downingracing Posted December 4, 2011 Report Share Posted December 4, 2011 ..If you are set on getting a loan though' date=' try local credit unions. I tried Chase for my first ever car loan (23 years old, short but good credit history, and some student loan debt still) and they flat out said no. Went to a local credit union that I've never done business with, and in 3 days they approved me for $10k at 3.9%. Credit unions seem to be more willing to take a little risk than banks.[/quote'] Chase won't loan money on a vehicle older than 6 years old with mileage restrictions. Credit Unions will loan money for about anything. They even still do signature loans... I understand that Chase wants to limit exposure to default and I'm happy they are taking a hard line on lending. If more lenders did - we wouldn't be in the mess we are in now. That said - I miss being able to get a signature loan at my bank. I always paid them off early and am bummed that all the deadbeats have ruined that for me. If you must borrow money for a car - Credit Unions are a good place to go for older car/private sale purchases. The advice on purchasing a CL car/van for cash and saving up for the larger (+/- $10k) purchase in cash is a good one too. Quote Link to comment Share on other sites More sharing options...
2highpsi Posted December 4, 2011 Report Share Posted December 4, 2011 If your score is over a 700 and you finance through a bank, but do paper at the dealership (indirect lending) they won't ask for proof if income anyways so you can pretty much put whatever you want on the application. Rates are really low. It's usually $20 per month for every $1000 financed, but with good credit and the current rate environment you can be less than that. Quote Link to comment Share on other sites More sharing options...
wnaplay1647545503 Posted December 4, 2011 Author Report Share Posted December 4, 2011 I havent checked my credit score in years, not a good idea I know. Whats the easiest way to check it without getting sucked into the tv commercial site vortex? Quote Link to comment Share on other sites More sharing options...
2highpsi Posted December 5, 2011 Report Share Posted December 5, 2011 Annualcreditreport.com is a Legit way to check all of your reports truely for free. (once a year) It will link you to Equifax TransUnion and Experian and each of which will give you an offer to get your score. IIRC you can sign up for some 30 day trial and cancel before hand. The report itself will be 100% accurate as to what everyone else will see. The scores however can have some variations. Each bureau has about 100 different "models" (ie. TransUnion Auto enhanced 5.0 could be what the bank pulls and you could have a 650 according to them, even though the TransUnion site said you have a 705) I'm posting this from my phone... So it may not be the clearest. I'll try and put together a more coherent post from my computer. CLIFFS Use Annualcreditreport.com NOT freecreditreport.com Sign up for trial for scores Scores can vary between what you see and what the bank sees. Quote Link to comment Share on other sites More sharing options...
Flyin Miata Posted December 5, 2011 Report Share Posted December 5, 2011 Chase won't loan money on a vehicle older than 6 years old with mileage restrictions. Credit Unions will loan money for about anything. They even still do signature loans... I understand that Chase wants to limit exposure to default and I'm happy they are taking a hard line on lending. If more lenders did - we wouldn't be in the mess we are in now. That said - I miss being able to get a signature loan at my bank. I always paid them off early and am bummed that all the deadbeats have ruined that for me. If you must borrow money for a car - Credit Unions are a good place to go for older car/private sale purchases. The advice on purchasing a CL car/van for cash and saving up for the larger (+/- $10k) purchase in cash is a good one too. I get that, I mean the car is a 2008 and it just hit 60,000 miles. Their main reason was I've only been at my job since February and only had a credit card for about a year now. I've never carried a balance and always pay everything (credit card, loans or otherwise) on time and also had my checking account through them since I was 17. Not angry that Chase wouldn't give me one I guess, I would rather give my business to a locally owned credit union the more I think about it. Quote Link to comment Share on other sites More sharing options...
Got-Boost? Posted December 5, 2011 Report Share Posted December 5, 2011 I havent checked my credit score in years, not a good idea I know. Whats the easiest way to check it without getting sucked into the tv commercial site vortex? The easiest way is to apply for a loan through your credit union, they will give you your score for FREE. Otherwise, the free credit report places only give you the reports NOT the score. You end up having to pay for your score where a bank won't charge you but you'll have to apply which can be a ding against you if you aren't ready to purchase with them.... Quote Link to comment Share on other sites More sharing options...
Trouble Maker Posted December 5, 2011 Report Share Posted December 5, 2011 The Rule I always use on this (it is VERY rough) is $200 / Month for each $10K Financed. KillJoy Rates are really low. It's usually $20 per month for every $1000 financed, but with good credit and the current rate environment you can be less than that. These are the same and are probably about right if you get a good rate and want a 5 year loan. Frankly, it's bad advice to just throw a number out like that and does a dis-service to his question, since he clearly needs a deeper understanding. He should go to http://www.bankrate.com and figure it out for himself, it will make much more sense to him that way. If I every do a loan for a car again, which I hope to avoid, I won't do a 5 year again. Quote Link to comment Share on other sites More sharing options...
