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Author Topic: Seeking $10,500 USD Auto Loan - Long Term @ 8% APR  (Read 1329 times)
JL421
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July 12, 2012, 03:43:26 AM
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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!

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silverbox
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July 12, 2012, 03:48:24 AM
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Seakings rock!!

http://en.wikipedia.org/wiki/Sikorsky_SH-3_Sea_King

Wink
PatrickHarnett
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July 12, 2012, 05:40:56 AM
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You saw nothing lol... Sorry long day, and lots of thought.

Always someone watching - but good luck with the loan.
smracer
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July 12, 2012, 04:25:28 PM
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Capital One Auto won't give you a loan?  They gave my brother a loan at 5% interest and he has terrible credit.

1smracer15yDLhJG27fd7GV3tegcNjtg2
slider1978
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July 12, 2012, 06:58:29 PM
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Give Lending Club a try.  www.lendingclub.com
waltmarkers
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July 12, 2012, 07:33:55 PM
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Give Lending Club a try.  www.lendingclub.com

Before this process started I had a 710 credit score, now I hover somewhere around 625 because I have so many hard checks on my record.

I went to Lending Club too late, they require a 660 or higher credit score to even start processing a loan.

Same story with Prosper, they require a 640 or higher credit score. I checked all three bureaus and I had a 630 after I applied, even though they reported my score to be 525?

You might want to think about disputing anything that's hurting you on your report. Credit Boards runs a great forum that might be a good place to start.
silverbox
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July 12, 2012, 07:36:19 PM
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Give Lending Club a try.  www.lendingclub.com

Before this process started I had a 710 credit score, now I hover somewhere around 625 because I have so many hard checks on my record.

I went to Lending Club too late, they require a 660 or higher credit score to even start processing a loan.

Same story with Prosper, they require a 640 or higher credit score. I checked all three bureaus and I had a 630 after I applied, even though they reported my score to be 525?

Sounds like you need a cosigner.
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July 15, 2012, 01:43:17 AM
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You might want to think about disputing anything that's hurting you on your report. Credit Boards runs a great forum that might be a good place to start.

I was going to say that too.

Dispute the hards.  The ppl on creditboards can probably help you game your score back into the 700's!
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