Hello all, I have been thinking about this for the past few weeks.
I will be moving at the end of the week; this will require me to drive approximately 110 miles per day for my job.
My current vehicle has been very reliable, but has 192,000 miles on it, and I don't want to push it 30,000 miles per year.
I have been looking for a reliable, low mileage, Subaru. They have low maintenance costs, and are great cars for winter (a must in North Dakota/Minnesota).
I've been researching for the past two months and have found this. http://www.autotrader.com/cars-for-sale/vehicledetails.xhtml?listingId=320869003
It has everything that I want in a car. Recently new, low miles, good milage, all wheel drive.
I'm coming to the Bitcoin community for a loan because of two reasons:
1) I've been around for a while, and have a reputation for being an honest person in the community.
2) As a result of my age (20), I have very little credit history. Banks will not give me a loan because I have less than 3 years of credit history/no mortgage (the no mortgage makes absolutely no sense). I have tried a my local credit union, but their requirement is that I have the same job for at least 2 years.
My current situation:
I work at an IT job making $30,000+ per year.
I have various assets (Stocks, bonds, savings accounts, GLBSE assets I own) worth about $5,000 USD.
My current vehicle is worth $2,750 USD.
I am looking to take this loan out for 6 years at 8% APR for a total repayment of $13,250 USD.
I can make monthly payments of $185, or weekly payments of $46.25.
Also, in a few years when I have a longer credit history, I may refinance this loan with my credit union, then pay the remainder of the $13,250 + $250 for an early termination fee.
I want this loan to be based in USD, however am willing to workout an arrangement with the lender if the exchange rate changes drastically.
If anyone has any questions for me, please let me know.
Thank you for considering!