Personal Loan Options

[impala454]

sometimes your credit report will be way behind (like 6-12 months).

[Psykopath]

just go to your bank. they'll process it and pre-approve you for X amount of money. don't expect better than 8-9% if you have no previous auto-loan experience.

Heh, my grandfather could probably talk that rate down lower.

For all of his quirks, he's one determined old man when it comes to financial matters. =P

This post has been edited by Psykopath: Jul 9 2007, 09:29 PM

[Dogmeat]

haha yeah, one person had an adjustable-rate mortgage that was up to 13%

auto loans around 16% are pretty common among people with shitty credit
it takes some serious effort to get a 385

Just outta curiosity, why is it that people with terrible credit (ie ones who have shown they can't pay their bills) are even allotted loans in the first place, even at very high interest rates?

Is it because they're expecting to have to re-po the car or other property so they try to essentially "make a quick buck" off them by charging the abnormally high rates "while they can" so to speak?

It just kinda seems to me like making loans to people who can't, or won't pay them back is a money-loser any way I look at it....

[James]

They have to be given a chance to prove that they've changed.

[GOB]

Just outta curiosity, why is it that people with terrible credit (ie ones who have shown they can't pay their bills) are even allotted loans in the first place, even at very high interest rates?

Is it because they're expecting to have to re-po the car or other property so they try to essentially "make a quick buck" off them by charging the abnormally high rates "while they can" so to speak?

It just kinda seems to me like making loans to people who can't, or won't pay them back is a money-loser any way I look at it....

for the most part, existing lines of credit are what cause people's rating to go down the toilet. people get cards with 0% interest for a year (or they lose their job or have some unexpected expenses or something), but some companies will rip your ass if you're even a day late by running the it up to the default rate, which is usually pretty clearly stated, in the 20-30% range. and, since it's up to each company to report delinquencies and defaulted accounts (which could take months), you could already have a mortgage and auto loan before it shows your weak pmt history.

i can't believe somebody would take out a variable rate auto loan, especially if they know they'll have problems making the payments.

or it's like what james said, they're willing to loan the $$, but you'll pay the price because of the risk the company takes.

[False Dude]

i remember when i paid your rent for you!

- testm0

[Psykopath]

i remember when i paid your rent for you!

- testm0

uhhh, who are you referring to?

[Testm0nkey]

you

[James]

I remember when I cashed your checks!

I dunno. That's all I got.

[Testm0nkey]

james is my money launderer

[James]

Prove it

[Psykopath]

you

bull

fucking

shit.


Explain this, please.

[Testm0nkey]

you didnt like your job so you quit. saying the rent was too expensive now you said you were moving back home disregarding having 6+ months (maybe even closer to 10) left on the lease you signed. i was retarded and left without knowing what to do i paid your rent for some reason until i found a roommate and left myself to totally be treated like crap

thanks for totally forgetting about that

doesnt seem like you understand fiscal responsibilities. id be wary of a loan on top of student financial aid

[James]

My keen sense of observation tells me you are still frustrated by this

[Testm0nkey]

yeah it was never resolved more like me being left high and dry without any sort of consideration. that place was a money pit for me and i was totally treated like crap. there are some mental scars from that whole experience but things are definitely better! but boy i could sure use some money

dont think i will ever put up with living with roommates again until im married