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Author Topic: [CLOSED] Seeking $4000 USD Loan  (Read 1156 times)
Garr255
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July 11, 2012, 02:52:11 AM
 #1

I decided to sell some things instead.

Quote
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Hey all,

I'm in a bad (keeping in mind everything is relative) situation. I need/want a car. This one, preferably.

Most of my money is in BTC, which I think is only going to rise from here out, so taking out a BTC loan then converting to fiat would be a foolish and destructive move.

I have the BTC funds to cover this loan at the current exchange rate, so assuming the BTC price goes up there is absolutely no way for me to be unable to repay the loan. I also have some BTC income (Mining operations and trading), and an awesome job. (awesome != high paying, necessarily)

I have a good deal of rep here, so I figured I'd ask before going elsewhere. I'd really appreciate if someone could simply lend me the money, but that probably won't happen, so I'd be looking for something like a 3% APR.

I don't plan on keeping this for more than a year, but if BTC just keeps rising, it might be in my best interest to.

Thanks,
Garrett

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John (John K.)
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July 11, 2012, 02:59:03 AM
 #2

Hey all,

I'm in a bad (keeping in mind everything is relative) situation. I need/want a car. This one, preferably.

Most of my money is in BTC, which I think is only going to rise from here out, so taking out a BTC loan then converting to fiat would be a foolish and destructive move.

I have the BTC funds to cover this loan at the current exchange rate, so assuming the BTC price goes up there is absolutely no way for me to be unable to repay the loan. I also have some BTC income (Mining operations and trading), and an awesome job. (awesome != high paying, necessarily)

I have a good deal of rep here, so I figured I'd ask before going elsewhere. I'd really appreciate if someone could simply lend me the money, but that probably won't happen, so I'd be looking for something like a 3% APR.

I don't plan on keeping this for more than a year, but if BTC just keeps rising, it might be in my best interest to.

Thanks,
Garrett
Getting your first car? Gee, I wish I've started driving with one of those great beasts.  Cheesy
Getting back on topic, you'll need to find Patrick or someone that's willing to deal with a USD loan and is in the States. Wiring the money to you would easily eat through the 3% APR. (that's why I love Bitcoin)

My BTC Tip Jar: 1Pgvfy19uwtYe5o9dg3zZsAjgCPt3XZqz9 , GPG ID: B3AAEEB0 ,OTC ID: johnthedong
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July 11, 2012, 03:11:53 AM
 #3

Hey all,

I'm in a bad (keeping in mind everything is relative) situation. I need/want a car. This one, preferably.

Most of my money is in BTC, which I think is only going to rise from here out, so taking out a BTC loan then converting to fiat would be a foolish and destructive move.

I have the BTC funds to cover this loan at the current exchange rate, so assuming the BTC price goes up there is absolutely no way for me to be unable to repay the loan. I also have some BTC income (Mining operations and trading), and an awesome job. (awesome != high paying, necessarily)

I have a good deal of rep here, so I figured I'd ask before going elsewhere. I'd really appreciate if someone could simply lend me the money, but that probably won't happen, so I'd be looking for something like a 3% APR.

I don't plan on keeping this for more than a year, but if BTC just keeps rising, it might be in my best interest to.

Thanks,
Garrett

If you have a decent job with a paystub you should be able to go to a local credit union and get a low interest rate loan to buy a used car..
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July 11, 2012, 03:16:25 AM
 #4

3% APR Is something that you generally see on new or used cars less than 3 years old. Also, you only get 3% APR on minimum issue of 15K. And that lender would actually be a recorded lien holder on your title.

Plus, they verify credit scores and income. I don't think this forum is going to lend a relatively high amount of USD (for this forum) at a rate below anything here, not hedged against BTC. You need a credit union, not an anon loan.

But, if you get one here, congrats!
Garr255
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July 11, 2012, 03:22:46 AM
 #5

3% APR Is something that you generally see on new or used cars less than 3 years old. Also, you only get 3% APR on minimum issue of 15K. And that lender would actually be a recorded lien holder on your title.

Plus, they verify credit scores and income. I don't think this forum is going to lend a relatively high amount of USD (for this forum) at a rate below anything here, not hedged against BTC. You need a credit union, not an anon loan.

But, if you get one here, congrats!

This would be far from anonymous! I do plan on disclosing all requested information (within reason) to the lender.

(Also I'm gonna sign the OP with my PGP key right now)

“First they ignore you, then they laugh at you, then they fight you, then you win.”  -- Mahatma Gandhi

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July 11, 2012, 03:25:53 AM
 #6

3% APR Is something that you generally see on new or used cars less than 3 years old. Also, you only get 3% APR on minimum issue of 15K. And that lender would actually be a recorded lien holder on your title.

Plus, they verify credit scores and income. I don't think this forum is going to lend a relatively high amount of USD (for this forum) at a rate below anything here, not hedged against BTC. You need a credit union, not an anon loan.

