POLL: YOUR experience getting a consumer loan recently?

[wirelessenabled]

Originally posted by: Pliablemoose
I don't take out loans for my vehicles.

Financing a depreciating asset=fail

+1

Never have had a car loan. Just buy the best car I can pay cash for. Onetime that was a $10 broken Ford Fairlane that I fixed for another $10 and drove for 20K miles. Currently it is a newer Subaru.

 

[EndGame]

Actually got two in the past 3 months. One for a 60 acre tract of land which joins our place and another for a new Honda Accord my wife wanted. Traded my wifes 2004 Accord which was paid off for the new one and had absolutely zero problems getting either loan at our local bank.

 

[Jhhnn]

I think what we'll see is lenders coming back to making some sense, denying marginal or stupid loans. Over the last couple of years, car dealers in particular would qualify any warm body that came through the door- $10K upside down on you current vehicle? Mediocre job? Lots of bills? Low credit score? Want that $50K diesel crewcab? No problem! We'll do a wraparound, take that old vehicle off your hands, and you'll only be paying $750/mo for the next 7 years! Interest rate? nevermind the interest rate! Such a Deal! Sign right here! Why shucks, in a couple of years, you'll have so much equity in your casa that you can refinance, pay this sucker off in nothin' flat!

Whisk that ticking bomb quickly out the back door, slice it, dice it, bundle it up and sell it as part of a AAA bond to hungry investors... no problem at all! Next!

Investors have wised up- they finally figured out that high returns are rightfully associated with high risk, and they're very risk averse ATM. They're being eaten alive by losses, so all they're looking for is something nice and safe... to try to keep their hides attached... maybe make a little money in the process...

 

[miketheidiot]

Originally posted by: Tab


Hopefully, Obama will change some things when it comes to education financing. I know North Dakota is try to push for free tutition since so many youth leave the state once they graduate; leaving a huge age-gap.

nope they are going to give us an income tax cuts instead since that's such a major issue for people with low/no income (college students). This place may be lacking good jobs and anything to do, but at least our taxes will be low. Fargo is a bit of an exception, but some nice money tossed at the parks district particularly could make a big difference in enjoyability.

 

[miketheidiot]

my brother was denied for a $5k car loan even with my dad as a cosigner with high income/high credit score, had a steady income, was only financing half the price, and had about 5k in savings bonds through the bank he was trying to get the loan from.

 

[bobsmith1492]

I'm just starting to look at houses. The lender said I should easily qualify for way more than what I'd like to pay. I have absolutely NO credit history, either (he's going from my almost-one-year of rent and electric bill).

 

[SickBeast]

I was rejected on a $5K student loan, but I'm overextended right now anyway.