OriginalSterm

Well, I was getting ready to purchase a 951 and my loan got denied. Damn bank. The reason(s)...
More debt than income (???)
Not employed long enough
I did a credit check and nothing came up, as I expected. I've been employed at the same company for 6 months now, I graduated from college last May. This is so frustrating. I hope there is a mistake. Anyone ever have a problem like this?

Ugh...

DangerIsland

What debt do you have? I'm guessing college loans.

6 months isn't all that long, when it comes to loan applications, they like to see lots of time at a job.

OriginalSterm

No college loans, went to community college first and worked through school till I got my BS. It's not that I only worked 6 months, I'm still employed. I only have 6 months is SO FAR. This sucks, should I look somewhere else other than a bank?

qoncept944

Do you have an account with the bank you're trying to get a loan from? Do you have a substantial amount of the loan you're trying to get in a savings account? That counts for a lot with the banks -- showing that you can manage your money.

CN

Try "Gambino Family Financial Services". They will give you a break. Especially when you miss a payment.

icat

When I was much younger I once tried to buy a used sports car (let's just say it had t-tops and a bow tie). Anyway, I ran into the same issues you are facing. The bank wouldn't loan the money on a used car, but I was able to buy a new car from one of the big 3 and start building my credit.

Even years latter when I bought my 951 I had to have a friendly banker (and a large down payment). Keep in mind that banks do not like to loan money on old cars (and that's what we drive - old cars). Unless you have a friend at the bank, been there a long time, or have plenty of cash in reserve, you're going to find the going rough. Even with the best of credit a lot of us have to take out personal loans to finance the cars. That's just the way it is.

Renn951

Even though it's not MY car you're trying to buy, I'll make a suggestion. See if your employer either has its own credit union you can join or is associated with a private credit union that will allow you to join. If so, that may be one route for obtaining the car of your dreams. I worked for IBM way-back-when during college and joined their credit union. It was the perfect route to ownership of a used sportbike at a very reasonable rate.

Later,

Ken D

Did you run your credit check against all three of the big reporting agencies (Experian, Equifax, TransUnion)?

qoncept944

I got a loan for $1000 to get my car. It helped a whole lot that I had most of the money for the car and just needed a little help. Also, being military, they KNOW I'll get my paycheck every month and if I don't pay them, they can call up my commander and they WILL get their money. Being as old as it is, they gave me a cash loan instead of a normal auto loan. I hold the title to my car.

OriginalSterm

I did run a free credit check, which only gives a report against one of those (Equifax). It came back clean. The amount I am borrowing is just an amount, I will cover the balance of whatever the car will actually cost me when I make my offer. Should I say I am putting more down?

BartW

I believe the problem is with the age of the car, loan institutions do not like to lend money out on a car that is more than 5 years old because the condition of the car at that point can vary greatly, my advice to you is to just pay cash for the car or you can't afford it. Taking out a loan on a car this old that requires expensive maintanance is just a bad idea and if someone does finance this car they will nail you on interest and you will end up paying too much for it.

Dan Gallagher

I just got a loan for my 87 951 (with a great interest rate too), I am 18 years old, i couldnt prove my income with tax forms that the bank requested (i work off the books) and i only had $1000 in the checking account at that bank.

Apply somewhere else, it all depends on who you apply with <img border="0" title="" alt="[Wink]" src="wink.gif" />

BTW the bank only wanted to give me $5k for the car, i printed a page from nadaguides.com with "high retail" circled and after some more convincing they gave me $9000

Ken D

The problem with running the check against only one agency (Equifax) is that different creditors may not use them. It is very valuable to pick up a consolidated credit report. It is also what the lender will likely use, so you better be armed with the same information they have before you go in. There could be a false entry on your credit history which is not being reported by Equifax.
I would dig a bit deeper before going for a loan--it won't look good if you are denied another loan by a different lender. And if it is a mistake on your credit report, it can take a little while to clean it up (maybe a month or so), as you have to file a dispute which the reporting agency needs to research & verify.
Hope this helps....

sweanders

I've had the same problem when loaning money for my house.. I was to young (22), had not worked long enough (2 years) and did not have enough income (more than my parents)...

I got my employer to sign a paper with an income guarantee and it all cam through..

The whole thing got silly in the end...

OriginalSterm

I just got off the phone. The problem is that I only have 1 credit card and have only worked for a short time. I need to have a co-applicant, not necessarily a co-signer. Any idea what this means? How will that effect the loan? Should I just buck up and borrow the cash from my Father?