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Old 02-18-2010, 08:10 AM   #16
akboss
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Re: Problem getting auto loan, please HELP. I make good salary.

We are selling our 1996 Toyota Camry for under $2K and it's a decent car. Do yourself a favour - if you make a decent salary, buy a $2K used car and gradually rebuild your credit and upgrade your cars. If you get something new now, you're going to be wasting your money on ridiculous interest, and if you get fired or replaced, you're owing somebody a whole lot of money that isn't likely to be very forgiving, and your credit is even further screwed.

Nothing in life is a sure thing other than death and taxes - you're in a tough spot, don't buy something you can't afford. Buy the cheapest car you can with cash, save your money, and slowly rebuild. Eventually you will be able to afford a new car at 0%, but this is a reward for being diligent with your money - instant gratification (in this case a new car) will hurt in the end.
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Old 02-18-2010, 08:14 AM   #17
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Have you tried selling any of your old jewelry

I know get even for now with the price of gold so shrill, its really in fashion to exchange former jewelry. Is that something you can try?
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Old 02-18-2010, 08:45 AM   #18
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Re: Problem getting auto loan, please HELP. I make good salary.

To the original poster: You can almost always get a car loan, I know a guy that had a bankruptcy and got a new car loan less than a year later. But if you can't get one through any bank/auto dealer/whatever, then your credit is in VERY bad shape and you'll have to pay cash while you are repairing your credit score.

With the high income you are reporting, and a car that (for now) runs, your best option IMO is to save for a few months and keep driving your old car. Even though it may be failing, it still runs. At 85k per year you're pulling in at least 4000 per month after taxes. You didn't say what your apartment rent is, but I'm sure it's less than 2000, unless you're living too high on what you're making (in which case you should move to a less expensive apartment until you get things fixed). So if your car makes it another 6 months you'll be in a great position to replace the transmission again, or to get a solid used car.

That's the "buy a car" question.

But since it's in your best interest in the long run, to rebuild credit I'll say this: From your posts it seems you're in the credit card trap. I've been there. Here is how to get out -- (and this advice can be found in many places)

1st
Cut up every credit card you have, and make a list of them and their phone numbers as you do so.

2nd
If you haven't declared bankruptcy (not advisable if you can avoid it), call each of your credit card companies that is on the list you just made, find out what the balance is, and offer to make arrangements to pay something each month on each of them. Many times, good faith dealings will not only help you with the credit card company itself, but also with how they report you to credit agencies.

Sometimes you can negotiate a lower interest rate with them - they'd rather have you pay than have to write off the debt.

3rd
Put every dollar you can against the highest interest credit card. When that one is paid off, take that entire amount, add it to the next highest interest card's payment, and pay that one off. Repeat until you're out of debt. Make sure to cancel each card as you pay it off.

4th
For any other bills you have (rent, utilities, etc) be sure to pay on time or early if you can. 35% of your credit score is about timely payments.


The advice in the earlier post to check your credit is a good one. You should do this both before you pay everything off, then again when you are done paying. Once you've paid it off and cleaned up your credit report afterwards, THEN see where you stand.

Good luck with this. You make more money per year than most people, so you should be able to take care of it. It won't be easy at first since you're obviously used to using credit cards all the time; but once you sit down and cut them all up and have a plan, you'll feel a lot better about it. You can probably do it within 1 year.
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Old 02-18-2010, 08:56 AM   #19
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Re: Problem getting auto loan, please HELP. I make good salary.

Oh yeah, btw soliciting members for a loan is a bad, bad idea.
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Old 02-20-2010, 04:30 PM   #20
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Re: Problem getting auto loan, please HELP. I make good salary.

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i have lots money that i owe in credit cards that i forfeited on. and also have Repo as well. is there anyone that will loan me money ?? i am desperate.
NO NO and NO,,, you come into this forum claiming to make 85G a year, but never been late paying your rent,,, well I guess not if want to keep your toes warm.

Get a life,,, and be honest with an answer in this forum why you can't live on 85K a year an income that's beyond the average household ?

answer that Q,,, and let's go from there.
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Old 02-25-2010, 07:10 PM   #21
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Re: Problem getting auto loan, please HELP. I make good salary.

try online auto loan sites, instead of traditional financing through the dealership.
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Old 03-03-2010, 03:33 PM   #22
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Re: Problem getting auto loan, please HELP. I make good salary.

A loan is the last thing you need and borrowing from your retirement to buy a luxury car is a really bad idea. You need to fix the transmission on your car when it actually gets to the point where it needs to be fixed and start saving 40% or so of your income for paying off debt and savings.

Your simply not in a good position to buy a new car, let alone an Acura.
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Old 03-03-2010, 04:01 PM   #23
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Re: Problem getting auto loan, please HELP. I make good salary.

I notice he hasn't been back since we told him we wouldn't give him a loan.
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Old 03-03-2010, 04:21 PM   #24
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Re: Problem getting auto loan, please HELP. I make good salary.

Protect your 401K's + IRA's, never borrow money from these accounts, if hardship on loan, you will be paying 10% hardship + taxible income + $85K income, and penalties for paying taxes late befor year end of Y2K10.
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Old 03-03-2010, 07:16 PM   #25
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Re: Problem getting auto loan, please HELP. I make good salary.

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I notice he hasn't been back since we told him we wouldn't give him a loan.
How can he come back, some previous lender most likely
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Old 03-04-2010, 06:42 AM   #26
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Re: Problem getting auto loan, please HELP. I make good salary.

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How can he come back, some previous lender most likely

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Old 03-07-2010, 11:56 PM   #27
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Re: Problem getting auto loan, please HELP. I make good salary.

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Protect your 401K's + IRA's, never borrow money from these accounts, if hardship on loan, you will be paying 10% hardship + taxible income + $85K income, and penalties for paying taxes late befor year end of Y2K10.
Save yourself some letters and just put 2010......
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Old 03-26-2010, 07:34 AM   #28
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Re: Just saying hello to everyone

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I hope this message was posted in the right section. If not, please tell me what section this should be in.

Hi, this is my first post and wanted to say hello to everyone. I am looking forward in meeting some friends here and I hope that I can contribute something to this site like others. For those of you who are older members here, where is a good place to start?
Find a post you're interested in and knowledgeable about and post there.

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