Random Fail: First World Problems

[jmc]

I can't get a car loan for the life of me. I've tried almost every avenue I can think about. I work, make decent income, but no one will loan me. My credit is fairly good, too. argh!

Ever try a local credit union?

[shaddix]

Get a motorcycle

[Ksandra]

I can't get a car loan for the life of me. I've tried almost every avenue I can think about. I work, make decent income, but no one will loan me. My credit is fairly good, too. argh!

Are you trying to get it yourself or through a dealership? Dealerships tend to have more leeway as they want to get you in, and sometimes they even have their own "credit union"

[Guitarman]

Ever try a local credit union?

I belong to one. they said lolno in so many words.

Are you trying to get it yourself or through a dealership? Dealerships tend to have more leeway as they want to get you in, and sometimes they even have their own "credit union"

Both, actually. This is the second dealership I've tried. I tried Capital One, as I heard they were super-lenient but even they sent a rejection notice within 20 minutes.

[Ksandra]

I belong to one. they said lolno in so many words.



Both, actually. This is the second dealership I've tried. I tried Capital One, as I heard they were super-lenient but even they sent a rejection notice within 20 minutes.

Are you trying to get a new or used car?

[Guitarman]

New

[Ksandra]

New

dunno how much you are willing to deal with, but you can try to find a dealership that's offering no/bad credit sales. There's places online you can apply to as well.

The downside to this is the interest rate is probably going to suck balls.

[Guitarman]

Hmmm maybe I'll have to do some more digging. Thank you!

Oh and to add to the shit day: Just called the HR office at my company, I was told when I was hired I was entitled to benefits, but after calling HR they informed me they stopped offering benefits to part time-over employees (30-39hr/wk) in February. I was hired in April. Wanna guess the reason? Obamacare spooked 'em. Fuck.

[Buffy]

Hmmm maybe I'll have to do some more digging. Thank you!

Oh and to add to the shit day: Just called the HR office at my company, I was told when I was hired I was entitled to benefits, but after calling HR they informed me they stopped offering benefits to part time-over employees (30-39hr/wk) in February. I was hired in April. Wanna guess the reason? Obamacare spooked 'em. Fuck.

You may need to look into that further? I thought the Obamacare stipulation was that employees over 30 hours had to get healthcare? That's why there's the lolz over Papa John's is limiting employees to 29 hours?

[Guitarman]

You may need to look into that further? I thought the Obamacare stipulation was that employees over 30 hours had to get healthcare? That's why there's the lolz over Papa John's is limiting employees to 29 hours?

Guess it's best I ask my boss, then. If i'm regularly working 32+ you'd think I would get it.

[Melena]

Yea, check with your boss. As for the car loan, get a copy of your credit score. Don't go too crazy applying at any dealership. Wife works for one and they had a guy come in who had 40 inquiries from various dealerships all rejections. When they ran his, they laughed and told him hell fucking no.

[Ksandra]

Yea, check with your boss. As for the car loan, get a copy of your credit score. Don't go too crazy applying at any dealership. Wife works for one and they had a guy come in who had 40 inquiries from various dealerships all rejections. When they ran his, they laughed and told him hell fucking no.

oh shizzle, I forgot to mention this. It's probably the number one reason I wish we could make credit scores illegal somehow. Anytime someone runs your credit, it dings you for a bit. So you could be shit out of luck until the dings wear off. I agree with Melena, pay to get your credit score and look through your activity. You may have to suck it up a bit and wait for the dings to fall off.


You could also try to get someone with good credit (aka parent) to co-sign on a loan for you, which can make it a million times easier. Probably after the first year or so of paying on time, you (and the co-signer) can talk to the lending company about getting the co-signer off the loan.

[Aksannyi]

I'm 32 and I've had my father cosigning my loans for years. I have good credit (650) but they're fucking strict as hell nowadays. I pay on time every time and the only thing I can do is just keep going with it and eventually I won't need my dad to cosign, but (for me, at least) it takes forever to build credit.

Then again, for me, it was rebuilding after my divorce instead of building it from scratch, and some of that shit is still there from my history with my ex, so not the same situation. If you're just trying to build from the ground up, it may be different. But that's just my experience.

[Roranora]

re: the whole, invisible-behind-the-scenes formulae of credit scores..

I'd guess you're right on some lingering, not-so-good history. I'm 28 and feel like I haven't ever put much effort into "building" credit, and it's mostly started out fine/good. (never had a credit card, no mortage/house purchase yet, only student loans and a small loan from a local bank.. still 730-740ish i think)

Shrug, I dunno. I hate how it's such a cryptically defined but yet crucial number.

[Salodin]

You may need to look into that further? I thought the Obamacare stipulation was that employees over 30 hours had to get healthcare? That's why there's the lolz over Papa John's is limiting employees to 29 hours?

Thought this didn't come into effect until 2014; the same time tax rebates are available to buy your own.

[Acevalefor]

To start out, Aksannyi, 650 is not a good score.

Guitarman - You need 3+ years of stable full-time employment, good standing with your financial institutions (no overdrafts etc.), and no hard inquiry spamming on your credit before a credit union will consider a loan. Also, debt-to-income ratio is an issue. They don't just look at your credit score. They look at your entire credit history (even stuff that is supposed to be gone from your credit history).

I use Unitus CCU for all my needs and their loan programs are great. Their loan advisers recommend not borrowing more than 25% of your annual income and will not lend more than 30% for an auto loan. That means you would need to make $80k (including wife/SO income if they contribute to the bills) to buy a $20k car. Also, down payment of 15% or more almost guarantees a loan from a CU.

Dealerships that have their own underwriters will be a little more lenient but will also fuck you sideways because they don't give a fuck and make all their money in their service department. The risk factor for them is lower so they oversell and you end up with $500/mo payments that you can't afford.

Another mistake people make is giving their hourly rate + hours on their loan application. Just give your average annual income based on your hours/wage and leave the details out of it. It makes a huge difference when considering your loan because they see salary/guaranteed income rather than unstable hourly employment.

Whatever you decide, stay away from Dick Hannah, Ron Tonkin, and Landmark Ford.

[Buffy]

Thought this didn't come into effect until 2014; the same time tax rebates are available to buy your own.

Yah, I agree that I think it's 2014, but that's only 4 months away now. Seems shortsighted for a company to not have a plan in place at this point.

[Salodin]

You'd think that, but I work at a semi big box retailer and they haven't said a word yet either. Pretty sure they're waiting till last minute to do something about it, much less confusing that way.

[Aristio]

I crashed and burned with the girl I was trying to go out with.

We met a little over a month ago and we hit it off right away. We were planning on going out, but then she kept bailing out on me. I thought she was just dragging me along and she kept going on about how she didn't know what she wanted. I said fuck this and said let's be friends.

A few weeks later here I am, and thought I would roll the dice one more time. I straight up ask her if she wants to go out and she says she met someone else. Win some, loose some I guess. Guess she wasn't all that into me.

[The Stig]

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