still cant get a loan

[nocar]

i still cant get a damn loan

i applyed to lending tree several times and no luck

tryd borrowin 9-10k for an mp3

with a co signer

combined monthly : $4400
savings:10k


i have no credit

parent has slight bad credit


i want to kill myself because i cant even work to save 10k cash if i wanted to. ok maybe not kill myself but its pretty depressing a year with no car now.

 

[Dexter]

have you tried your bank?

 

[DeanSweet]

Maybe look for a car where you won't need to borrow as much?
Make an appt with your bank rep and sit down and talk to them about your options, that is what they are there for.

 

[michaelnchelle]

OK, this doesnt add up... you say you cant work to save up money to buy a car, but you have 10k in savings? And income of $4400?

Lending Tree is notoriously hard to get loans with, only people with good credit can do that. You have no credit, and you are trying to get a co-signer with slightly bad credit... this will not do you any good.

You will probably be easier to get financed with no credit on your own that using a cosigner with negative credit. Just go to the car dealer and let them work out the financing... its really no big deal, they have more contacts in the lending industry and know how to work with credit issues.

Interest rates are still extremely low... with good credit you can get 5%... with bad or no credit, you will pay more. Just go in there knowing you wont let them finance you at anything higher than around 8-9%, and then try to get 5%. You haggle over the interest rate the same way you haggle over the price of the car.

And with rebates of $4000-$4500 on brand new Protege's, why are you bothering with used cars? Sure, the MP3 is sweet, but you could get a brand new P5 for just a little more, and you can get regular Protege's for almost the same amount of money. Biggest reason to shop new though is because its easier to get financed on a new car. If you have $10,000 in savings, then just buy the MP3 for cash and make payments to yourself to build it back up.

 

[Glhboy]

I'd put some of that savings down on a car. If you were at the dealer I worked at we could get you done easily. Especially on a new car with rebates as well. As long as you do have no credit...sometimes no credit is bad credit.

 

[herbieP5]

michaelnchelle is right 100%,

Dealers have ways of getting things done. You are a prime candidate for a new car. its there job to get you into the car and their contacts with lenders is usually enough to help you out.

I know some guys with s*** credit and their still driving nice cars, financed from the bank.

give them a shot

 

[jersey_emt]

I still say you should go for something cheaper now...in your other thread you made it quite obvious that you can't afford much right now.

I'll say it again, unless you have the time to take up another job, I wouldn't spend more than 3K on a car.

 

[RyanJayG]

michaelnchelle is right 100%,

Dealers have ways of getting things done. You are a prime candidate for a new car. its there job to get you into the car and their contacts with lenders is usually enough to help you out.

I know some guys with s*** credit and their still driving nice cars, financed from the bank.

give them a shot

yeah, and I know people who do this and get 20% interest loans too! haha.... don't EVER accept a loan over say 10-12% nomatter how bad your credit is... and honestly in this market anything over 6% is horrid

 

[Brian MP5T]

GO TO THE DEALER

I'm thinking ther is something that you aren't telling us. There has to be some reason you are having such a problem with credit.

Go to the dealer, they might have a better chance with your loan.

Also, if that fails, try geting a new car. They are more expensive but you will get approved on that one.

Later...Brian

 

[shinzen]

Try going to household bank- they actually can help people out with bad/no credit, you will pay more than ryan suggested for an interest rate, but if you want the car get it done and then refinance it in a year- I just got finished going through that proccess from not so good credit.

 

[loj68]

baby steps man.........buy a cheaper car where you can put at least 50% down......then you should be able to get a loan for the rest albeit at a higher rate........but after 6-12 months you'll be established enough to get into prime rates. I had to do this when getting my credit back years ago so it works.....you only have to pay bad rates for a short time.

