Thursday, July 16, 2009

How To LEGALLY Buy A Car Using Someone Else’s Money - Part One


The information you are about to read in this report could help you BUY THE CAR OF YOUR DREAMS WITHOUT USING YOUR HARD EARNED MONEY for a down payment.

“How To LEGALLY Buy A Car Using Someone Else’s Money” is GROUNDBREAKING. Over the course of the next few weeks, I will once again put the lifetime research of my family to work for you. I will also share with you some “Secret Information” that the banking industry has attempted to keep confidential.

By reading this report, it will put you in a much better position to own your next vehicle WITHOUT spending your own money for a down payment.

Since you may not know who I am, let me share a few things about myself so you know that I am well qualified to offer you “Expert Advice”. My name is Tracy Myers and I am the owner of Frank Myers Auto Maxx. My family has been serving happy customers in the Triad area of North Carolina for more than 80 years. Personally, I have been involved in every aspect of this industry for more than 15 years. I am a “hands on” car guy and I am committed to operating our business with honesty and integrity.

I encourage and look forward to your feedback regarding this report. Please feel free to write me or email me with your comments or questions at the address listed on this blog.

So if you are ready to buy a car using someone else’s money... read on!

How to LEGALLY Buy a Car Using Someone Else’s Money

I get it. You’re in a tight financial bind right now. You’re trying to budget, keep track of your expenses, and stay out of your savings as much as you can.

So when you really need to get a new (or new to you) car, it can seem hard to justify the expense. Maybe you’ll just get repairs on the old one. Again. Even though it isn’t reliable and the repairs cost more money than you can really afford.

Have you thought about how much money you could be saving if you could just figure out a way to make that first down payment? You could be saving money on gas if you get a more fuel-efficient car. You could be saving money on salary if your old car’s constant breakdowns have landed you in trouble at work and cost you a day’s wages.

You can’t afford not to get a new car. So let’s figure out how you can afford it without tinkering with your savings anymore.

I’ve made it easy for you. I believe you shouldn’t have to risk your own financial security to pay for that first down payment. I think buying a car should relieve the pressure on your budget, not make it worse.

That’s why I put together the top seven ways to get a down payment on that car you need – without laying a finger on your own much-needed savings.

Suggestion #1: Start with those who are close to you.
Getting into debt is a scary prospect these days, so start your search for your needed funds with the most trusted people in your inner circle: family and friends.

There’s a lot talk about the dangers of borrowing from friends and family, but consider this piece of advice from one of the original wise men, Cicero:

It shows nobility to be willing to increase your debt to a man to whom you already owe much.

There’s a lot of good to be said for borrowing from friends and family members. For one thing, they’re certain to cut you a good deal. Their only request will be that you pay back the loan within a reasonable period of time.

Even better? If you’re a day or two late paying them back, your family and friends won’t immediately ding your credit. They know you can be trusted, and they know you’re good for your debt. That forgiving attitude is one of the reasons family and friends are our first choice for lenders.

A few ways to keep the debt from doing any damage to your relationships:

• Set a schedule for repayment and stick to it. Though you can afford to be flexible by a day or two, let your family and friends know you appreciate their trust by not abusing their good nature. Stick to your agreement and do your best to always be on time.
• Make it formal. Separating the agreement and your personal relationship can do wonders for keeping everything amiable. Write down the terms of your agreement on paper so you don’t have any reason to argue later.
• Offer to repay in kind. Your loved ones are doing you a pretty big favor, so offer to pay an interest rate on the loan. There’s a good chance they won’t take you up on that offer – but they’ll appreciate that you made the gesture, and they’ll remember you as generous and caring instead of demanding.

Suggestion #2: Expand your circle.

If your family isn’t an option for whatever reason, consider those who have a vested interest in your well-being. Your doctor, lawyer, or colleagues may be far better off than you are financially, and be willing to offer you a loan if you agree to appropriate terms.

There are downsides and upsides to this option. Many people who know you as an acquaintance – however close you may be – will want to earn interest on their loan. You could find yourself paying 6 to 7 percent on your investment.

However, you still reap the benefit of lenience. Even if you have to pay interest, your credit won’t suffer if you’re late with a payment, and the acquaintance will probably be understanding if you have a personal circumstance that throws you off for a little bit of time.

The same rules for family and friends apply here: make a formal agreement and stick with it. That’ll keep your relationships from going sour.

Suggestion 3: Take another look at your bank or credit union.

If you don’t have a lot of money or collateral, you may think you’re not qualified for a bank loan. That’s not necessarily true. There are two ways to get a bank loan that have nothing to do with income. The first is based on your credit score, the second on your reputation.

Unsecured, or signature, loans, aren’t dependent on your assets. Instead of looking at how much money you have or how much property you own, the bank looks at your history as a borrower. If you have a good history, they feel they can trust you, and will give you a loan based on your good name.

That good name can come from one of two places. The first is the on-paper route, which is an examination of your credit score. If your bank doesn’t know you personally, they’ll likely take a good hard look at your previous credit history. If it’s excellent, then you’re a very good candidate for a signature loan.

Even if your credit isn’t the best, don’t worry. The other way to get a good name among banks is by being well-known as an individual. This is especially true if you keep your money with a smaller, local bank or credit union. If the people at your bank know your name and have worked with your family, they’ll put in a good word for you.

That good word can be the only thing you need for that signature loan. Ask for their help and their approval. They’ve known you a long time; they’ll want to help you out.

- Suggestions 4-6 Coming Next Week.


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Recommended Paperbacks

Car Buying Secrets Exposed - The Dirty Little Tricks of a Used Car Dealer Authors:Tracy E. Myers, CMD with Jimmy Vee & Travis Miller. Available at and better bookstores everywhere