DUmmies Discuss Car Loans

[GOBUCKS]

panader0  (1000+ posts)      Tue Aug-04-09 06:01 PM
Original message
My bank wants to loan me more money than I asked for?
My daughter, a senior (in high school) to be, has 5 grand saved for a car. The car in question is a 2005 Honda Civic, 41,000 miles, clean, good carfax, and at $8995, a fairly good deal. So I needed to borrow 4 grand. The bank will only loan me $7500.00. WTF?
I don't really get it, because I can just use the extra money to pay down the debt. So what's the deal? They refused 4 grand, and said they will only approve 7500. Now I have to wait to see what the new application brings. God, I hate banks.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x6219694

God, I hate hearing people, especially DUmmies, call a thousand dollars a "grand", or a "G", as if it isn't important enough to make a proper reference. A thousand dollars, to most people, and all DUmmies, is a thing of significance. I think when people use "grand" or "G" they think it makes them sound important, like a gangster, or someone to whom a thousand dollars is a pittance. It does the opposite.

DUmmy tazckmo suggests running a scam on Lord Zero:

tazkcmo (498 posts)      Tue Aug-04-09 06:04 PM
Response to Original message
3. Screw that bank.
Go find a cheap piece of crap car and turn it in for the 3500-4500 dollars the cash for clunckers program pays out.

 

The new protege, would make us think "4Gs" is not a very significant sum in his world:

armyowalgreens  (1000+ posts)        Tue Aug-04-09 06:06 PM
Response to Original message
4. I think it's because they want to make more money. They know 4Gs won't be lucrative...
I tried to get a 5000 dollar student loan last year and they wouldn't approve it. But other banks approved 16,000 dollar loans.

Unemployed and destitute, the new protege DUmmy brags about loading up on debt. He's in desperate need of a mentor.

Schema Thing  (1000+ posts)        Tue Aug-04-09 06:08 PM
Response to Original message
7. Yep. the banks don't want to go less than 7.5k on car loans
I asked for that, and they (an online auto loan bank) sent me a check for 19,500.00 (just in case I wanted to buy more car).
I suppose it's a type of profiling; them trying to weed out lower income people?

but man, someone out there needs to start a bank that actually welcomes responsible people. As it is now, they penalize you two points just for buying a vehicle from an individual instead of a dealer. How dumb is that? The car bought from an individual is always going to be priced better.

I ended up getting a great rate thru a credit union: 6.39% on a 2002 vehicle. I was amazed. 

 
Is this right, or a bouncy? I haven't negotiated a car loan for some years, so maybe things have changed.

[AllosaursRus]

I borrow money from myself via my 401k. I suppose the DUmmies can't do that since they never saved a dollar in their entire worthless existence! By borrowing off my retirement I pay at most 2.9% in interest in order to cover the paperwork and management of the loan.

My bank would loan me any amount of cash I ask for on my sig. They certainly don't give me more than I want! This is a bouncy! Truth probly is the bank okay-ed the loan and OFFERED up to and including what the DUmmie wanted.

[jukin]

This is pretty foreign concept for a DUchabag but what I do is save the money.  Yep, I use all of the value out of my previous car by driving it longer than any modern high schooler would dream of.  During that time I put money away for the next go around. 

[The Village Idiot]

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x6219694
Is this right, or a bouncy? I haven't negotiated a car loan for some years, so maybe things have changed.

Who knows... with the prime interest rate around 0%.... I guess its possible

[JohnnyReb]

Is it just me or do the children of the intelligent elite DUmmies always seem to be applying for "student loans" while children of dumb conservatives aren't?

[Chris]

Student loans are one thing.  Wasting said student loans on worthless liberal arts degrees in a country already saturated with over-educated idiots is another matter entirely.  I love that DUmmies bemoan the state of international affairs with jobs being moved overseas, yet none of them choose math or engineering-oriented programs themselves.  It's always some kind of angry vagina curriculum or a double major in poli-sci and Modern American Victimhood.

[Carl]

Banks have had minimums they will loan on a car for years,also an age limit to the car.
The car is the collateral so they aren`t going to loan money for someone to buy an old piece of junk that will be worth virtually nothing long before the loan term is over.

Things are never as difficult as DUmmies make them,they just always look to be oppressed.
Make sure there is no early payback penalty,take the loan and simply pay the excess back in the first payment.
Sheesh.

[AprilRazz]

Is it just me or do the children of the intelligent elite DUmmies always seem to be applying for "student loans" while children of dumb conservatives aren't?

I am going to school right now and will finish debt free. I don't even have to pay for books and I get a stipend every month to help with household bills.
Of course I gave up close to 8 years of my life to the Navy and am now reaping the rewards of the new GI Bill.

[JohnnyReb]

I am going to school right now and will finish debt free. I don't even have to pay for books and I get a stipend every month to help with household bills.
Of course I gave up close to 8 years of my life to the Navy and am now reaping the rewards of the new GI Bill.

Different story altogether, don't you think......that's not a 'student loan' loan in my book but a promise forefilled.

[AllosaursRus]

Banks have had minimums they will loan on a car for years,also an age limit to the car.
The car is the collateral so they aren`t going to loan money for someone to buy an old piece of junk that will be worth virtually nothing long before the loan term is over.

Things are never as difficult as DUmmies make them,they just always look to be oppressed.
Make sure there is no early payback penalty,take the loan and simply pay the excess back in the first payment.
Sheesh.

Yes, if you use the car as collateral. Myself, I know my banker well enough, and with my credit score, can pretty much borrow as much as ten thou just because they know I will pay it back!

Probly something completely foreign to a DUmmie!

Even this has exceptions. I once borrowed 6 thousand for 1953 Ford F100. Granted it was a classic, but it also explains that the year or age of the vehicle can be meaningless. If your collateral is legit, the bank is more than willing to loan you the money if they think you will pay it back.

edited to add content

[JohnnyReb]

Yes, if you use the car as collateral. Myself, I know my banker well enough, and with my credit score, can pretty much borrow as much as ten thou just because they know I will pay it back!

Probly something completly foreign to a DUmmie!

Back in the 80's, I used to call up my banker and tell him, "I'm writing a bad check for "X" amount of money for 'something'(much more than 10 thou). DON'T BOUNCE IT." He'd say, "Just come by here in a few days and sign the paperwork." I didn't even have a financial statement on file back then. Your name was your bond.......It all changed round about 1990.

A couple of people saw me do that a couple of times and thought it was wonderful. Just pickup the phone and borrow large amounts on your name with no collateral.... problem was that they didn't know that when you did that "EVERYTHING" you owned was collateral....right down to the shirt on your back.

Most of these "On my Name" loans were for 6 months at a time. They were due at the end of 6 months, one payment, full amount plus interest....used to worry my "X" to death....me on the other hand didn't worry until the day it was due...if then.... OK, so maybe she did have some reasons for being a little hard to live with...