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Does it seem likely we'd be able to qualify for the loan we're seeking?

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Anonymous
Not applicable

Re: Does it seem likely we'd be able to qualify for the loan we're seeking?

Honestly, it feels less like good advice, and more like a bunch of guys talking down to a woman like she is an idiot.

Message 21 of 28
Anonymous
Not applicable

Re: Does it seem likely we'd be able to qualify for the loan we're seeking?

If you continue to believe that your current credit situation happend to you rather than was created by you, you are going to continue to struggle. No one was demonstrisized you for being a woman, and playing the victim card when presented with view points and advice you don't agree with only furthers my original comment that your mind is made up on this. Your question was if you could get the credit, that has been pretty unanimously agreed to as an unlikley alternative. This board is designed to not just say "no you will not be able to get a loan" its supposed to answer the unasked questions to help you long term. Again your mind is made up, just go to dealer and they will shotgun your app and see if anyone would consider your approval. In the likley event they can not it might be time to take a long hard look at your self and decide whats more important. Your credit bombed my your own admission after a single life event sent you into a tailspin. Rather than surviving the tail spin and learning from it (ie paying off the debt accrued and building up some kind of savings) you are doubling down and getting into a rediculous loan that will drown you in the event of another financial crisis.
Message 22 of 28
Anonymous
Not applicable

Re: Does it seem likely we'd be able to qualify for the loan we're seeking?


@Anonymouswrote:

 

 

And, yes, I am currently stuck having to buy a vehicle local, don't have a way to travel a few hours to get one. To get away from the **bleep** tier pricing, I'd need to go at least 5-6 hours away.


It would certainly be worth taking a plane, bus, train or renting a car if it meant saving a few thousand dollars. 

 

 

Message 23 of 28
Anonymous
Not applicable

Re: Does it seem likely we'd be able to qualify for the loan we're seeking?

+1 what Steeler said.....I'd go at least 5-6 hours away if it meant saving money and getting a better deal.  If cheaper vehicles aren't in your area, then the next logical step is to start looking further away.  Maybe then you can get the truck you want at a cheaper price.  Just my opinion, but I don't think it is a good idea to purchase a $32K vehicle at this point with what all you are being faced with.  You may be surprised at what you can find several hours away if you try looking.  Best of luck.

Message 24 of 28
BurgeoningHope
Frequent Contributor

Re: Does it seem likely we'd be able to qualify for the loan we're seeking?

(TL;dr near the bottom...)

 

We, too, went through unemployment hell, family members causing us thousands in losses, a repo, a foreclosure, and a judgment because of some bad advice we got when we were contemplating BK as a way to deal with all that.

 

At that time our houhold income was about what you're bringing before it all came crashing down, and stayed crashed for months.

 

We've been years recovering (we didn't end up filing for BK, though sometimes I wonder if we should have done). Eventually we each scored some great employment, the best we've ever had, $$$-wise and in many other ways.

 

But we don't spend like it. We _never_ want to be in those straits again, and we are putting back wads of cash to make sure of it.

 

Back to the truck that is more expensive than some homes(!). Not great homes in great locations, but easily a decent down payment for many that are. I get how the size is a need, not a nice-to-have. I, too, am nearly 6' tall, with back injuries and mobility issues, and on top of it all, obese. I don't get to drive just any old thing, either. 

 

You're right - you really are looking at trucks and SUVs, or some older sedans. You state that driving Uber/Lyft is of interest. I strongly suggest you look deeply and carefully at that - many people make minimum wage or less once the costs are completely factored in, and no, you don't get to use your personal insurance to do it. You'll be on the hook for amenities people have come to expect in the car, such as water, snacks, car chargers (for all Android and Apple connectors). You'll be spending money on professional cleaning from time to time, between the sheeer number of people you'll drive around, as well as what some of them will do to your interior. Count on going to the car wash for external cleaning more than you're used to. And if people don't like your ride, or your music, or your personality, or...or...or, it doesn't take more than a few 4 out of 4 scores (or lower) to affect or even eliminate your business.

 

If it's a super nice truck and if you live somewhere where Turo is used for such things, you might be able to rent it to others that way from time to time. But again, your insurance won't cover it - you'll need a rider from someone.

 

Do you live in a dodgy neighborhood? No judgment - it's all we could get in the midst of our troubles, and we're actually in a different dodgy 'hood now because we save a LOT on rent. There's no way we would have a new-new car here, nor even a good-looking used car. Our car insurance rates reflect the neighborhood, too.

 

For a data point, nowadays hubby and I pull down together about 3x what you're making, and there's no way in any of seven hells that we'd be shopping that vehicle you're looking at, and I do want a truck (again) some day. Maybe once I've put aside that much for AND bought a generally non-depreciating asset, such as a home.

