So hopefully my car will sell within the next two months or so. My FICO is 703 according to my local bank and I was thinking about how I was going to be able to sell my car one day and be able to get a loan and another car asap, because I need transportation. Just for the hell of it, and because I haven't had any hard inquiries in the past 8 or 9 months, I applied for a 7500.00 private party car loan @ peoplefirst.com. They denied me. I figured with over 700 FICO on such a small loan on a company that gives out "millions" of loans apparently, why I was denied. I gross about $1500 monthly (the minimum required on peoplefirsts loan) and have been at my job for 9 months. I'm thinking those were the two questionable factors but they aren't too radical. My credit ratio is about 25% utilized and I'm 21 years old. I was banks used common sense instead of credit scores... I paid 276.37 / month for my first car and I paid that for 14 months before trading it in. My current car payment is 346.58 and I've paid it perfectly as well for about 16 months. I'm looking to drop to about $100-$150 car payment... I've obviously been able to pay two to three times more than this amount for the past 3 years when I made LESS money so what the hell is the problem now. Credit is flawless btw. Grr =)
YACT: Another car loan question...
- Thread starter Red
- Start date
you gross $1500 monthly? wth, mcdonalds? seriously probably debt to income until you sell your current vehicle it is still a debt on your credit report. With such a low income and 703 is not a top tier beacon score, most places wont approve 2 car loans for 1 person.
alkemyst
No Lifer
- Feb 13, 2001
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A local bank will probably be your best bet...they can look at things better than applying online and are also usually more hungry for your business.
People's is a huge lender, they don't need to worry about the 'small' guy.
Most want to see at least 2 years at a job. They also want above the minimums unless there is another major positive there (like perhaps you are right at the max loan/income ratio allowed, or a little under it....by putting a 40% downpayment in to do this....the bank may do the loan as they will feel secured).
Being young with a good credit score is common though....as you 'age' and start taking on debts is when the score becomes more 'real'. Creditors look at good fresh credit a lot tougher than older semi-dinged credit.
Good luck.
Å
People's is a huge lender, they don't need to worry about the 'small' guy.
Most want to see at least 2 years at a job. They also want above the minimums unless there is another major positive there (like perhaps you are right at the max loan/income ratio allowed, or a little under it....by putting a 40% downpayment in to do this....the bank may do the loan as they will feel secured).
Being young with a good credit score is common though....as you 'age' and start taking on debts is when the score becomes more 'real'. Creditors look at good fresh credit a lot tougher than older semi-dinged credit.
Good luck.
Å
Yeah. No offense pal, but $1500 gross is pretty crappy. By the time you pay for a roof over your head, your car and gas you'll be getting pretty tapped out.... and you haven't even paid for insurance, food or anything else yet.
Can you save a few $$ and just buy a car for cash without a loan?
Can you save a few $$ and just buy a car for cash without a loan?
I disagree. Maybe its decent for a 17 year old high school drop-out, but not for a 21 year old adult.
I make $10/hr and work 30 hours a week. I am a junior in college. This is average to above average for someone my age / stage of life. I live with my parents so for the rent section I put "other" and put a $0.00 house payment.
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.
And actually, I'm pretty happy with my 703 score because it is up from about 550 or so. I have 3 major credit cards ranging from $1,000 to $5,000 limits... I have 1 department store credit card. I had a $1,500 dell loan I paid off in 3 months... I've had two car loans, one for $12,000 and my current loan originated @ 17,000 or so. Most 21 year old college students I know don't even know what FICO stands for.
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.
And actually, I'm pretty happy with my 703 score because it is up from about 550 or so. I have 3 major credit cards ranging from $1,000 to $5,000 limits... I have 1 department store credit card. I had a $1,500 dell loan I paid off in 3 months... I've had two car loans, one for $12,000 and my current loan originated @ 17,000 or so. Most 21 year old college students I know don't even know what FICO stands for.
I'm in my third year of fulltime college and I'm an on-track junior. In my area most decent entry level jobs (we have a lot of call centers in my area) make about $8-10/hr. I work 30 hours per week. I am the youngest person in my company (Interstar North American) to do what I do. There are 20 other people all older than me (ranging from 22 to 50) working my same position, albeit with a little higher pay that comes with seniority.
I gave sound advice.....be realistic......$1500 gross is what? 900 net? you say you have a $300 car payment right now and you are trying to sell that car?
On the another note, when I was in college you were allowed to claim your tuition price as gross income, is this not the case anymore?
E-badass? Hundreds of my type come and go? You are pretty funny for a kid.
On the another note, when I was in college you were allowed to claim your tuition price as gross income, is this not the case anymore?
E-badass? Hundreds of my type come and go? You are pretty funny for a kid.
alkemyst
No Lifer
- Feb 13, 2001
- 83,769
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- 81
You could never claim tuition = income. Scholarships / Grants are income though...
1500 gross is more like at least $1200 net (if refering to just taxes which is the only thing we should assume)
1500 a month should be enough for most people to afford a $200-300 car payment.
Å
Are you trying to impress us by all the different ways you can get into debt. Next time, try it like this:
I'm 19, I hold a 20 hour/week job and gross $1700 monthly. I have never taken out a loan, I have over 20k invested in stocks, and own only one credit card which I have paid off at the end of every month. My car is paid for. Most 19 year old college students are deep in debt.
You are most certainly wrong......CC companies during the time I was going to college figured in your annual tuition to your total income amount.
Frdm, yes, if you read my thread, I have a $346 car payment right now and I'm trying to sell that car. You're saying $1500 gross is something to laugh at, yet I'm probably making more money than 90% of the college students in my area, but that's not good enough.
alkemyst
No Lifer
- Feb 13, 2001
- 83,769
- 19
- 81
What do you feel a 21yo should be making then? National averages may disagree with your figures.
I couldn't live on that, yes, the national income average hovers around $26k, it's not far off considering he is also a student.
Area you live also has a HUGE impact on what an hourly wage is/should be.
Å
$1500/month gross is a good wage for a college student with a part time job.....not going to to slam you on that....its just not how it read in the first post.
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.
Dtyn, I'm not trying to impress anyone... I wish I could say that was my situation above, my I'm not one to complain, it wouldn't make me any happier. I was simply defending myself because people are acting like 703 sucks for a credit score and $1500 gross sucks for a full time college student.
alkemyst
No Lifer
- Feb 13, 2001
- 83,769
- 19
- 81
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
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.
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%.
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