2highpsi Posted December 6, 2011 Report Share Posted December 6, 2011 These are the same and are probably about right if you get a good rate and want a 5 year loan. Frankly, it's bad advice to just throw a number out like that and does a dis-service to his question, since he clearly needs a deeper understanding. He should go to http://www.bankrate.com and figure it out for himself, it will make much more sense to him that way. If I every do a loan for a car again, which I hope to avoid, I won't do a 5 year again. The post didn't advise him to do anything. Both stated that those are the accepted averages when estimating payments. But on the subject of throwing out bad advice, pot meet kettle. Shorter isn't always better. I just signed someone up on a truck @1.65 % for 60 months. A better rate than a shorter loan provided. In fact, he had the ability to pay cash, but seeing how he can earn more in a 5yr CD than 1.65 it was best for him to borrow money from one bank, then lend his own to another... And profit. Quote Link to comment Share on other sites More sharing options...
downingracing Posted December 6, 2011 Report Share Posted December 6, 2011 I get that' date=' I mean the car is a 2008 and it just hit 60,000 miles. Their main reason was I've only been at my job since February and only had a credit card for about a year now. I've never carried a balance and always pay everything (credit card, loans or otherwise) on time and also had my checking account through them since I was 17. Not angry that Chase wouldn't give me one I guess, I would rather give my business to a locally owned credit union the more I think about it.[/quote'] There is more to getting approved for a loan than that. Debt to income ratio is also part of it. Lack of credit history could also have an impact. Credit union is a good way to go. Good luck to you. Quote Link to comment Share on other sites More sharing options...
Trouble Maker Posted December 6, 2011 Report Share Posted December 6, 2011 But on the subject of throwing out bad advice, pot meet kettle. Shorter isn't always better. I just signed someone up on a truck @1.65 % for 60 months. A better rate than a shorter loan provided. In fact, he had the ability to pay cash, but seeing how he can earn more in a 5yr CD than 1.65 it was best for him to borrow money from one bank, then lend his own to another... And profit. Your client made $18 a month on that deal. totally.worth.it. I never gave him advice, except for to go to http://www.BankRate.com to have a real understanding of loan amount versus payment. I simply said what I wouldn't do if I had to do it again. It's just an opinion and personal preference, and he can take it or leave it. Do you think I don't understand that basic concept? My car fund is sitting in investments right now, simply so it's not sitting in a bank losing value. When the time comes, I will use it to buy a car with that money, despite it 'not making financial sense'. I'd rather not be in debt if I don't have to. If I do have to for a car, it wont' be another 5 year loan. I've done that once and won't do it again. Again, personal preference of not wanting to be in debt if I don't have to be. Another underlying point I hoped people would get is to not get wrapped up in how much the payment is. Of course that's what it comes down to. But too many people will stretch payments out to get a more expensive car instead of getting the car they need and doing a shorter payment term or lower payments. On longer payment terms you are, obviously, more likely to be upside down on the car if you need to get out from under it. If you need a $10k car and the only way to afford it is to stretch the payments out, then by all means do so. But if you can afford a $25k car over 5 years, why not get a $15k car over 3 years? Quote Link to comment Share on other sites More sharing options...
TTQ B4U Posted December 6, 2011 Report Share Posted December 6, 2011 But if you can afford a $25k car over 5 years, why not get a $15k car over 3 years? Because that makes sense and this is America where people are entitled to buy what "Joe" next door has. One of the best financial moves we have done over the years is buy vehicles well below our means. I would love to spend $50k plus on a car and could, but honestly, I would regret it one week later. We had a nieghbor a few years back who bought a new M3 while living in a similar size house as us. Poor bastard is proud that he now owns his car and yet has 20 years left on his mortgage. :dumb: Quote Link to comment Share on other sites More sharing options...
wnaplay1647545503 Posted December 6, 2011 Author Report Share Posted December 6, 2011 I will probably play it safe as usual and just get the tranny fixed. I will be bummed that once again I cannot bring myself to buy something newer but so goes it. Quote Link to comment Share on other sites More sharing options...
Trouble Maker Posted December 6, 2011 Report Share Posted December 6, 2011 I will probably play it safe as usual and just get the tranny fixed. I will be bummed that once again I cannot bring myself to buy something newer but so goes it. Focus on the business. Do that right and with some luck you will be able to buy whatever the fuck you want in a couple of years. Quote Link to comment Share on other sites More sharing options...
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