ISF saga has taken a turn. Rant.

"OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars" (jakeauern) 01/17/2018 at 16:19 • Filed to: None

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I have found a couple ISFs I like which means I have the price im going to pay about solified. Great! Now to get financing...

My feeling right now.

Been declined twice for credit to buy the car because we don’t have enough credit history... So we can’t get a loan because we don’t have enough history and can’t get more history because we can’t get a loan. My wife and I each have nearly a 800 credit score. We make a pretty decent amount of income. Have had credit cards for years. Our only debt is the house, which we got approved no problem. So you’re saying its easier to get a loan on a house than a car? I don’t understand. They did say if we wanted to do a 10k loan they could approve that. Well credit union person, if I wanted a 10k car I would pay cash. These people suck.

bob and john > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 01/17/2018 at 16:31

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easier to find a house then it is to find a car. also house doesnt depreciate the same way.

Might be easier to get a personal loan and go from there

MonkeePuzzle > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 01/17/2018 at 16:33

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I was once told, BY A BANK, that a way to get some credit history was to over draw my account with them, which would be LIKE credit.

I did not continue to bank with this institution.

Roadster Man > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 01/17/2018 at 16:34

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Ugh, like the other guy said, just go out and get a personal loan so you can walk onto the lot with a bank check in-hand.

I’ve got a 740 credit score, no blemishes on my credit record, and I looked into an auto loan for shits and giggles. I can only get 10K at like 7% interest. That’s a shitty deal.

Roadster Man > MonkeePuzzle 01/17/2018 at 16:35

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Oh my goodness that is terrifying.

Highlander-Datsuns are Forever > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 01/17/2018 at 16:36

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That’s crazy, dealers usually trip over themselves to finance a car.

OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars > Highlander-Datsuns are Forever 01/17/2018 at 16:38

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Well I’m  trying to go the credit union route so I can fly wherever, hand them check, and then send the title off. Also it would open up private purchase rather then stealersh ips.

Aaron M - MasoFiST > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 01/17/2018 at 16:38

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I was denied a loan that was too small, once. I mean, “denied” wasn’t exactly what happened, they told me “we can’t accept your down payment or your principal will be too small.”

MonkeePuzzle > Roadster Man 01/17/2018 at 16:38

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moral of the story, bad credit is better than no credit.

goodness, how did we end up with the home loan crisis in 2008?

BeaterGT > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 01/17/2018 at 16:40

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That seems really strange, I would try asking another rep or maybe even a manager. May have to jump through some hoops but if you want a good rate/favorable terms, it might be worth it.

whatisthatsound > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 01/17/2018 at 16:43

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Did either of your parents happen to be in the military so you can use USAA? They have financed things they absolutely shouldn’t have for me right out of college.

Rico > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 01/17/2018 at 16:45

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WTF how could you not have enough history after what you just laid out? Whoever did your mortgage do they also do car loans? Or maybe the loan officer for whoever handled your mortgage can refer you to someone who does auto?

OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars > whatisthatsound 01/17/2018 at 16:45

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We have access via my wifes grandfather and her dad also has it. I called them and got an insurance quote for when I buy the car(they were 40% cheaper) to switch to from crappy Progressive.

OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars > Rico 01/17/2018 at 16:47

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Funny enough my loan officer told me about both of these companies who denied me. The only thing that I give the credit unions credit for is that we have had our jobs  for just over 6 months. Everything else doesn’t make sense for them to deny us though. 

AestheticsInMotion > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 01/17/2018 at 16:47

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I feel your pain. I only have six months time building credit, and I can’t do much without better credit, but can’t get better credit without doing more than I’m doing now. Watching my score rise by 1 point every month is somewhat maddening

Scary__goongala! > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 01/17/2018 at 16:54

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Have always liked the ISF. Your post has me checking how much just an ISF engine would cost. According to Ebay that number is a little below $5k.

OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars > AestheticsInMotion 01/17/2018 at 16:57

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I got my because I was told something would clear the same day that the bill was due, drop ped my credit score 18 points. I dont keep any debt month to month. It is maddening when it goes up a little then drops a ton. I didn’t even miss a payment

Wrong Wheel Drive (41%) > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 01/17/2018 at 16:57

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Do you have access to a credit union? If so that is a highly recommended route. I got a 3% loan on my 12 year old STi with 136k miles on it. And my only real credit history is a couple of credit cards and student loans. If I could get a loan for that, then anyone can.

Wrong Wheel Drive (41%) > MonkeePuzzle 01/17/2018 at 16:59

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Do banks even report overdrafts to credit agencies? I thought they just charged fees every time and just go about screwing you that way.

OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars > Wrong Wheel Drive (41%) 01/17/2018 at 16:59

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Both denied applications were from local credit unions. Ugg.

Tripper > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 01/17/2018 at 17:00

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A lot of times the age of the car holds more weight than your credit score as far as the lenders are concerned. If the car is more than 5 years old, a lot of banks are likely not to approve. Or they will with a bunk interest rate.

MonkeePuzzle > Wrong Wheel Drive (41%) 01/17/2018 at 17:02

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ya, I suspect the secondary awfulness of his plan was that it wouldn’t even work.

CompactLuxuryFan > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 01/17/2018 at 17:06

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PenFed seems to be a particularly great credit union for financing used cars. I’m currently using them for my 2009 335i after starting out on Ally and refinancing to a *much* lower rate. Doug DeMuro recommends them as well. I think they must have a car person running the used auto loan department.

Dr. Zoidberg - RIP Oppo > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 01/17/2018 at 17:08

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Hmm, can you scrape together 25k cash and then get a 10k loan? $35k still gets a pretty nice IS-F.

whatisthatsound > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 01/17/2018 at 17:08

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I know sometimes other companies are a little cheaper but I use them for a lot of services. P.S. since I saw the note that you received your last gift, I was your secret senna. I hope you all had an awesome Sennamas.

someassemblyrequired > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 01/17/2018 at 17:13

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PenFed might be worth a shot. Also, in general it’s a lot easier to finance a new car or 1-3 years old. You may actually end up with a substantially lower rate by going a model year or two newer.

OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars > Dr. Zoidberg - RIP Oppo 01/17/2018 at 17:17

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35k is right where I am looking at for an ISF. We just bought the house so scraping up eve n 25k wont happen soon.

Textured Soy Protein > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 01/17/2018 at 17:18

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Check out LightStream for financing, they tend to have more options for older/unique-er cars.

OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars > whatisthatsound 01/17/2018 at 17:19

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Oh my god you are the best. The older doggo could care less about the toys but the new greyhound is loving them. The 86 is on my nightstand for now, the MIR art is waiting to be hung up in the office, and the beer glass is waiting for the kitchen to be done so I can enjoy a nice sour without the worry of it getting broken. My wife was awe struck that someone would actually do that for me online. 

Akio Ohtori - RIP Oppo > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 01/17/2018 at 17:20

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Despite having a good job, the only way I was able to finance my first car was via Honda’s new graduate program. Same chicken and the egg problem (need credit to get credit) but worse since I had never had a credit card or loan of any sort (except student).

OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars > Textured Soy Protein 01/17/2018 at 17:20

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They were the second people to deny me.

OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars > someassemblyrequired 01/17/2018 at 17:21

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The problem with the ISF is it was only made until 2014 and in 2014 there were only 86 made... and they are all like 45k plus. In 2013 there were only 300 or so, same story in price. So I am stuck with a 2011 or 2012.

OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars > CompactLuxuryFan 01/17/2018 at 17:22

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AHhhhh i tweeted at Doug asking who he recommended since I couldn’t find it online but never got a response. Go ing to apply tonight .

someassemblyrequired > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 01/17/2018 at 17:25

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Ugh yeah, that’s probably 90% of your problem right there. An older car is gonna be seen as more of a risk. But definitely call PenFed and see what they have to say for themselves, they seem to be a bit more on the ball with enthusiast cars.

Dr. Zoidberg - RIP Oppo > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 01/17/2018 at 17:27

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Yeeeeeeah took me about a year or so to recoup my savings when we bought our house. And then you can’t turn around and just spend all your savings on a car...

..

...

....

... Or CAN you?

(no)

E90M3 > Tripper 01/17/2018 at 17:33

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I got turned down on a decent amount of loans for the 3 because of it’s age and the fact I wanted 60 months with 0 down. Most of them counter offered for 48 months, but PNC agreed to finance it for 60 months, at 5.5% interest. I was originally a little upset by the rate then I remembered it was 8 years old.

Textured Soy Protein > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 01/17/2018 at 17:35

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Oh, welp, uh, I got nothin.

BLCKSTRM > MonkeePuzzle 01/17/2018 at 17:38

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You sure they weren’t just talking about overdraft?

That’s actually not a bad idea. Transfer everything to money market or savings, and have your checking account roll straight to the overdraft (rather than draw from savings / MM).

Whoever told you about failed in the explanation department, but that’s a pretty low key / safe way to build credit that isn’t just another credit card.

