imd240zman

Well,... I now have a job working at [edit: a local shop]. I started monday, last week. And, thankfully, Gino my boss has allowed me to take my 240z into the shop and work on it. We solved most of the problems you all have mentioned, and I thank you for the advice.

The fuel is perfect, and spark is beautiful. But, she still wouldn't start up. So, we took the head off. We noticed that the timing chain was extremely loose. The valves are damaged, and the pistons took extremely hard hits. On top of that, the brakes need to be completely taken out and replaced. Along with the clutch. So, now, I'm trying to figure out how exactly to get this thing the parts that it needs.

I'm only 18, have no credit, drive a crappy Lumina with no exhaust, and need to get this car running. Does anyone know of anyway I can get a small loan? Just enough to get this car running. I'm making $200 a week as "training" pay. I can pay back about $600 as soon as the car is running, seems I can get rid of the thing I'm driving now. I know it seems like a bad deal, or so I was told. But, I've been holding onto this car for over a year, and have not progressed on it at all. My dream car is in my sights every day, but I've never driven it. All I need is a little extra help, and everything will end up, hopefully, perfect.

So,... does anyone know how I can get a small loan, or know of anyone who could lend me the money, or get me a small loan?

BoulderZ

Just my 2 cents. You've got a good job, try and be patient and just save up the cash. Long run, that's smarter (financing repairs on a depreciating asset like a car is a bad deal). But, for whatever reason, maybe that's just not possible for you. Example: A car loan can be a good loan if it's the only way you can get to work.

In that case your best bet is, first, if you've got any family you'd be comfortable taking a loan from. Don't know about your situation, some families that's not such a good idea. Money can bring out the worst in even nice people. If it is okay in your case, though, then that's your cheapest solution.

Otherwise, you're going to pay more, one way or another, than if you save up and do it from cash. But you can make sure it's as good a deal as possible. Buying the use of money (credit, a debt vehicle) is no different than buying any other product. Don't pay $6 for a nice apple. No apple is $6 nice (the top-end bad deal, e.g. Gucci). But don't pay 5 cents for a rotten apple that you can't eat, either (the bottom-end bad deal, e.g. WalMart).

A short-term, unsecured, small loan? That's a credit card. Shop around. Hit CNNfn's site. Their personal finance section is awesome. They have a whole section on current loan rates of all kinds. You can fill in what your goals are. For example, you don't care as much about the interest rate if you're going to pay off a card entirely every month. But, if you know you'll carry a balance, you're better off with a lower rate but a higher annual fee. Anyway, check it out: http://www.bankrate.com/cnn/rate/brm...&SubmitCC.y=10

Even with no prior credit you should be able to get a decent card, just make sure the interest rate isn't out of control, or that there's a big annual fee. With little or no credit history, the bank where you deposit your paycheck might be a good first place to check. They're a bit more likely to approve you. Just don't rush in to anything. Companies are very eager to extend credit, if it's not a good deal, walk out the door. There are 10 more lenders waiting to talk to you. They're selling to you, you have control. Don't feel like you're begging for help from them.

The "0% for 6 months!" stuff might help you out a bit in this case, but don't get trapped in some high rate or variable rate card after that. Generally, no annual fee means a higher rate and a higher rate usually means no annual fee. Try to go for a fixed rate, as low as possible, because you're looking to use it as a short-term debt vehicle. Make sure the rate doesn't go through the roof after 6 months or anything like that.

99% of the time, the "rewards" cards aren't worth it. They nearly always have high annual fees or other structures such that you could have just bought the "reward" yourself for less. In other words, there is no free lunch. If you want a plane ticket, buy a plane ticket. Let your credit card just be a credit card.

Finally, whatever you do, do *not* under any circumstances use any of those "payday loan" places or "money store" or any of that. They're real-life versions of the loan shark stereotypes you've seen on b-rated mafia movies. The half of them that aren't under investigation or indictment for usury or fraud just haven't been caught yet. The best of them will have you paying upwards of $9000 in a year for a $1000 loan (no exaggeration). They will make your credit history a disaster, which will make buying a house or a car in the future either impossible or very expensive.

Again, though, if you can wait even a few months, just save up! You've got a good job, the money will come, just be patient. The Z will wait (seriously, it's not going anywhere, that's the whole problem right?). The cash you save by not paying for financing is money that you can spend on other nice parts. Or gas for a killer roadtrip when you're done!
good luck,
Dave

ThermalWake

well i have a possible suggestion. im in the military and i dont know if this bank will work with you, because i dont htink your military, but its a banking company called USAA. i got a 5400 dollar loan and im payin 140 bucks a month with barly any credit. i needed a co sighner but i got it. and i was actually approved for 12000 bucks. soo heres their number 1-800-292-8454

BoulderZ

You're on USAA, too, eh? I've had good luck with them for 16 years now. I forgot they do small loans (one of the only banks that do, anymore). The last 280 I insured with them was while I was babysitting my brother's Z for a few years, back in 2000. Are you finding their early Z rates are still competitive? I'm hoping to have to insure mine in a month or two.
Dave