i need a loan

[cornwell137]

i filed bancruptcy and it's been discharged for two years, i have a steady job, the only monthly bills are rent and utilities, and yet i can't get a loan for a quad, i need some advice i would like to buy a quad before may, i make decent money and have learned from past mistakes,

if any one can help, i would appriciate any advice

noshot

[Giz400ex]

The only problem is wherever you get a loan, your rate is gonna be crazy:eek2: Are you enrolled in 401k?? If so, thats a option:D You can borrow against your 401k:rolleyes:

[Tom TRX250R]

Another option would be to find some one who is willing to co-sign for you who has good credit.

[zeppelin]

save untill you have enough money to pay for it on the spot. imo you shouldnt buy anything unless you could pay for it all at once if you needed to.

[4strokin]

most lenders want to see some sort of established credit since discharge. that way they can see your payment history. i usually recomend getting something smaller at first like a department store card or gas card or even a secured credit card from your bank. dont be late on any payments and keep a small balance vs available balance. Then after 6months - 1yr you should start to be able for larger credit also time at your current job plays a part in credit decision.

[standardryder]

Originally posted by Tom TRX250R
Another option would be to find some one who is willing to co-sign for you who has good credit.


that would probably work. i had 0 credit but my parents co-signed with me for a 17,000$ loan and they approved.

[BLACKeR]

zeppelin's right. save up, if you really make "descent money" than it wont take you that long, and then youll avoing the same thing that probly made you bankrupt to begin with DEBT! its a little funny that you went bankrupt just 2 years ago and already your trying to get a loan for something as unimportant as a quad...course whats the big deal you can just go bankrupt again and have people who work hard and think pay your debts again...

[cornwell137]

yes debt is what made me go bankrupt in the first place, i have learned now, and when the main goal is to buy a house later on, you need a little more credit to do that, so hey why not get re-established with an affordable atv loan, instead of going off the deep end again.

good people file for bankruptcy...bad things happen...
my wife went on maternity leave just as i was starting a new position at work...to start aout, i had to take a little pay cut(shift differential) and the raise i were to get took two years before i maxed out.

we went 6 weeks without pay...our savings wasn't drained, but it took some of it. when she was to return for work, the 6 lawyers she worked for told her that her doctors excuse was being considered as an application for rehire...and they were not going to rehire her...

she went from a 12 dollar/ 40 hours pay to minimum wage/ 20 hours a week. lets just say our saving went real fast...our newborn daughter was on a special diet, all the new expenses of having a child and me having taken a temporary pay cut to get a raise.

now you know the back ground, only she filed for bankruptcy, i was not listed on it at all...it was her choice, she knew the consequences because dealing with bankruptcy cases was one of her duties...and we had decided that it was the only option...no one local would hire at anywhere near the pay she was before. every lawyer she interviewed for said she was overqualified. it took her a year and half to get into a job that is almost as good pay wise...but she is still 2 dollars less.

that was 3 and a half years ago...we kept making payments on her car, and of course her school loan. After 6 months or so after discharge, she got a credit card...it had a fair limit on it considering her credit status. she kept a balance betwen 25 and 30% of her limit.

just last summer, she bought a $15,000 car without a co-signer...

i almost filed myself last year...my medical/dental/ and eye had been provided by my employer since my hire. last march, we employees started paying the full cost of those benefits directly out of our pay. we could opt out of them. i really could not since my wifes employer would only cover her. we had our 4 year old daughter to think about. the cost coming out of my paycheck every month is just shy of $350...

Blacker, can you afford to lose $350 a month in pay, plus have your cost of living continually rise and not get any raises. I bet not. But hey, guess what, drained my savings to pay off what few credit cards i had left, along with my truck loan. And, i just paid cash for an 06 450r...maybe i am one of those hard working people that are paying for someone's bankruptcy...my wifes, and i am happy to help out.

[ml450r]

Originally posted by zeppelin
imo you shouldnt buy anything unless you could pay for it all at once if you needed to.



Real estate, construction industry, auto industry, everything would crash, economy would go to hell and there would be no jobs for anyone. SOUNDS LIKE A GREAT IDEA.... :huh




Maybe you should use your credit to your advantage. Keep an eye on your debt/income ratio.

[ml450r]

Originally posted by BLACKeR
save up, if you really make "descent money" than it wont take you that long, and then youll avoing the same thing that probly made you bankrupt to begin with DEBT! its a little funny that you went bankrupt just 2 years ago and already your trying to get a loan for something as unimportant as a quad...course whats the big deal you can just go bankrupt again and have people who work hard and think pay your debts again...

I agree..... good point.

[zeppelin]

Originally posted by ml450r
Real estate, construction industry, auto industry, everything would crash, economy would go to hell and there would be no jobs for anyone. SOUNDS LIKE A GREAT IDEA.... :huh




Maybe you should use your credit to your advantage. Keep an eye on your debt/income ratio.
i didnt say that he should pay it all at once i said he should just have enough money to do it. the best way to do it would be to save all of the money you need for it, then take out a loan. i understand most people cant do this when buying their first house or something like that, but i men it in a more general way, if you dont have the money to pay for the car or the quad otd, do no buy it.

[400exrules]

Originally posted by zeppelin
i didnt say that he should pay it all at once i said he should just have enough money to do it. the best way to do it would be to save all of the money you need for it, then take out a loan. i understand most people cant do this when buying their first house or something like that, but i men it in a more general way, if you dont have the money to pay for the car or the quad otd, do no buy it.

wtf, why would you wait till you had enough money cash, then take out a loan and try to hang on to that money and pay off the pointless loan:huh :confused: :huh

[honduh440]

i dont think anyone who files bankrupcy should be alowed to get any loans other then a vehicle and home

[derekhonda]

Originally posted by honduh440
i dont think anyone who files bankrupcy should be alowed to get any loans other then a vehicle and home

I think a general statement or rule is bad. There are plenty of people who deserve a second chance...things happen. There are....however, other people that should be drug out back and beaten. For instance, my dad loaned a guy 50 grand about 2 years ago. He was good on payments for about 8 months...i guess he didnt like them or something cause he stopped and we havnt seen a dime since. scum.

[cornwell137]

hey tell your dad i only need like 6000,

just kidding

but this getting a loan is tough, and i thank everyone for their input

in response to zeppelin if i could have afforded to avoid going bankrupt i would have

[BLACKeR]

unfortunatly debt is a nescesary evil. i am always careful not to go into debt for unnescessary things like quads. i realize that bad thing can happen very quickly and to good people, this is why i think its even more important not to go into debt if you can help it. if you need to build up your credit again, i would use a credit card and purchase only simple things that you can easily pay off with it. if you want to build up credit with a quad purchase, i woudl set some money aside so you can pay it off very quickly. like "speedyquad" says it happens very quickly and to good people.