 

We picked up a $500 2004 minivan from a friend of a friend of a friend a few months ago to replace our 2003 sedan that we'd driven into the ground. We were doing some initial shopping for a vehicle before this boon fell into our laps, and we were unwilling to go north of $20K.because of our other goals (homeownership again, and maxxing retirement & HSA).

 

There's a non-zero chance we're about to spend a good chunk of money on replacing the S belt. It's an older vehicle - it happens. But we haven't had a car payment with this car. What we're about to spend at the repair shop isn't gonna be pretty - but it's still less than a single payment on a$30+K vehicle would be, let alone at the usurious rates you're entertaining.

 

No, I don't think you're going to be able to get into that truck. I do realize that the reasons behind your finances being the way they are, are varied, and that you're working the situation. I am confident, though, that this will mean nothing to the gimlet-eyed financier who is giving you the hairy eyeball, uninterested in why you are where you are - only that you're there. Others have explained the reasoning; I don't want to pile on.

 

TL;dr - My opinion is that no, you won't get the truck; if by some unfortunate miracle you do, you won't be able to keep it.

 

Yet.

 

But someday, if you play your cards right, yes. Maybe even in just a couple of years.

 

In the meantime, I like Subaru Foresters - they're kinda bulletproof, and very friendly to tall women, and tall women of size. I was pleasantly shocked by a friend's Kia(!) - mid-aughts, a joy to ride in. Mid-aughts Chrysler minivans are also comfortable, but I have questions about their reliability. The Dodge Neons of the mid-90s - very workable, comfort-wise, much more than you'd expect looking from the outside. Now we're looking at pretty old cars, but there were lots made, they're easy to work on because they were designed for aftermarket monkeying-around (it's an old SCCA favorite), and parts remain plentiful.

 

Again, something reliable enough to get you by for now.

 

Living well within our means is allowing us to not just dig out of that hole of a few years ago, but make up for quite a bit of lost earnings, and put back enough so that if we both lost our jobs tomorrow, we'd be fine for months. It's taken a while to get here. We wouldn't be here if we'd bought that expensive a vehicle. We use rapidly-depreciating computers to make our living - that's bad enough! I'm tellin' ya - the release of the FEAR, the ever-present fear of being a paycheck or two at most away from falling back into the abyss, makes our frugal approach so totally worth it.

 

There's a difference between being able to pay for something, and being able to afford it. I recommend never confusing the two.

 

I'm on the outside looking in - only you can run your spreadsheet and budget projections. I urge that you note the hidden expenses of ride-sharing, haunt their drivers' message boards, and make the decision/s that work the best for you and yours (not us Smiley Happy ). Best of luck!


Message 25 of 28
Anonymous
Not applicable

Re: Does it seem likely we'd be able to qualify for the loan we're seeking?

Here's my .02/advise. I was in the same boat as you at 22 years young. I had screwed up my debt before i even graduated high school(i was held back a year graduated at 19). I was living rich on CC's next you know I hit a brick wall. In debt up to my ears and racking up credit card debt and student loan debt. Fast track to 24 I had finished college had a good job and vehicleless. I made the decision i wasn't going to buy a new vehicle what i did was purchase a 1992 chevy pickup with 340,000 miles on it. The color of the truck was rust. at 26 I begin looking at ways of repairing my credit getting out of debt and what most would say growing up. I began living well below my means. i moved out to the country side and rent this small duplex for cheap eating ramon noodles and PB&J with the occasional pizza rolls. I applied all my extra cash to paying off old debt and student loans. Now i'm 29 zero student debt and credit score going up up up and up. I had that truck for 5 years and the only thing i did was tires and a alternators. 

 

What I guess i am trying to say is don't continue to go in to debt for a specially 20k+ truck. Get a beater truck, plenty of them out there that will get the job done. Fix that credit and work on being financially sound before making purchases like that. 

 

This forum has great people that offer great advise, i looked to many people on here for advise that help me get where i am today and i still seek advise. 

 

-Michael

Message 26 of 28
BurgeoningHope
Frequent Contributor

Re: Does it seem likely we'd be able to qualify for the loan we're seeking?

Update to my novel, above: Two serpentine belts needed to be replaced. Set us back $227, or just a shade more than 1/4 of a single $1K truck payment (that we don't have to make because we didn't go into deep debt at sub-prime rates to buy the vehicle).

 

There was a time where the timing of that bill, coming two days before rent was due, would have caused some extreme stress. Thanks to what I've learned and put into practice from this board, not anymore. 

 

To the OP - please consider the advice in this thread more than any imagined OR even any real condescention. It's solid.


Message 27 of 28
Shooting-For-800
Senior Contributor

Re: Does it seem likely we'd be able to qualify for the loan we're seeking?

Did you buy your $1000 per month truck yet?

 

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $500k unsecured credit in 2024.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!



Message 28 of 28
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