Loans For Used Cars Under $2000

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Loans For Used Cars Under $2000

This latest applicant is looking for loans for used cars under $2000. He has $1000 saved so he can purchase a car that is valued up to $3000.  He is a taxi driver, does not own his own car and makes approximately $1000 a week after all expenses have been paid. He has applied for a used car loan in the amount of $2000 and needs the money quickly so that the car he would like to buy is not sold to someone else.

His credit rating is pretty good and he has been working as a taxi driver for some years and makes decent money as a taxi driver. He should qualify with no major problems for this used car loan under $2000. His payments have been calculated over one year, two years and three years to illustrate what the cost of interest will be and what his monthly payments will be under different terms. He will need to decide which term he will chose for his loan. Generally the faster you repay a loan the lower the total cost of interest is going to be.

He has one credit card which he pays the full balance on every month. It is usually large since he charges all of his gasoline to this card. He fills up the car every night and sometimes even more often that that if it is a busy night. He did not know what the interest rate on credit cards was, since he repays the full balance every month. He knows that the interest rate is very high.

Traditional bank credit cards will charge as much as 18 to 19% on any unpaid balance on their cards. Store based cards charge even higher than these amounts. At 18% for the unpaid balance, vs. a used car loan, this applicant is much further ahead applying for a used car loan at much lower rates.

Used Car Loan Amount :: $2000

Car Loan  Loan Application and Processing Speed (when do you need the funds):: within th enext few days, I would like to confirm purchase of a car before it gets sold to someone else.

Do you currently have a mortgage? :: no, I rent an apartment

Bank Name and Branch :: Mechanics Bank, Sansome St

What City/Town, State and County do you live in? :: San Francisco, California

Zip ::94104

What is your employment field? :: Taxi Driver

Employment Position :: taxi driver for another owner

When are you paid? (monthly/weekly/biweekly):: daily from proceeds and tips

Your credit rating to be – excellent, fair, or bad? :: fair I guess

How did you find us? :: searching for loans for cars online

How are you paid? (direct deposit/paper check):: usually in cash

Gross Amount Per Paycheck :: $ I generally clear about a $1000 a week after expenses

Do you agree to have this information published online, without your PRIVATE information of course? :: sure I guess so, is there any danger of my personal information being made available online

Extra information here please (some detail):: Hi I am looking for a used car loan of approximately $2000. I have a $1000 saved for a car and need another $2000 to purchase the car that I am considering. I just need a basic set of wheels to get me from my flat where I live to the location where I meet the owner of the taxi that I drive.

The owner of the taxi drives the taxi cab during the day and I drive the car at night. This car is on the road 24 hours a day making money for me as well as the owner who also owns the taxi license. I have to pay for gas and a set fee for using his taxi cab and his license when I am driving at night.  If there are repairs needed he looks after getting the repairs done, however it usually means I do not work on those evenings since his mechanic only works at nights.

I am just looking for an old car that runs well, that I do not need to worry about since it is parked on the street all night long near his house. He does not live in the best neighborhood so an older car that is not attractive to anyone is exactly what I need. I have my eye on such a car and would like to pick it up soon before someone else buys it.

Note to Lender :: I make roughly a thousand a week after I pay all of my expenses while working and also pay the rental and operation of the cab that I drive. Some days are better than others, but that is what I have been making over the past two years on average.

As far as I am aware my credit is good. I do not owe any other money and I pay all of my rent and utility payments on time. I have one credit card which always has a high balance since I fill up with gas every day. But I pay the full balance off on my credit card every month and do not pay interest. It is so expensive when the credit card company charges interest on any money you owe. I do not know how much they charge, but I heard it is a lot.


Category: Home Mortgage Loan APR 3.84% APR 4.00% APR 4.5%
Loan Principal $2,000 $2,000 $2,000
Payment Schedule Monthly Monthly Monthly
Length of Term 1 2 3
Amount to be paid $2041.59 $2083.32 $2138.72
Total interest paid $41.59 $83.32 $138.72
Paid per installment $167.80 $85.62 $58.60