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? asked in Business & FinancePersonal Finance · 5 years ago

Taking a loan from Bank of America?

I was planning on taking 5K loan from a bank and get a car, because I lost my car about 2 months ago. I am 18 years and and a college student with no credit. I earn about 500 per month because i cannot go to work. If i have a car, i would go and work full time. when I work full time, I earn 1600. What do you guys think? Thanks to anyone that answers!

8 Answers

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  • 5 years ago

    Unluckily, you are caught between a rock and a hard place - you need a car to go to work, you need a loan to buy a car, you need a job to get a loan. Working backwards..no job, no loan, no loan, no car, no car no job. The bottom line is you may need to suck it up, buy a bike, get a minimum wage job and save some money to put a down payment and then find a cheap used car and work from there.

  • Rob
    Lv 7
    5 years ago

    Not happening here legally .

    ..any "loans" u get will be 20% or better.

    Get a bicycle and get work..

    U can't qualify for loans given the info.

    Parents can explain the reality of buying cars on loans.

  • ?
    Lv 7
    5 years ago

    I think you are betting on BoA giving you the loan and I am not so sure that is going to happen

  • 5 years ago

    Some of you guys are giving smart answers... I am in a situation that my house is 30 mins away from school and 15 mins away from work. I do not pay for any rent, whatever i earn comes to me. this still doesnt give me a chance?

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  • ?
    Lv 7
    5 years ago

    Have your parents get the loan for you.

  • Anonymous
    5 years ago

    have your parents get the loan for you...

  • Anonymous
    5 years ago

    have your parents get the loan for you...

  • Anonymous
    5 years ago

    if you have no collateral they may not see it your way ...

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