YACT: Another car loan question...

[Frdm51472]

Originally posted by: alkemyst

Originally posted by: Redhotjrm
Frdm51472 -- if you're trying to make e-friends by slamming my income and trying to sound like an e-badass, we've seen hundreds of your types come and go and trust me, noone finds it entertaining except yourself.

He seems to be on track for getting a time out with some of the random insult only type 'nefs' he is pulling...if my wife read that line he posted 'if by bird, you are referring to a small japanese woman' (in reference to getting pooped on)...I think mods may have gotten called in

I wonder what he makes in reality.

Å

Shrug, I make a good living, none of your business though. Heh, if you are so offended by small innuendo style jokes, how do you survive on this board? Isnt any post labelled "have you ever been pooped on?" pretty much a nef post anyway?

 

[Frdm51472]

damn dp

 

[Red]

Originally posted by: Frdm51472
yeah that could be in CChaos, I just know that getting a second car loan approved on such little income and without a Tier 1 beacon score is very tough.....I think he should concentrate on selling his other car first, he will be much more successful at getting a loan and a better interest rate.

Frdm, that is what I'm doing. I was basically "testing the waters" with this loan. I understand hard inquiries are not a good thing for your credit score, but I haven't had any for 8 or 9 months and according to Equifax, having only a few inquiries will not affect my score. What I'm worried about is what happens when my car sells? Will my credit report still show that I have a car loan? Would honda provide me with a document showing my name is off the loan or whatever? Thanks.

 

[Frdm51472]

Originally posted by: Redhotjrm

Originally posted by: CChaos
Oh I don't know Frdm51472. I think the issue might be the lender more so than his income. I make much more than that, have a better score and very little debt and I was also rejected by PeopleFirst.com. I called them up and asked if the amount of the loan I requested was an issue and they told me they weren't interested in lending me any amount at any rate. I got a loan from a bank at a rate better than the best they advertise with no problem.

Well that makes me feel better at least =) Gives me hope anyway. For such a small loan ($5,000 or so) I'm not too worried about the interest rate because I would be paying it off within about 24 months anyway. Obviously the lower the better, but I won't mind if the difference between getting a $5000 loan is having 15% or not having a loan at all.. I'd take 15%.

Try household finance then, they are pretty liberal about loans, easy to deal with, and should get you a 12.5% or under interest rate.

If you take the proceeds of the sale and pay off your loan, Honda will immediately mark it as paid in full on your credit report, it will probably up your beacon score at the same time.

 

[iamwiz82]

you either make $10/hr working 30 hr per week or you make $1500 per month, it cant be both. Do the math.

 

[Red]

Originally posted by: iamwiz82
you either make $10/hr working 30 hr per week or you make $1500 per month, it cant be both. Do the math.

Not my only source of income.

 

[alkemyst]

hmmm last I checked 10*30*4.3325 = $1300, I'd have just figured he rounded and not tried to say he was being dishonest.