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Old 06-15-2015, 01:30 PM
 
Location: FLORIDA
8,964 posts, read 5,737,343 times
Reputation: 3361

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Quote:
Originally Posted by Rabrrita View Post
I think you can get a loan below 5.5%.

The issue isn't if you can get the loan, the issue is what will it take to find and be approved for that loan.

If I was to decide to buy a used vehicle, I can walk into any bank or credit union and within a minute they will approve me for the loan at the LOWEST rates and best terms available. No wondering IF I will get; no wonder when I will get it; no wondering if i will even be approved.

Whenever you decide to borrow money, you have a pool of tens of thousand of choices all willing to give you money. But, with a foreclosure, many in that pool will turn their backs and not even talk to you. With a bankruptcy that pool is cut even further as they slam their doors on you. With every ding, dent and dang on your credit, more and more opportunities get shut off. Sure you can hunt for the right loan at the right interest rate with the right terms, but you have to hunt for it. Those with clean credit can simply put out their hand and I know they will get it at the BEST interest rates.
I was already approved instantly at 5.5%. That took me five mins with my down payment, my income, and etc etc etc. I already own the vehicle --- I purchased it last yr. I'm trying to get a lower rate now that I've had the vehicle for over a yr. I want to get into the 3% range.
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Old 06-15-2015, 01:34 PM
 
Location: FLORIDA
8,964 posts, read 5,737,343 times
Reputation: 3361
Quote:
Originally Posted by JohnA151 View Post
I had a business go down almost 30 years ago got excellant credit now (700+) but it took me about 10 years to get there just be patient it takes time

Sorry to hear that.

I mustve bounced back pretty quickly- had a foreclosure and a BK b/c of it (banks tried to get us to pay back some of the difference - not happening) which went thru (discharged) in Jan of last yr. I'm back up to 703 (Equifax) and 696 (Transunion, I believe).

Now I'm trying to refinance my vehicle because i bought my vehicle 3 months after discharge and got 5.5%, now I'm just trying to lower it to somewhere in the 3's % range hopefully.
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Old 06-15-2015, 02:37 PM
 
Location: Florida
4,103 posts, read 4,033,784 times
Reputation: 9986
Quote:
Originally Posted by StreetSmarts View Post
i dont see how if someone forecloses once, that they are somehow more of a risk to do it again, over someone who has never done it before. people do what they have to do in certain situations. whats to stop someone else from doing it for the first time over me doing a second time?

i am a member of credit karma dot com, who uses 2 different sources, transunion and equifax. one score is 696 and the other is 703. i bought a 1 yr old (used) vehicle. i got 5.5%.
Of course you dont see it, youre the borrower, not the lender...Tell me this, if you were to cash out your life savings, 401k etc, and to offer it to someone as a loan, would you want that person to have demonstrated that they are good at paying back loans? I hope you answered yes. Now tell me what youd think about them having a track record of failing to handle loan repayments? Thats called "the other side of the coin."
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Old 06-15-2015, 03:02 PM
 
Location: FLORIDA
8,964 posts, read 5,737,343 times
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I understand what you're saying. I just see it a little differently. People do what they have to do in certain situations.
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Old 06-15-2015, 03:30 PM
 
8,768 posts, read 10,454,574 times
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Quote:
Originally Posted by StreetSmarts View Post
I understand what you're saying. I just see it a little differently. People do what they have to do in certain situations.
No one is arguing that a person must do what a person must do, but that doesn't mean that people shouldn't be looking at you as a deadbeat. When you borrow money you agree to pay it back, you renege on that, your word is worthless in many peoples eyes. Yes, some will be willing to lend because they figure you may want to pretend to be a stand up person, but most will still see a deadbeat and that is their right to make a decision that your too great a risk.

Your acting as if the world should just ignore that you failed to abide by the terms and conditions you agreed to when you took out the mortgage. You didn't so why are you confused that just because you say you will be honest this time, that your word is worth anything?

