… 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.
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.
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.
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.
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. )
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.
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.
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!
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.
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?”
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.
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.
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.
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