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Life lesson learned. Make more money then hobbies.
VERY true
Quote:
Originally Posted by jms493
Save up the money and buy your Engine and trans for your "Toy" car. Consider it a blessing they turned you down.
That is how i am going to look at it
Quote:
Originally Posted by BostonMike7
So you work part-time, live at home with mom and want to take out a loan to build a car? And you already finished building a Lexus?
Seriously? Life screwed you again? You mean living at home so you can build cars? I wish I had a sweet deal. I had to build my hot rods while juggling full time work, a house, kids, etc.
ohh man im sorry about your situation, i decided to not have kids, buy a house or work full time so i could enjoy what i like to do. i feel like life screwed me cause i was misinformed, i get a 4000+ credit limit on my home depot credit card but cant get approved for a 8000$ loan with a 5 year term.
Quote:
Originally Posted by ChiGuy2.5
Sounds like you need to adjust your attitude a little bit. You say you have next to no bills and could easily pay off the loan, then I have to ask why you need a loan in the first place? Save up for a couple of months and buy them with cash. I really think you should start looking for Full Time job as well.
I stated i am building a show car, the parts/paint put into my car were not cheap. At the same time i am also giving my mom money so she could have some extra money in her pocket. I can easily get full time hours if i wanted but that would give me less time to work on my car. I am going to school to be an x ray tech but was put on a 2 year waiting list. My goal was to finish this car by the time i go back to school. One other reason i wanted to pull out a loan is so when i finish school, i would have a credit score near 850 and i would be able to get a house with the best rate possible. Sorry if you think my attitude is a problem, i am a little irritated that now i have to find a someone to co sign.
If you still have multiple credit cards, even if they are paid and no activity, that is still money available that you could use. In the lenders eyes, it is not just the $8K you want to borrow, but also the concern that you could max out those credit cards and you would not be able to pay their loan plus the new credit card balances. You should close those cards as soon as possible. It might make a difference. Also listen to the concerns of the prior posters.
I stated i am building a show car, the parts/paint put into my car were not cheap. At the same time i am also giving my mom money so she could have some extra money in her pocket. I can easily get full time hours if i wanted but that would give me less time to work on my car. I am going to school to be an x ray tech but was put on a 2 year waiting list. My goal was to finish this car by the time i go back to school. One other reason i wanted to pull out a loan is so when i finish school, i would have a credit score near 850 and i would be able to get a house with the best rate possible. Sorry if you think my attitude is a problem, i am a little irritated that now i have to find a someone to co sign.
I have to ask. Why can't you save up the money you were looking to loan? Do NOT take out loans just to increase your credit score. Also FYI, 850 is a perfect credit score and nobody can ever have a perfect credit score. I have an 809 and I make significantly more money than you and I have never missed any payments, have a mortgage and car loan, etc. Above 800 is definitely fine, you don't need any more loans you just need more income. That is the ONLY reason you were turned down. So I will tell you again, avoid loans at all costs which should be easy since you live at home and have no bills.
Adjust your attitude. Life isn't out to get you, you need to attack life FIRST! Go request full time hours, kick ass saving the money necessary then work on your car once you can afford the parts.
I am making a drag/street/show car. I just paid off the loan on my lexus and i dont want a new car. I like the one i have. I bought it strictly for this project and so when i start school next year i would have a reliable daily driver.
Well this sucks, i financed multiple jewelry items all over 1000 just to get my credit this high and got a bunch of credit cards and payed them all off for nothing. I could have bought it if i just saved all my money over these 2 years
Thanks for the reply everyone. looks like life screwed me once again and no matter how hard i work and plan it, it never pays off
Keep driving your Lexus while saving up to pay cash for building new vehicle. Problem solved.
You have a crummy attitude. You have it way better than you could imagine. You don't pay rent and spend your discretionary income on a car. You worked to build a credit score that will serve as a foundation to make your life MUCH easier in the years to come (apartments, cars, jobs that check credit scores), and are completely discounting it because you didn't get exactly what you wanted. I can't imagine what you will say when you apply for a mortgage one day and have to really jump through hoops.
Thats very rude of you sir, you dont know my situation or where i came from. I wanted this loan so i will have a very reliable daily driver, and also the car i like. It is a win win situation for me. The car i have has 200k miles on the odometer and rather then throwing my money away by trading in the car, to get a newer car that would just depreciate over time. I would rather invest my money into it so the value would grow rather then depreciate.
I had a plan that would benifit me in everyway. And now its ruined. So i am sorry u think my attitude is crummy. My parents are not fron the US so as you may know Some countries dont believe in banks, thats one luxury u have over me. Cause that was information i did not know.
I have to ask. Why can't you save up the money you were looking to loan? Do NOT take out loans just to increase your credit score. Also FYI, 850 is a perfect credit score and nobody can ever have a perfect credit score. I have an 809 and I make significantly more money than you and I have never missed any payments, have a mortgage and car loan, etc. Above 800 is definitely fine, you don't need any more loans you just need more income. That is the ONLY reason you were turned down. So I will tell you again, avoid loans at all costs which should be easy since you live at home and have no bills.
Adjust your attitude. Life isn't out to get you, you need to attack life FIRST! Go request full time hours, kick ass saving the money necessary then work on your car once you can afford the parts.
I wanted to pull the loan to build more credit for a house in the future when i am done with school.
Thats why i am upset cause i could have worked full time and saved up money for it if i knew my income wouldbt be enough for the loan.
Quote:
Originally Posted by Difficult Dave
If you still have multiple credit cards, even if they are paid and no activity, that is still money available that you could use. In the lenders eyes, it is not just the $8K you want to borrow, but also the concern that you could max out those credit cards and you would not be able to pay their loan plus the new credit card balances. You should close those cards as soon as possible. It might make a difference. Also listen to the concerns of the prior posters.
Believe me all comments were takin into consideration. I am actually learning alot even off your current post.
Car's are not an investment. I probably have thousands of dollars into my project car and wouldn't recoop 1/4 of it if I were to sell it.
My situations perfectly fine.
I was not saying it was bad. Or trying saying it in a bad way.
I personally just wouldn't take those responsibilities in my situation
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