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Paying cash and owning stuff sucks.

Speeding

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Hardline Crawler
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So I've been truck shopping for about a year, finally have a good down payment ready (60% of truck value). found the truck I want and went to get a small auto loan for the rest. I figured it shouldn't be a problem since the truck would be callateral and my bank account is in awesome shape. Nope, declined. No credit score. Got that answer from four different places. Turns out I've messed up bad by not getting a credit card and paying cash and owning everything.

So do I have any other option than getting a card and build credit for the next 6-8 months??
 
You are gona hafta get a cosigner.

All they need is good credit and be willing to pay if you dont.

If will take you longer than 6-8 months to get the credit you need. Just becasue you have a good credit score does not make it where you can get a loan. They look at what you own, owe, payed off, your pay, and anything else they want to look at.
 
Call Guido, he can loan you any amount you want. Payment terms can be a bitch though. :flipoff1:


Depending on the amount borrowed, you can get a co- signer, or if you can put more down, sometimes they can approve it that way. :****: What about your Sugar Momma? SHE'S LOADED, HASN'T SHE TOLD YOU YET? molaugh
 
wontwork said:
Just becasue you have a good credit score does not make it where you can get a loan. They look at what you own, owe, payed off, your pay, and anything else they want to look at.

Very true statement. I have an excellent credit score but when I went to buy a house I didn't owe any money. Everything I had was paid for and it ended up hurting me a little. Because of this I had to get a little bit of a higher interest rate. A buddy of mine who owes everybody and lives paycheck to paycheck was able to get a lower interest rate.

If you get a credit card make sure it reports to all the credit bureaus. I had a credit card through my credit union and it didnt help at all because they only reported to 2 of the bureaus (SP).
 
Call Stephen Oneal. He can look for a vehicle at auction if he does not have what you want in stock. He can pre-approve you if possible. Message me if you need his cell number.
 
Great timing Ricky, you can be my first customer. I'm starting at Rick Hendrick Chevrolet this week. We have a **** ton of used and new stuff.
 
The way I started was buying stuff with the 90 days same as cash stuff. What I'd do was save up the full amount but go get a 90 day same as cash loan. Then pay it off in a month or so. Just like stated above make sure they report to the credit bureaus.
 
PMs sent. Building credit doesn't really sound like an option and Im trying not to do the cosigner thing. This shouldnt be so hard!
 
Speeding said:
PMs sent. Building credit doesn't really sound like an option and Im trying not to do the cosigner thing. This shouldnt be so hard!

Welcome to the Real World.

I got a good story for you. Went to borrow money when I started remodeling my house and only needed $10,000. Had the money to do everything else I wanted. Bank told me they couldn't give it to me. Said I had to borrow at least $25,000. So I end up combining my motorcycle loan and house loan for less ineterest rate and had some leftover for a vacation. Bank lost money in the long run and my motorcycle loan was payed off.
 
Banks are weird as ****, especially in the past two-three years, the bigger the bank the harder to get a loan. Try a Federal Credit Union, or local community bank.

Two quick stories:
My house, when my wife and I went to buy it, we couldnt get approved because my wife had no credit. They gave the loan to me solo. So I've had to work on building her credit, car loan in her name (pay more than the payment each month), got her cards, etc... We are finally where she has a rated good credit score took 5 years.

Next story was a year ago Dec.
I bank with Bank of America for checking, savings, direct deposit stuff. So in Dec '09 I went to get a loan to buy current truck, I hadnt sold my dually yet and didnt want to go all the way to no savings sitting on two dmax's. I had, had some very large deposits in my BofA account as well as some significant withdrawals over 2009. And my balance at the time for all my accounts was 2x what I was asking to borrow. BofA denied me for large volume revolving transactions on my account. I'm lucky this happened, I went shopping and got a 3.75% from a Federal Credit Union.

I'm just saying banks are wierd, you may want to try several, and stay away from your big ones like Wachovia, BofA, Chase, etc...
 
InDaShop said:
Try a Federal Credit Union, or local community bank.

I'm just saying banks are wierd, you may want to try several, and stay away from your big ones like Wachovia, BofA, Chase, etc...

Very good advice. I would try a small local bank, they tend to underwrite loans based on character. You may pay a little more in interest but it will give you a start on credit history. My very first auto loan was with a small locally owned bank (2 branches) when I was 21. I had zero credit history and my grandfather had banked with them forever. I still use them to this day, 17 years later.
 


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