# How do you get a first bank loan? **URL:** \ **Category:** Factual Questions\ **Created:** [June 7, 2007, 8:57pm UTC](https://boards.straightdope.com/t/how-do-you-get-a-first-bank-loan/407179 "2007-06-07T20:57:09Z")\ **Posts on this page:** 20\ **Page:** 3
**Author:** ![pulykamell](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/pulykamell/32/3166_2.png) [@pulykamell](https://boards.straightdope.com/u/pulykamell)\ **Post date:** [June 9, 2007, 3:19pm UTC](https://boards.straightdope.com/t/how-do-you-get-a-first-bank-loan/407179/41 "2007-06-09T15:19:38Z")
Meant to edit and add: … there is no reason I could see for being denied a loan unless, perhaps, the limit on your card is $250 and you make something like $10,000 a year. That’s just a guess, though. I don’t know exactly what formulas they use. However, if it’s one of those things, they should simply tell you. If you’re really baffled, you’re asking the wrong people. We don’t have all your financial records in front of us. I’d be pissed and wouldn’t get off the phone until I was told why I was being denied a loan. Speak to a manager, speak to whoever, but it shouldn’t be a secret. That’s where I would start: demand a reason, followed by checking the credit report. ---
**Author:** ![furt](https://avatars.discourse-cdn.com/v4/letter/f/439d5e/32.png) [@furt](https://boards.straightdope.com/u/furt)\ **Post date:** [June 10, 2007, 5:16am UTC](https://boards.straightdope.com/t/how-do-you-get-a-first-bank-loan/407179/42 "2007-06-10T05:16:26Z")
[www.prosper.com](http://www.prosper.com) is a possibility for non-traditional credit profiles. ---
**Author:** ![elbows](https://avatars.discourse-cdn.com/v4/letter/e/b3f665/32.png) [@elbows](https://boards.straightdope.com/u/elbows)\ **Post date:** [June 10, 2007, 4:02pm UTC](https://boards.straightdope.com/t/how-do-you-get-a-first-bank-loan/407179/43 "2007-06-10T16:02:46Z")
Go back to the bank, speak with the manager, and ask why no one will discuss a loan with you. Tell him you are thinking of seeking a loan else where but would like to know what the impediment is. Be nice, be polite, don’t argue. Oh yeah, and come back and tell us what he said! Good luck! ---
**Author:** ![chowder](https://avatars.discourse-cdn.com/v4/letter/c/977dab/32.png) [@chowder](https://boards.straightdope.com/u/chowder)\ **Post date:** [June 10, 2007, 4:25pm UTC](https://boards.straightdope.com/t/how-do-you-get-a-first-bank-loan/407179/44 "2007-06-10T16:25:27Z")
Can’t understand why you can’t get a loan. No debt Full employment Credit history is fine. Banks usually fall over themselves to give people with that sort of record a loan ---
**Author:** ![Seven](https://avatars.discourse-cdn.com/v4/letter/s/3d9bf3/32.png) [@Seven](https://boards.straightdope.com/u/Seven)\ **Post date:** [June 10, 2007, 8:47pm UTC](https://boards.straightdope.com/t/how-do-you-get-a-first-bank-loan/407179/45 "2007-06-10T20:47:16Z")
**Bosda** : Several people have asked what the bank is doing, what are they saying? You come back with “they just won’t talk to me”. But what does the bank do? When you ask about getting a car loan does the bank employee run away screaming “Noooooo!” Does the bank employee say “Sorry. I do house loans” and walk away? I just find it very odd that a regular Joe walks into a bank, asks about a loan, and the bank isn’t even interested in looking up your basic credit report. Something else is going on here and I don’t think we’re getting the whole picture. ---
**Author:** ![hajario](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/hajario/32/171_2.png) [@hajario](https://boards.straightdope.com/u/hajario)\ **Post date:** [June 10, 2007, 9:26pm UTC](https://boards.straightdope.com/t/how-do-you-get-a-first-bank-loan/407179/46 "2007-06-10T21:26:33Z")
[QUOTE=Seven] Something else is going on here and I don’t think we’re getting the whole picture. [/QUOTE] That much is obvious. I picture that loan officer trying to get basic information from **Bosda** but **Bosda** is incapable of giving a direct answer, much like the way this thread is going. My friend’s brother had the worst credit you can imagine and had a car repossessed for non-payment. Even he was able to get a used car loan. It was at an outrageous rate, something like 22%, but he got it. That car was repossessed too by the way. ---
**Author:** ![Quartz](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/quartz/32/267_2.png) [@Quartz](https://boards.straightdope.com/u/Quartz)\ **Post date:** [June 10, 2007, 10:16pm UTC](https://boards.straightdope.com/t/how-do-you-get-a-first-bank-loan/407179/47 "2007-06-10T22:16:13Z")
[QUOTE=friedo] Every payment you make on your credit card bills goes on your credit record. They are especially interested in the timeliness of each one. [/QUOTE] Some years ago, I was advised that this is not actually the case. Apparently, that didn’t count as debt. This was borne out when I got my own credit check results. I’m in the U.K., so it may be different over here, and this was a few years ago. ---
