Date: Fri, 31 May 2002 08:54:08 -0700
Reply-To: Katherine Lee <katydid@TELUS.NET>
Sender: Vanagon Mailing List <vanagon@gerry.vanagon.com>
From: Katherine Lee <katydid@TELUS.NET>
Subject: Re: Financing
In-Reply-To: <20020531134222.MTFH21685.priv-edtnes15-hme0.telusplanet.net@gerry.vanagon.com>
Content-type: text/plain; charset="US-ASCII"
Hi Dave:
You've probably got all the advice you need from the replies on the list,
but here's my experience, for what it's worth ...
In 1996 or so, I decided I wanted to get a Westfalia for the first time. At
the time, I was driving a 92 Honda Accord. I'd had credit cards up until
then, with a good history of payments (never carried a debt), and my partner
encouraged me to apply for a line of credit with my bank. The banker asked
for proof of income from my employer, made sure there were no liens on my
car (this would be used as collateral, as I didn't own any property) and
then signed me up for a $10,000 personal line of credit.
The interest rates with a PLC are much more reasonable (prime + 2.5% or so
in Canada) than other forms of borrowing (like racking up your credit cards,
for instance).
After getting the van, I turned around and sold the Accord to pay off the
line of credit. (A fateful step in my life, I must say ... the van was the
start of an expensive journey ... but that's another story).
Other places you should approach are credit unions. They have a reputation
for being more focused on the community and the "small folks". Here in
Vancouver, VanCity has a peer-lending program for people with no credit
history whatsoever. If you don't have your own group (4 people altogether
who want to start a peer-lending group), they'll match you up with others to
form a group. The people in the group provide moral support and encourage
each other to keep up with payments (each individual in the group is
responsible for their own debt). The borrowing limit starts low, and
gradually increases as people in the group demonstrate their
credit-worthiness by keeping up with payments. After reaching the $5000
borrowing limit, you've then built up a credit history and have made
yourself eligible for the credit union's other loan products.
Good luck with your search for financing! Hope it all goes smoothly.
Cheers,
Katherine
On 5/31/02 6:31 AM, "Automatic digest processor"
<LISTSERV@GERRY.VANAGON.COM> wrote:
> Date: Fri, 31 May 2002 00:16:26 -0500
> From: dvdkng1958 <dvdkng1958@MSN.COM>
> Subject: Financing
>
> This letter is slightly off topic, so, I apologize in advance. It looks =
> like about the only way I will ever get my much dreamed about vanagon is =
> to be able to make payments on it. So, to my question. Is there any =
> place that will finance a smaller, older purchase like this. Most banks =
> seem to have a $7500 minimum on car loans. I hope you dont think this =
> is a stupid question, and I hope no one will reply with don't waste your =
> money or anything similar. TIA Dave.
|