67||$383.80|