Where do get a Loan for a 2000 model car?
- Thread starter syP
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wait, youve done this before for that turd car i sold you...
what did you end up doing?
I stand corrected, it's only about 15% of a credit score
SFMoto / USAA / Chase all declined my high 700s credit score for a $4,500 loan due to lack of credit history.
SFMoto was trying to sell me the bike, they checked with several of their loan agencies.
USAA is a military only bank that is actually pretty superb, that and they know that military personnel have a fixed income and have to stay financially responsible otherwise they get in deep shit with their unit.
Chase, well, I had about $55,000 invested with them and a hair over $15k in checking / savings accounts. And I've been a customer of theirs since the age of 16. (started with 1st Chicago bank, who was bought by Bank One, who was bought by Chase)
Yet all three places said the same exact thing when declining me: lack of credit history.
Keep in mind, I was 23, had one credit card, and only one cellphone contract on my record. I've never missed a payment since I hardly ever used my credit card, my cellphone bill was setup for auto-payment, and I lived in government housing where they paid for all my utilities. All my cars were paid for with cash, so this would have been the first loan I've ever gotten. I checked my credit score a few months before I bought the bike since I wanted to sort my options out, and it was definitely in the upper 700s (I forget the exact score, haven't checked it since).
Keep telling yourself that, champ.
This is where that 'obscure' chart is from... http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx
And what are you trying to argue? I had stated that credit history is important, but then found that article that stated it was only about 15% of the score... So maybe that 15% was enough to screw you over in finding a loan?
OK? I bought my M3 and 3 months later bought my house with very little credit. Credit history is part of your credit score, and then there's debt to income ratio.
I only had one credit card with less than $1k on it (if even that). I was pretty surprised nobody wanted to approve me.
Not really trying to argue. Just saying that I had a good credit score and nobody wanted to approve me because I had no credit history.
Why don't you put $5k down and get a loan for the other $5k? Then you don't diminish your savings, and you can build your credit. If shit happens you can always use the rest of the savings to pay the balance off. I found some good deals on eloan a few years back, haven't been in the market lately though.
So, what I’m picking up here, is you really don’t have 10k+ in your savings account, but in reality you having maybe 1k tops actually saved that you can use to put down on this car. You’re attempting to find out another way to buy the car without putting down a huge lump sum because you don’t have it. Don’t get mad, because it is clearly an observation, but nobody with half a brain would get a loan for a car they could just pay for outright. You could just as easily pay yourself back not having to pay for a car payment in which would be pretty high considering (an observation remember that) your credit probably sucks because you have a bit of debt somewhere.
I think what you should do, is not trying to gloat about something when in fact you should say you only have $xxxx money and you want to buy a car, but you don’t know how to go about it because you can’t find a bank that will finance the car without a larger down payment.
Again, this was just an observation, don’t get all CGP on me, but I have a good feeling this is what’s going on. Which in that case, we can all point you into the right direction knowing what your actual situation is.
Amirite?
I think what you should do, is not trying to gloat about something when in fact you should say you only have $xxxx money and you want to buy a car, but you don’t know how to go about it because you can’t find a bank that will finance the car without a larger down payment.
Again, this was just an observation, don’t get all CGP on me, but I have a good feeling this is what’s going on. Which in that case, we can all point you into the right direction knowing what your actual situation is.
Amirite?
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