But, if you get one here, congrats!

Not true.  I've borrowed far less then 15k on used vehicles much older then 3 years at 3%.  If you have a decent credit score and a paystub, its not that difficult..
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July 11, 2012, 03:30:27 AM
 #7

3% APR Is something that you generally see on new or used cars less than 3 years old. Also, you only get 3% APR on minimum issue of 15K. And that lender would actually be a recorded lien holder on your title.

Plus, they verify credit scores and income. I don't think this forum is going to lend a relatively high amount of USD (for this forum) at a rate below anything here, not hedged against BTC. You need a credit union, not an anon loan.

But, if you get one here, congrats!

This would be far from anonymous! I do plan on disclosing all requested information (within reason) to the lender.

(Also I'm gonna sign the OP with my PGP key right now)

But, would your lender or lending syndicate actually take a lien on your title? Why not a commercial bank?

I'm trying to help you finish your case for a loan. While we're at it, will you put anything down on the car? Amortized or ballon loan and what time horizon?

I'm sorry if this sounds like bashing, I'm trying to help you finish your application.
Garr255
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July 11, 2012, 04:10:05 AM
 #8

3% APR Is something that you generally see on new or used cars less than 3 years old. Also, you only get 3% APR on minimum issue of 15K. And that lender would actually be a recorded lien holder on your title.

Plus, they verify credit scores and income. I don't think this forum is going to lend a relatively high amount of USD (for this forum) at a rate below anything here, not hedged against BTC. You need a credit union, not an anon loan.

But, if you get one here, congrats!

This would be far from anonymous! I do plan on disclosing all requested information (within reason) to the lender.

(Also I'm gonna sign the OP with my PGP key right now)

But, would your lender or lending syndicate actually take a lien on your title? Why not a commercial bank?

I'm trying to help you finish your case for a loan. While we're at it, will you put anything down on the car? Amortized or ballon loan and what time horizon?

I'm sorry if this sounds like bashing, I'm trying to help you finish your application.

I appreciate your input. I will be putting at least two or three thousand toward the car initially, and I'm going to try to negotiate the price down a bit. (If I can get him down I won't need this large of a loan.)

I'm not sure about the complications involved in a lein, but I would be willing to agree to such a thing if the lender requested it. Because it is such a low value item I wouldn't think it would be necessary.

I would prefer a loosely amortized loan, to be paid back as I receive the funds at a predetermined increment.

Thanks for the help.

“First they ignore you, then they laugh at you, then they fight you, then you win.”  -- Mahatma Gandhi

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July 11, 2012, 04:30:10 AM
 #9

From my perspective, I think your offered interest rate is way too low. I can get 5.86% APR in a government-guaranteed bank account in my country and will not be exposed to currency fluctuations. I understand real interest rates in the USA are negative so the situation there may be different. Even so, I think you will find it difficult to access funding unless you are willing to increase the interest rate you will pay.

For comparison, the last loan I made denominated in USD earned me 34.5 % APR, and that was to a very trusted member of this forum.

Garr255
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July 11, 2012, 04:44:56 AM
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From my perspective, I think your offered interest rate is way too low. I can get 5.86% APR in a government-guaranteed bank account in my country and will not be exposed to currency fluctuations. I understand real interest rates in the USA are negative so the situation there may be different. Even so, I think you will find it difficult to access funding unless you are willing to increase the interest rate you will pay.

For comparison, the last loan I made denominated in USD earned me 34.5 % APR, and that was to a very trusted member of this forum.

But that was probably a very short term loan. Probably 1 month for 2.875%?

I know the state of bitcoin lending -- I recently collected a hundred btc of 1 month loans all at 10%. I'm just looking(hoping) for more of a courtesy loan, as I will not be investing the money or earning any profits whatsoever as a result of it. Because of this, if the question "Why trust this kid with $4k?" arrieses, I will respond with stating that (after it all arrives from BFL) I'll be managing over $30k of mining hardware owned by other people, and so far there has been nothing but success (and increase in share value Smiley)

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July 11, 2012, 06:07:47 PM
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I was considering asking for a similar thing, my current car is at 195k miles, and I'm looking for a new one that I'm going to have to drive 110 miles a day for work with...

If you get it, I may consider trying for mine.
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July 11, 2012, 06:37:10 PM
 #12

I don't think that it would be legal to lend to a minor? BTC is one thing, USD with an APR contract is an entirely different animal, unless it can be cosigned with a lien on the title... but who knows.

Don't get caught up in the game and have a nice day!
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July 11, 2012, 06:50:31 PM
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Garrett,

I was in your position just two weeks ago. I ended up taking out a small loan at 3% APR  from the local bank. I needed a cosigner, and the title has a lien. I too thought about how awesome it would be to pay for a car with a BTC loan.

I'm interested to see how this pans out!
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