 

[scott42]

buy used under $4k and work your way up from there...get an amex/visa/mc card, buy everything you pay cash for on a day to day basis on that, and pay it off in full every month; build some credit, then after a year or two of that, you should be good to go.

if no credit is the only reason you'd get denied (which is kind of tough if you ask me) [ps-don't ever bounce a check, and don't ever not pay a bill; it helps]

good luck

 

[GerardPRO5]

is your combined monthly net or gross? your combined monthly income of $4400 is bigger than my combined net income...and my wife and I combined make $100K+ per year and we have EXCELLENT credit.

granted, 15% of our paychecks go to 401K, the rest goes to mortgage payments ($2K/month), and my wife's paycheck is used for insurance and bills.

yep. build up your credit. don't dig yourself a hole by putting yourself into unnecessary debt.

my other suggestion would be to buy a cheap, dependable used car that you can pay for in cash...no loan, no worries.

 

[CHICO2003]

fix your credit dude!!! www.creditrights.com awesome company!!! seriously worth the price

 

[GerardPRO5]

fix your credit dude!!! www.creditrights.com awesome company!!! seriously worth the price

you should *never* pay for anyone to help you fix your credit.

there are FREE "consumer credit counseling" credit services out there...

what do they do?

1. take all of your credit cards and cut them up with scissors.
2. consolidate all of your debt into ONE payment.
3. monitor your spending (pay for everything in CASH until your debt has been paid) - if you don't have the cash to buy something, then you don't buy it...simple as that.
4. provide financial counseling.
5. if necessary, provide legal assistance

these credit counseling services are usually municipal or federal agencies...and provide FREE services.

another thing to do is order a one-time full credit report from Experian or Equifax...and close all credit cards with zero balance, pay off the ones with a large balance...and check to see all of your credit inquiries...

 

[shinzen]

fix your credit dude!!! www.creditrights.com awesome company!!! seriously worth the price

Have you used them chico? How dramatic of a difference did they make?

 

[CHICO2003]

hmm... I suppose you may be right Gerard, but realize these people are professionals and can often times get things done A LOT quicker. time is money pal!! not only that but they know what works!! sure, anyone can fix their credit!! there are things on our reports that aren't legit... and there are ones that are. either way, they can be taken off!! look... it's like anything else. any car will get you from point A to B. some just get you there faster!!! sure, you might have to pay more but... that might make it worth it in the long run!! to me, few things are more important than a credit rating!! $30/month for like 6 months (my own personal example) allowed me to get a mortgage for 5.3% (whereas I couldn't even get one before!!) hmm... you think it was worth me shellin out $180???? LOL yeah... I could've done it myself for free but hell... this was like 2 years ago... I'd probably STILL be tryin now! all the while wasting my money in an apt cuz I can't get a dang mortgage!!! see, it's all about how you look at things... just do what's right for you.

 

[CHICO2003]

highly recommend them! used them 2 years ago and, as I mentioned above, had tremendous success. perhaps mine was a bit easier for them to "fix" since most of the negatives werent' legit.... but they even got the legit ones taken off!! (which I'm more than ok with!) i don't want to be held accountable incase they dont' work for ya so you're on your own but... it's worth a shot!! you can always try Gerards way... I mean, anything is better than nothing!!! credit is soooo important in this world of ours. sucks but.. that's just the way it is.

 

[GerardPRO5]

Chico: everything you say is true...time is money...but what's money without responsibility?

sometimes, a quick fix is just a band-aid solution to a problem...if you spend more money than you make, then you have to change the way you spend.

a credit counseling service will teach you how to do this so that you can improve your credit and spend your money accordingly.

 

[shinzen]

you should *never* pay for anyone to help you fix your credit.

there are FREE "consumer credit counseling" credit services out there...

what do they do?

1. take all of your credit cards and cut them up with scissors.
2. consolidate all of your debt into ONE payment.
3. monitor your spending (pay for everything in CASH until your debt has been paid) - if you don't have the cash to buy something, then you don't buy it...simple as that.
4. provide financial counseling.
5. if necessary, provide legal assistance

these credit counseling services are usually municipal or federal agencies...and provide FREE services.

another thing to do is order a one-time full credit report from Experian or Equifax...and close all credit cards with zero balance, pay off the ones with a large balance...and check to see all of your credit inquiries...

The only issue with these consumer counseling groups is that to future creditors, they look worse than a bankruptcy- the reason for this is they just see it as being unable to manage your money whereas a b.k. shows that you had gotten in over your head. I just had a buddy go through this about 2 years ago.