**Author:** ![friedo](https://avatars.discourse-cdn.com/v4/letter/f/8edcca/32.png) [@friedo](https://boards.straightdope.com/u/friedo)\ **Post date:** [June 10, 2007, 10:26pm UTC](https://boards.straightdope.com/t/how-do-you-get-a-first-bank-loan/407179/48 "2007-06-10T22:26:36Z")
[QUOTE=Quartz] Some years ago, I was advised that this is not actually the case. Apparently, that didn’t count as debt. This was borne out when I got my own credit check results. I’m in the U.K., so it may be different over here, and this was a few years ago. [/QUOTE] I don’t know about the UK, but my credit reports show every monthly payment made on my revolving accounts and mortgage, and weather they’re on-time, or 30, 60, or 90 days late. (Mine are all on-time, dammit. 🙂 ) ---
**Author:** ![Nars\_Glinley](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/nars_glinley/32/8177_2.png) [@Nars\_Glinley](https://boards.straightdope.com/u/Nars_Glinley)\ **Post date:** [June 10, 2007, 11:12pm UTC](https://boards.straightdope.com/t/how-do-you-get-a-first-bank-loan/407179/49 "2007-06-10T23:12:53Z")
The credit card company that you have 10 years of patronage with is almost certainly a bank, have you tried to get a loan from them? Most of them have online sites through which you can apply. If not, the credit union idea is a good one. That’s what credit unions are for and the restrictions for entering are much laxer (?) than they used to be. Most areas are covered by considering a geographic area to be part of a group. They’re definitely not just for employees anymore. If you’re buying from a dealer, they will probably be able to arrange financing for you. If they don’t, you don’t buy the car. They have a vested interest and are not in the habit of saying no. ---
**Author:** ![Bosda\_Di\_Chi\_of\_Tricor](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/bosda_di_chi_of_tricor/32/16845_2.png) [@Bosda\_Di\_Chi\_of\_Tricor](https://boards.straightdope.com/u/Bosda_Di_Chi_of_Tricor)\ **Post date:** [June 10, 2007, 11:29pm UTC](https://boards.straightdope.com/t/how-do-you-get-a-first-bank-loan/407179/50 "2007-06-10T23:29:42Z")
I’m beginnning to wonder if my Dad’s well-intentioned help, might not be the source of my woes. Given his various opinions of me…hmmm. ---
**Author:** ![Bear\_Nenno](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/bear_nenno/32/3358_2.png) [@Bear\_Nenno](https://boards.straightdope.com/u/Bear_Nenno)\ **Post date:** [June 10, 2007, 11:56pm UTC](https://boards.straightdope.com/t/how-do-you-get-a-first-bank-loan/407179/51 "2007-06-10T23:56:57Z")
[QUOTE=Bosda Di’Chi of Tricor] I’m beginnning to wonder if my Dad’s well-intentioned help, might not be the source of my woes. Given his various opinions of me…hmmm. [/QUOTE] No. I think it has more to do with your inability to answer simple questions or to carry on a normal conversation. How about posting more than three lines next time. And maybe responding to the people who are trying to help you in this thread. Why are you being so coy? ---
**Author:** ![Dewey\_Finn](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dewey_finn/32/4222_2.png) [@Dewey\_Finn](https://boards.straightdope.com/u/Dewey_Finn)\ **Post date:** [June 11, 2007, 12:04am UTC](https://boards.straightdope.com/t/how-do-you-get-a-first-bank-loan/407179/52 "2007-06-11T00:04:51Z")
Well, he opened another thread wondering why a woman might have been offended by being called a “carpenter’s dream.” Perhaps that’s what he called the loan officer. ---
**Author:** ![pulykamell](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/pulykamell/32/3166_2.png) [@pulykamell](https://boards.straightdope.com/u/pulykamell)\ **Post date:** [June 11, 2007, 2:55am UTC](https://boards.straightdope.com/t/how-do-you-get-a-first-bank-loan/407179/53 "2007-06-11T02:55:57Z")
[QUOTE=Bear\_Nenno] No. I think it has more to do with your inability to answer simple questions or to carry on a normal conversation. How about posting more than three lines next time. And maybe responding to the people who are trying to help you in this thread. Why are you being so coy? [/QUOTE] I know. It’s frustrating me to no end! I don’t think we’ve gotten a straight answer yet. ---
