Military Significant Others and Spouse Support - MilitarySOS.com
Page 1 of 2 12 LastLast
Results 1 to 10 of 11

Thread: Auto Loan

  1. Formerly known as stapletonlove
    *mcstapleton*'s Avatar
    *mcstapleton* is offline
    Formerly known as stapletonlove
    Join Date
    Jun 2008
    Location
    Fort Stewart, Ga
    Posts
    4,121
    #1

    Auto Loan

    Advertisements
    We are trying to get another vehicle. We are looking into getting a used vehicle. Our credit score is around 715ish, last time I checked. We pay everything on time and only have one credit card, but we only have that to build credit and we pay WAY over the min payment. Why can't we get a loan for anything? It sounds crazy to me.


  2. bend...and snap!
    Roboto's Avatar
    Roboto is offline
    bend...and snap!
    Join Date
    Nov 2008
    Location
    Somewhere over the rainbow
    Posts
    4,416
    #2
    Well, lending requirements are quite strict right now, so that is probably the biggest reason why.
  3. Formerly known as stapletonlove
    *mcstapleton*'s Avatar
    *mcstapleton* is offline
    Formerly known as stapletonlove
    Join Date
    Jun 2008
    Location
    Fort Stewart, Ga
    Posts
    4,121
    #3
    Quote Originally Posted by Roboto View Post
    Well, lending requirements are quite strict right now, so that is probably the biggest reason why.
    I was thinking that, but we don't want a big loan. Just enough for a good down payment.


  4. Senior Member
    kitkat's Avatar
    kitkat is offline
    Senior Member
    Join Date
    Oct 2007
    Posts
    2,261
    Blog Entries
    2
    #4
    maybe it's your debt to income ratio The only company that would give DH a loan was Chrysler, no credit union or bank he tried would give him one. That was last year too, before everything hit the fan.
  5. Senior Member
    ily.mmw's Avatar
    ily.mmw is offline
    Senior Member
    Join Date
    May 2008
    Posts
    4,904
    #5
    Quote Originally Posted by stapletonlove View Post
    I was thinking that, but we don't want a big loan. Just enough for a good down payment.
    Are you actually applying for an auto loan or a personal loan to put a down payment on a car? If it's the latter then wouldn't that have you paying back two loans? I'm confused a bit.


  6. Amy
    Account Closed
    Amy's Avatar
    Amy is offline
    Account Closed
    Join Date
    Feb 2007
    Posts
    9,229
    #6
    Quote Originally Posted by ily.mmw View Post
    Are you actually applying for an auto loan or a personal loan to put a down payment on a car? If it's the latter then wouldn't that have you paying back two loans? I'm confused a bit.
    I'm confused too...typically you would already have the money for a down payment and then take out a loan for the rest...if you take out a loan for the down payment then you would need 2 loans.
  7. ...
    andreacn's Avatar
    andreacn is offline
    ...
    Join Date
    Nov 2006
    Location
    St. Cloud, Minnesota
    Posts
    16,888
    #7
    Dh an I only put 500 down for my Durango.
  8. MilitarySOS Jewel
    *skittles*'s Avatar
    *skittles* is offline
    MilitarySOS Jewel
    Join Date
    Mar 2009
    Posts
    3,265
    #8
    where are you trying to get a loan from...i have a credit score around 760 but only make maybe 900 a month since I'm underemployed and subbing while looking for full time employment...

    df had a credit score of around 550 with tons of delinquencies yadda yadda. Hence why I had to cosign on his loan.

    He got a loan for 25 grand with only 4.9% financing for 5 years. We went through chase auto loans but the dealership seemed to have a lot of pull getting us that deal. If I made more money we probably would have been fine...but if anyone is a credit risk I'd say we should be.

    *and we only bought the car cause he got a bonus for reenlisting and we took out a loan so we could just make payments for a year and start fixing his credit...lol we're not really stupid enough to get ourselves in a huge auto rut.

    Good luck finding someplace to give you a loan. Have you talked to dealerships yet?
  9. *~Mrs. L~*
    360Sweetie's Avatar
    360Sweetie is offline
    *~Mrs. L~*
    Join Date
    Jun 2007
    Location
    Providence, RI
    Posts
    2,855
    Blog Entries
    6
    #9
    I had the same issue as you I had only one credit card and wanted a used car. I only got one because my mom cosigned for me. They kept saying I needed more credit history to get it all on my own. I was annoyed also because they made me give a down payment.
  10. Formerly known as stapletonlove
    *mcstapleton*'s Avatar
    *mcstapleton* is offline
    Formerly known as stapletonlove
    Join Date
    Jun 2008
    Location
    Fort Stewart, Ga
    Posts
    4,121
    #10
    Well, because of our age we can't get a loan for the price of the entire car and everywhere around here the down payment for a vehicle is around 4000, even for a used car. I know that we would have two loans, but thats the only way it would work right now. We have money in savings, but not quite 4000 and we want to keep some in savings, but in reality the loan would only be for about 1500-2000.


Page 1 of 2 12 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •