Hooligans Sportsbook

Got turned down for a car loan

  • Start date •
  • Replies
    13 Replies •
  • Views 1,194 Views
Follow
Mudcat

Mudcat

yap
Since
Jan 27, 2010
Messages
32,603
Score
436
Tokens
0
by my bank.

The reason is because, if you look at my financial situation a certain way, it looks very bad. Between lines of credit and credit cards, it appears that I owe probably ~$70,000. And since I am self-employed, I don't have pay stubs to prove how I would repay the loan.

So I kind of get their position.

But it is kind of stupid too.

I explained that the reason for this is because of the nature of my work. All those funds are in offshore accounts because I can make more money using it there than I pay in interest here. I showed them the last couple years of tax returns to prove that it is working.

They looked up my credit rating and described it as "excellent". This loan would simply be transferring payments I was making on my lease to GMAC. It would be within a few dollars of the same monthly amount and it would be on the exact same day of the month. As my credit report shows, I have been making these car payments to GMAC for 11 years (3 cars) without a single hiccup.

Likewise, I have been making minimum payments on all my other apparent debts with the same clockwork reliability. My credit report proves that.



So I don't know. I guess you get bureaucrat-types who have a set of rules and they put blinders on and follow them without actually thinking about what is going on.

This is not a panic situation. I have the money to just buy out the car today and be free and clear. But I would have preferred to finance it and not pull that chunk of money out of the business.

Kind of annoying though.
 
Cars are shitty things to finance -- but i get wanting to keep as much as possible for the business given the % returns we can make offshore.

I have excellent credit in the USA, but I'm sure I couldn't get any loan there either at the moment. Here in Colombia, I can barely rent a movie. Fuckers.
 
Mudcat, I had a similar problem a couple of years ago when applying for my car loan.
I put pressure on my dealership to get me the loan. They did and TD authorized a loan. This was the same TD that wouldn't give me a Visa card (but CIBC & PCF did).
 
reno cool
didn't you have a thread about your car's battery going dead due to lack of use? Why buy another?
Click to expand...

Yes, good memory. That is the car I am buying. The lease is expiring so I have checked out my options and decided to keep it at a buy-out of ~11K.

It is a 2006 Impala with 27000 km (17000 miles) on it.

So yes, I drive very little and have to take it for regular walks or the battery will die.
 

Attachments

  • car 002.jpg
    car 002.jpg
    59.1 KB · Views: 143
  • car 001.jpg
    car 001.jpg
    74 KB · Views: 135
Mudcat...I am not sure this is the case where you are but here if you go to the dealership and have them finance it rather than your own bank or go on your own...you might have more luck. The dealership that you are buying the car from outright might had some clout when it comes to your bank or some bank in the area. Obviously they are sending a lot of business their way so they can basically say...I know this isn't a perfect application but pass it through. I know that happens all the time here and basically anyone with a job can get a car loan.....and the interest rate varies very little depending on credit rating. This being said....the last car loan i applied for was 2 and a half years ago when the credit situation was a lot different so I am not sure if this is happening all the time anymore.
 
Well anyway, I just paid off the full 11K that was owing on the vehicle. I definitely feel the effect of pulling that chunk of cash out of my business. On the other hand it is a good feeling to know that the monthly payment I have been making forever (it seems like) is totally over.

That sucker is mine all mine.
 
You must log in or register to reply here.