**Author:** ![Mr.Slant](https://avatars.discourse-cdn.com/v4/letter/m/c57346/32.png) [@Mr.Slant](https://boards.straightdope.com/u/Mr.Slant)\ **Post date:** [June 11, 2007, 2:59am UTC](https://boards.straightdope.com/t/how-do-you-get-a-first-bank-loan/407179/54 "2007-06-11T02:59:13Z")
I gotta’ say, I’d pay a good $20 to be able to watch our intrepid Doper attempt to procure financing. I’m seriously curious what’s wrong with this picture! Too bad I can’t make it to his town for $20… ---
**Author:** ![Frank](https://avatars.discourse-cdn.com/v4/letter/f/3d9bf3/32.png) [@Frank](https://boards.straightdope.com/u/Frank)\ **Post date:** [June 11, 2007, 4:19am UTC](https://boards.straightdope.com/t/how-do-you-get-a-first-bank-loan/407179/55 "2007-06-11T04:19:36Z")
[QUOTE=Bosda Di’Chi of Tricor] I’m beginnning to wonder if my Dad’s well-intentioned help, might not be the source of my woes. Given his various opinions of me…hmmm. [/QUOTE] Forget about your dad; that’s irrelevant. You walk into the bank, dressed in applying-for-a-loan uniform - clean, neat clothes, combed hair, bloody axe left in the trunk of your car - and you walk up to someone and you say, “I’d like to apply for a loan, please.” Then what? Start from the beginning. You’re really giving us no way to help you. ---
**Author:** ![Larry\_Borgia](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/larry_borgia/32/156_2.png) [@Larry\_Borgia](https://boards.straightdope.com/u/Larry_Borgia)\ **Post date:** [June 11, 2007, 4:32am UTC](https://boards.straightdope.com/t/how-do-you-get-a-first-bank-loan/407179/56 "2007-06-11T04:32:26Z")
[QUOTE=Bosda Di’Chi of Tricor] I’ve gone in, asked about loan officers, went to talk to one, & then, the loan officer just…stalls. And won’t discuss the loan. Or offer one. [/QUOTE] Can you give, to the best of your memory, a word for word recounting of this conversation? I just don’t understand what you mean by stalls. Does he just freeze up and look at you in terror? Does he start crying? Do you say “Excuse me, you seem to have stopped moving. Do you require medical assistance?” Stalls is a pretty vague word. ---
**Author:** ![Cyberhwk](https://avatars.discourse-cdn.com/v4/letter/c/7993a0/32.png) [@Cyberhwk](https://boards.straightdope.com/u/Cyberhwk)\ **Post date:** [June 11, 2007, 4:49am UTC](https://boards.straightdope.com/t/how-do-you-get-a-first-bank-loan/407179/57 "2007-06-11T04:49:52Z")
Yeah, banks generally JUMP at the chance to loan money to people that pay their bills. Something here isn’t making sense. I second getting your credit report (maybe there’s something negative there you don’t know about?) and telling us exactly how this “stalling” is about. Generally, they’ll try to get you to fill out the paperwork as soon as they possibly can. 😕 ---
**Author:** ![chowder](https://avatars.discourse-cdn.com/v4/letter/c/977dab/32.png) [@chowder](https://boards.straightdope.com/u/chowder)\ **Post date:** [June 11, 2007, 4:53am UTC](https://boards.straightdope.com/t/how-do-you-get-a-first-bank-loan/407179/58 "2007-06-11T04:53:46Z")
Well if you ask me I think the OP is yanking our chain here. Any bank would be willing to give a person with his alleged good history of always paying his CC in full each month plus the fact that he is in steady employment would be overjoyed to offer a loan. As has been stated a car loan is secured. There is something not being told us here ---
**Author:** ![Frank](https://avatars.discourse-cdn.com/v4/letter/f/3d9bf3/32.png) [@Frank](https://boards.straightdope.com/u/Frank)\ **Post date:** [June 11, 2007, 4:58am UTC](https://boards.straightdope.com/t/how-do-you-get-a-first-bank-loan/407179/59 "2007-06-11T04:58:38Z")
[QUOTE=chowder] As has been stated a car loan is secured. [/QUOTE] I had somehow missed that this was for a car. I guess he couldn’t leave his bloody axe in the trunk. ---
**Author:** ![chowder](https://avatars.discourse-cdn.com/v4/letter/c/977dab/32.png) [@chowder](https://boards.straightdope.com/u/chowder)\ **Post date:** [June 11, 2007, 5:43am UTC](https://boards.straightdope.com/t/how-do-you-get-a-first-bank-loan/407179/60 "2007-06-11T05:43:06Z")
The other 2 thing that springs to mind are… Why not use his CC to make the car purchase? OK the interest rate is going to be much higher than a banks. But if the situation is as desperate as the OP makes it out to be then it’s a case of needs be, needs must. Also there are quite a number of UK car dealers that offer new or used cars for a small down payment, maybe £99. Usually 0% finance can be obtained, not always, but sometimes. So make that payment using his CC, pay it off when his CC statement arrives and then just make the regular installments to the car dealer. Problem solved [Previous page](https://boards.straightdope.com/t/how-do-you-get-a-first-bank-loan/407179.md?page=2) [Next page](https://boards.straightdope.com/t/how-do-you-get-a-first-bank-loan/407179.md?page=4)