I am an individual who is opposed to debt. There are a number of reasons why:
- When you "borrow" money from a traditional bank or lender, you are borrowing created out of thin air money. In a word, our monetary and lending system is Corrupt.
- Debt does much more harm than good...especially when you borrow on a depreciating item like a vehicle.
- Debt can become a never ending cycle.
When it comes to buying and paying for a vehicle, the best way to do it by far is to PAY CASH. If you can not pay cash right now and it is not urgent to buy a vehicle then I recommend you SAVE your money over time and then pay cash for it. This will save you a lot of money in unnecessary interest payment.
But I realize that this may not be possible for you. So here are a couple of options and thoughts:
- If you can, pay cash for an inexpensive vehicle and then save money over time and buy a nicer vehicle later.
- If you can't pay cash for an inexpensive vehicle right now, then see if you can "borrow" some money from a family member or friend to buy the vehicle. Give them the Title of the vehicle as security. Then save your money over time to buy a nicer vehicle.
- If all that fails, and you really need a vehicle, then borrow the money for an inexpensive vehicle, save your money over time and buy a nicer vehicle later. Be sure to take care of your vehicle so you can sell it latter for maximum later.
If none of those options work for you, then I suggest you:
Check your credit. If your credit is not good or has some issues, try to resolve those first. Repairing your credit is not that difficult in most cases. You can check your credit here:
To get a vehicle loan, I would start first with whoever you bank with or whatever credit union you belong to. If you belong to a credit union, then that is probably your best option.
If that does not work, then try some Online sources like:
