Question about Loans...

[Dirty Octopus™]

Okay check it...

a brotha like me aint got the best credit. i made a couple nígga decisions in my time :(

but i got a new lease on life now.:goodjob:

but since ive made some bad choices im afraid i wont be able to get a reasonable loan for a new vehicle.

are there companies that would help me out in my time of need? :thinking:

[Sammich]

ALL I HAVE TO SAY IS YOUR BEST BET IS A CREDIT UNION

[5spdfrk]

Do you currently have any outstanding debt?

[Dirty Octopus™]

Do you currently have any outstanding debt?
No debts at all.

all debts have been erased. if you get what i mean :o

[uproot]

I would suggest either a credit union or a co-signer with good credit that trusts you (spouse, sibling, parent)

Or if you have a good down payment / trade then maybe the dealer will work with you... unless you're purchasing from a private party...

[5spdfrk]

No debts at all.

all debts have been erased. if you get what i mean :o
Well, some place may work with you on a loan, but you're more than likely still going to have a higher interest rate than you want.

My best advice is to get a credit card if you dont have one, and use it to buy everything you need (key word there), and pay it off each month. This will make you more credit worthy. It's one of the easiest things to do to help your credit. Just don't get carried away with the "free money". Also, a credit union is good advice too.

If you're not in a rush to get the car, take time to build your credit. In the end it will save you money from not having to pay the exorbitant interest rate you may get stuck with if you bought today.

[Dirty Octopus™]

I would suggest either a credit union or a co-signer with good credit that trusts you (spouse, sibling, parent)

Or if you have a good down payment / trade then maybe the dealer will work with you... unless you're purchasing from a private party...
hmmm... thats the thing. my Mother (with bad credit) sorta drug me into her misfortune early on so.... yeah... i cant count on her OR my father. i borrowed my Grandmother so i can get into the apartments me and my fiancee are in and i would hate to use her AGAIN to get a vehicle when i sorta dont need it.

as for my fiancee we both filed at the same time. soooo.... im royally fucked huh? :(

[Sammich]

soooo.... im royally fucked huh? :(
do you know your credit score/report? if not, go get your free report (be sure to cancel when u get your info)

when you have it...see what interest rates the credit union offers based on your credit score...credit unions offer the best rates, period

[AirMax95]

Credit Union.....

[Dirty Octopus™]

do you know your credit score/report? if not, go get your free report (be sure to cancel when u get your info)

when you have it...see what interest rates the credit union offers based on your credit score...credit unions offer the best rates, period
ummm.... i gotta look at the papers i recieved after we filed (late 2007)

Credit Union.....
so is it that easy? do i just find a credit union? and tell them what i'd like to do?
wouldn't i need to setup an account or something? :thinking:

how do i go about joining a credit union? :dunno:

[Sammich]

ummm.... i gotta look at the papers i recieved after we filed

yall filed for??? sorry to peer, but when u say that i keep thinking...bankruptcy

[AirMax95]

ummm.... i gotta look at the papers i recieved after we filed (late 2007)

so is it that easy? do i just find a credit union? and tell them what i'd like to do?
wouldn't i need to setup an account or something? :thinking:

how do i go about joining a credit union? :dunno:

www.acuonline.org

www.georgiasown.org

Those are 2 that you can look into. At most they require you to live in a certain county. Talk to them about your situation/goals. Credit Unions are a lot easier to work with than other financial institutions.

[Dirty Octopus™]

yall filed for??? sorry to peer, but when u say that i keep thinking...bankruptcy
i didnt feel like saying it cuz id look like the stereotypical black male in his early 20s. but yes. Chapter 13 :cry:

[AirMax95]

i didnt feel like saying it cuz id look like the stereotypical black male in his early 20s. but yes. Chapter 13 :cry:

Screw that sterotype crap.....you obviously have learned from your mistakes and are moving forward. There are prolly lots of people here who are in the same situation or worse.

[Sammich]

i didnt feel like saying it cuz id look like the stereotypical black male in his early 20s. but yes. Chapter 13 :cry:

man look here...as black pple may screw up w/ credit alot, white people do too..so dont feel bad. but i feel not wanting to express that..but talk to the pple at the credit union..they will do their best according to ur situation..but if i were u..i'd wait and get my credit up..thats what im doing right now..trying to get my credit up..just got a credit card (should have kept my old one, but o well)

[Dirty Octopus™]

man look here...as black pple may screw up w/ credit alot, white people do too..so dont feel bad. but i feel not wanting to express that..but talk to the pple at the credit union..they will do their best according to ur situation..but if i were u..i'd wait and get my credit up..thats what im doing right now..trying to get my credit up..just got a credit card (should have kept my old one, but o well)
word. i hear you.

i got a new Capital One a few months back. (shoulda kept up with the first one in High School but oh wells :headslap: )

but yeah im keeping up with the little payments on that. i've been making purchases when i have the money and putting the funds in a separate account so that it wont be spent. and when the statement comes i pay it off.

but yeah... so... Credit Union right?

[AirMax95]

www.acuonline.org

www.georgiasown.org

Those are 2 that you can look into. At most they require you to live in a certain county. Talk to them about your situation/goals. Credit Unions are a lot easier to work with than other financial institutions.

Here......

[Dirty Octopus™]

Here......checkin' em out now :goodjob:

[silver]

Personal experience, I filed in 2004 and I put everything on there. So, I had nothing to rebuild my credit back. No one would give me a credit card so my best bet was getting a secured credit card, which I got as soon as I came up with enough money to put a down payment on it. (it's just like a real credit card, reports to your credit, interest rate, ect. They just use your down payment at colateral) Long story short, it took about 2-3 years making on time payments on that before I could get anyone to approve me for anything! I finally got a car loan December 2006 on my own without a co-signer. Shortly after that I was able to get a 'real' credit card and since then I have been able to get things with out a problem credit wise. Its been almost 5 years and things are just now getting back to normal, a high interest rate here and there but nothing like when I first started getting credit again lol.

Oh but my point, my car loan was very high interest rate... I am talking I think 23%, but when you have no one to help you and you need a car you do what you got to do. The trick is.. make your payments on time and within 6 months you will have someone willing to refinance your loan to a lower interest rate. I think I refinanced mine at 11% (which is still high but still the best I was going to get on my own) and I made sure I didn't let them tack on any more months than what I had left on my current loan.

The company was Consumer Portfolio Services (CPS) I think its a dealer only thing but not sure. But if you really want to get a auto loan and having problems getting one without a co-signer and there is no possible way to get a co-signer you might have to go through a company like CPS, that deals with bad credit situations, you just get screwed with the high interest rate.

Hope that helps some.. :)

[Dirty Octopus™]

Personal experience, I filed in 2004 and I put everything on there. So, I had nothing to rebuild my credit back. No one would give me a credit card so my best bet was getting a secured credit card, which I got as soon as I came up with enough money to put a down payment on it. (it's just like a real credit card, reports to your credit, interest rate, ect. They just use your down payment at colateral) Long story short, it took about 2-3 years making on time payments on that before I could get anyone to approve me for anything! I finally got a car loan December 2006 on my own without a co-signer. Shortly after that I was able to get a 'real' credit card and since then I have been able to get things with out a problem credit wise. Its been almost 5 years and things are just now getting back to normal, a high interest rate here and there but nothing like when I first started getting credit again lol.

Oh but my point, my car loan was very high interest rate... I am talking I think 23%, but when you have no one to help you and you need a car you do what you got to do. The trick is.. make your payments on time and within 6 months you will have someone willing to refinance your loan to a lower interest rate. I think I refinanced mine at 11% (which is still high but still the best I was going to get on my own) and I made sure I didn't let them tack on any more months than what I had left on my current loan.

The company was Consumer Portfolio Services (CPS) I think its a dealer only thing but not sure. But if you really want to get a auto loan and having problems getting one without a co-signer and there is no possible way to get a co-signer you might have to go through a company like CPS, that deals with bad credit situations, you just get screwed with the high interest rate.

Hope that helps some.. :)

wooooooooow! sweeeeet! :goodjob:
yeah... ive been offered several secured cards and car loan offers in the mail but i never hopped on them in fear of ridiculously high rates. BUT soon as Capital One gave me the offer i took that card.

man.. i cant wait to be in clear. i wanna be in a house by thirtay! :D

[twinj]

I am kind of in the same situation. Not to Thread Jack D.O. Does anyone know of a Credit Union that you can join, withou needing my job? My job isn't assciated with any, all the ones I tried They said my employer had to be on their "list".

I hope that made sense.

[Sammich]

word. i hear you.

i got a new Capital One a few months back. (shoulda kept up with the first one in High School but oh wells :headslap: )

but yeah im keeping up with the little payments on that. i've been making purchases when i have the money and putting the funds in a separate account so that it wont be spent. and when the statement comes i pay it off.

but yeah... so... Credit Union right?

exactamundo credit union

same thing ur doing w/ putting things on the credit card u pay off immediately..is teh same situation im trying to put myself in...even tho i had to fall on the CC this week cuz of financial situations..i refuse to put my tokico illuminas on it til i know i'm going to have a way to pay it off immediately..so ur mind frame is in the right direction:goodjob: :goodjob:

[silver]

I am kind of in the same situation. Not to Thread Jack D.O. Does anyone know of a Credit Union that you can join, withou needing my job? My job isn't assciated with any, all the ones I tried They said my employer had to be on their "list".

I hope that made sense.

Not sure where you live.. But there is a Delta Credit Union on Dallas Hwy and I could be wrong but I am pretty sure anyone can get an account there.

[Sammich]

I am kind of in the same situation. Not to Thread Jack D.O. Does anyone know of a Credit Union that you can join, withou needing my job? My job isn't assciated with any, all the ones I tried They said my employer had to be on their "list".

I hope that made sense.

i dont know how true that is that all have a 'list' but, i didnt have that problem when i went to this credit union..hell..i went to the credit union only cuz i was gona buy a car..they gave me the loan..all i had to do was get a checking account w/ them (only $25 to open/initiate teh checking account) and i was A OK

[twinj]

Not sure where you live.. But there is a Delta Credit Union on Dallas Hwy and I could be wrong but I am pretty sure anyone can get an account there.

Oh ok I will look them up. Thanks


i dont know how true that is that all have a 'list' but, i didnt have that problem when i went to this credit union..hell..i went to the credit union only cuz i was gona buy a car..they gave me the loan..all i had to do was get a checking account w/ them (only $25 to open/initiate teh checking account) and i was A OK

Alright, preciate the help. Thanks

Good Luck D.O.

[JennB]

If you're not in a rush to get the car, take time to build your credit. In the end it will save you money from not having to pay the exorbitant interest rate you may get stuck with if you bought today.

I couldn't agree with you more.

If you don't need the car right now, hold off. Work on your credit so you don't end up paying literally thousands in extra interest.

If you do go through with buying a new car, don't just look at the payments, take a minute to multiply the payments times the term and see what the total of payments is on the car. Then subtract the loan value and see just how much interest you are paying. I used to work in auto finance and so many people never even realize they are paying $6,000 or $7,000 interest on a car and if they had taken the time to work on their credit, it could have easily saved $3,000 or $4,000. Plus, a high interest rate means you will be upside down in the value of the car for a pretty long time.

If you decide to buy now, go to a credit union. Make sure to talk to the loan officer about refinancing once your credit improves.

[Dirty Octopus™]

I couldn't agree with you more.

If you don't need the car right now, hold off. Work on your credit so you don't end up paying literally thousands in extra interest.

If you do go through with buying a new car, don't just look at the payments, take a minute to multiply the payments times the term and see what the total of payments is on the car. Then subtract the loan value and see just how much interest you are paying. I used to work in auto finance and so many people never even realize they are paying $6,000 or $7,000 interest on a car and if they had taken the time to work on their credit, it could have easily saved $3,000 or $4,000. Plus, a high interest rate means you will be upside down in the value of the car for a pretty long time.

If you decide to buy now, go to a credit union. Make sure to talk to the loan officer about refinancing once your credit improves.
yeah thats EXACTLY what i mean by finding something reasonable.
im not just looking at monthly payments. im looking at the long run. ive learned my lesson and dont plan on making miniscule payments just to pay 2 times what the vehicle is worth.

[JennB]

:goodjob:
.

.

[The_ CaneCorso]

whats a good credit union? Also i wished I knew which credit they check.

[AirMax95]

I just joined Georgia's Own Credit Union yesterday, before that I always used my moms CU from Mead. She is a long term member and got better rates.

Took all of 10 min to set up a savings account for $5.