I do, however, understand your position that when you first took out the mortgage you were this honest upstanding person like anyone taking out a mortgage today; yet you said the heck with it and turned your back on your promise, so anyone else could do the exact same thing even if they had stellar credit. The lender has no real assurance that a person's word with good credit is as honest as a person's word with bad credit. On this your own actions are proof of this. However, lenders have to take into consideration certain risk factors and one is a dead beat before is more likely to be a dead beat again.
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Old 06-15-2015, 03:36 PM
 
Location: FLORIDA
8,964 posts, read 5,737,343 times
Reputation: 3361
deadbeat, my word is worthless, likely to be a dead beat again.... Got it.


thx, very nice of you "Rabrrita"...
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Old 06-15-2015, 03:37 PM
 
Location: FLORIDA
8,964 posts, read 5,737,343 times
Reputation: 3361
i just got my interest rate lowered on my vehicle thru WELLS FARGO. Very cool. Not saving as much money as I'd like but got the rate down into the 3's.
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Old 06-15-2015, 05:09 PM
 
3,325 posts, read 7,290,404 times
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Quote:
Originally Posted by Rabrrita View Post
No one is arguing that a person must do what a person must do, but that doesn't mean that people shouldn't be looking at you as a deadbeat. When you borrow money you agree to pay it back, you renege on that, your word is worthless in many peoples eyes. Yes, some will be willing to lend because they figure you may want to pretend to be a stand up person, but most will still see a deadbeat and that is their right to make a decision that your too great a risk.

Your acting as if the world should just ignore that you failed to abide by the terms and conditions you agreed to when you took out the mortgage. You didn't so why are you confused that just because you say you will be honest this time, that your word is worth anything?

I do, however, understand your position that when you first took out the mortgage you were this honest upstanding person like anyone taking out a mortgage today; yet you said the heck with it and turned your back on your promise, so anyone else could do the exact same thing even if they had stellar credit. The lender has no real assurance that a person's word with good credit is as honest as a person's word with bad credit. On this your own actions are proof of this. However, lenders have to take into consideration certain risk factors and one is a dead beat before is more likely to be a dead beat again.
What a callous attack.

You're aware of the worldwide financial meltdown a few years back, right? Are all of those families deadbeats?

Don't mis-perceive your luck as skill. A lot of homeowners were simply lucky that that they did not fall prey to their neighbors/cities/states having tons of foreclosures that hurt THEIR value on their house, to the point that they couldn't refi out of an ARM. And a LOT of homeowners went through the most agonizing trauma this side of cancer or death, that a family can go through.

Also, you realize that banks simply write off foreclosed debt, and banks (among many thousands of other companies) regularly use Bankruptcy Law to build empires? So how does OP not deserve another honest opportunity?

I work with people every single day who have lost homes. They tend to be embarrassed, and very cautious about terms on any new loans. They are scarred.

This board is about answering questions, not passing judgment.
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Old 06-15-2015, 05:13 PM
 
203 posts, read 198,961 times
Reputation: 404
Quote:
Originally Posted by StreetSmarts View Post
People do what they have to do in certain situations.
So you are basically confirming that, given a similar situation, you would walk away from another loan and do whatever you could to not pay it back. I don't know what you are expecting people to think? But like I said, banks are greedy and will eventually want your business again. The rest of us just have to hope that we won't end up paying for it.
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Old 06-15-2015, 05:21 PM
 
Location: FLORIDA
8,964 posts, read 5,737,343 times
Reputation: 3361
Quote:
Originally Posted by Pfhtex View Post
What a callous attack.

You're aware of the worldwide financial meltdown a few years back, right? Are all of those families deadbeats?

Don't mis-perceive your luck as skill. A lot of homeowners were simply lucky that that they did not fall prey to their neighbors/cities/states having tons of foreclosures that hurt THEIR value on their house, to the point that they couldn't refi out of an ARM. And a LOT of homeowners went through the most agonizing trauma this side of cancer or death, that a family can go through.

Also, you realize that banks simply write off foreclosed debt, and banks (among many thousands of other companies) regularly use Bankruptcy Law to build empires? So how does OP not deserve another honest opportunity?

I work with people every single day who have lost homes. They tend to be embarrassed, and very cautious about terms on any new loans. They are scarred.

This board is about answering questions, not passing judgment.
Thanks Pfhtex. Agree completely.

Plus I was in the most volitile (sp?) industry and my home was in the hardest hit state! So not only did I lose my job but my home depreciated from $300k to a little over $100k. Got a job offer in another state so damn right I did it.
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