MonkeePuzzle > BLCKSTRM 01/17/2018 at 17:40

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lol, this fool had my life savings in front of him on my checking account... he knew there was no way to do money market or savings :D

haveacarortwoorthree2 > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 01/17/2018 at 17:43

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Credit scores are such bs anyway. Our house is paid for — dinged because we don’t have a home loan. Paid cash for our cars — dinged because we don’t have car loans. My business expenses and personal expenses are on same credit card, which is paid off every month — dinged because our credit utilization is too high, even though it effectively drops to zero at the end of every month. Was told to get another credit card or two and that would raise the score — did that, no effect at all. I’m not at 800 despite having 100% positive credit history.

And don’t even get me started on the stupidity of financial institutions themselves! Anyway, hope you get the car and the loan.

Wrong Wheel Drive (41%) > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 01/17/2018 at 17:45

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Hmm that’s odd. Especially since you said you already have a home loan too. Unless you are like 18 I am confused. I would think they would at least give an outrageous rate or try to get you to request a smaller amount and pay cash for the rest. Make sure though that those denied applications arent also hard checks on your credit since that will hurt you more if you keep doing that in short succession.

whatisthatsound > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 01/17/2018 at 17:46

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I can’t wait to see what the raceway looks like, I’m so glad you got them all!

OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars > whatisthatsound 01/17/2018 at 17:49

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Me too! If you’re ever in the area and need a place to stay, we’ve got a large driveway, extra bed/beds, and you have my address! Nashville is great, but not during this time of year, Come in the spring ,

diplodicus forgot his password > AestheticsInMotion 01/17/2018 at 18:14

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My local cu has credit building loans. It’s 1k over a year and you can’t actually touch the money until it’s paid for. But i guess it builds credit.

dannyzabolotny > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 01/17/2018 at 18:34

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Due to how messed up the credit system is, it’s a lot easier to finance a brand new car than it is to finance a lightly used one. That’s how I bought a brand new 2013 Hyundai Elantra after I got a decent job. My credit history wasn’t good enough for a used car, but apparently it was enough for a new one.

Eric @ opposite-lock.com > AestheticsInMotion 01/17/2018 at 18:37

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How many accounts and what type are on your report?

Eric @ opposite-lock.com > Wrong Wheel Drive (41%) 01/17/2018 at 18:41

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They don’t. If you keep it overdrafted for too long, they will drop to collections and then you’ll get bad credit when it goes in your file.

That is, this is bad advice from a stupid person that has absolutely no clue. Much like most credit advice, sadly.

Eric @ opposite-lock.com > haveacarortwoorthree2 01/17/2018 at 18:46

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You can fix the high utilization very easily. As you were told, you can get more cards with more limit and that corrects the overall utilization, but it doesn’t correct the per-card utilization unless you spread it around (personally, I have three cards I use in my rotation - one for dining/travel, one for the bonus categories, and one for everything else). A hackish method I use that works well is to look at your credit report (there are a ton of free ways to get it) and simply pay the card(s) off a handful of days before the reporting date. It’ll give you a huge score bump. My score is 817 and I just bought a house (it only lowered my score about 3 points, then went right back up).

AestheticsInMotion > Eric @ opposite-lock.com 01/17/2018 at 19:07

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Single, a capital one credit line. I’m finally starting to get offers that aren’t just secured cards, I’ve been thinking about taking advantage of those and opening up an additional line of credit

OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars > dannyzabolotny 01/17/2018 at 19:25

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I’m just trying to buy an asset that is depreciating half of what a new one would be. Why do they make it so hard.

dannyzabolotny > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 01/17/2018 at 19:35

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I mean I completely understand, but I guess the financing people don’t. It’s stupid.

OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars > dannyzabolotny 01/17/2018 at 19:40

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I’m an accountant. I just look on financing people as very dumb half the time of not mores

Eric @ opposite-lock.com > AestheticsInMotion 01/17/2018 at 20:17

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Although you’ll take a hit to your score by opening more, you really should.

If you’re using something like credit karma, try for the most suitable cards with no annual fees that you’re likely to be approved for...

ArmadaExpress drives a turbo outback > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 01/18/2018 at 09:59

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Have you tried working with a Credit Union. My experience has been that for car loans (sub $15k), that they have the best rates and the most painless approval processes.

OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars > ArmadaExpress drives a turbo outback 01/18/2018 at 10:07

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0 for 2 on Credit Unions

ArmadaExpress drives a turbo outback > OpposResidentLexusGuy - USE20, XF20, XU30 and Press Cars 01/18/2018 at 10:16

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bummer

Tripper > E90M3 01/18/2018 at 11:13

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I wanted to finance my ranger for two years because I’m a newish homeowner, so I try to hang on to cash. Only WF would finance an 2001 ranger, but they would only do it for 4 years at 9%!