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Todd1225

Chances of getting approved...?

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We are trying to get a vehicle loan for about $9,000 to purchase a used car (1996 modelish) from an individual. My wife applied for a loan through her work's credit union. We keep getting letters in the mail about new cars, but we want a less expensive car but would rather purchase from an individual rather than a dealer. Any ideas how we will do with the credit union? We just got our discharge papers for Chapter 7, but didn't include our vehicles and have always paid our car note on time. If anyone has an opinion or another company that we can finance a private party car from please let us know. Most companies hold you to a certain year, mileage, etc.

Thanks!

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Well, I can't speculate on approval odds or tell you where to go, but 9 grand for a car that's almost 10 years old?! I can't think of a single logical reason why anybody would pay that much for a car that old. For 9 grand you could probably find a mid sized that's maybe 3 years old..

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Well, I can't speculate on approval odds or tell you where to go, but 9 grand for a car that's almost 10 years old?! I can't think of a single logical reason why anybody would pay that much for a car that old. For 9 grand you could probably find a mid sized that's maybe 3 years old..

Sorry for sounding like an a-hole, but I didn't ask you about your opinion on the car I buy, I asked about our "chances" or other sources for private party auto loans. I'm so tired of people putting 1% into answering questions and the other 99% into commenting on something that has nothing to do with what I asked.

I would rather have a well built older car that some of the shiny new junk that's being put out. I'm selling a 1997 model car to purchase another one, what business is it of yours.

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You're right, let's focus on the problem. I would pull my fico scores and go from there. Also, GM is giving away cars now, I think every is entitled to their "employee discount" which basically means "we're loosing so much money we're giving them away" lol. But anyway, try it. They might give you like 5k off the list price. It's worth a shot.

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Edited by kevin3344

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Sorry for sounding like an a-hole, but I didn't ask you about your opinion on the car I buy, I asked about our "chances" or other sources for private party auto loans. I'm so tired of people putting 1% into answering questions and the other 99% into commenting on something that has nothing to do with what I asked.

I would rather have a well built older car that some of the shiny new junk that's being put out. I'm selling a 1997 model car to purchase another one, what business is it of yours.

What Xanathos is basically saying is that its not likely you'll get a 9000 car loan for a car that is 9 years old. I dont think he was talking bad about your car choices.

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I think what Xan said is valid. A bank is not going to loan you more than blue book to buy a car. They are not going to risk the loss, especially right after BK. Go to KBB.com and make sure.

Maybe the fact that you pay more for things than they are worth will look to a lender like the reason you had to go with BK in the first place.

While you are tired of people not minding their business, I am tired of people flaming others when they are getting free legal and credit advice.

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The car is priced under KBB and NADA, I prefer not to go to a dealer. My wifes credit union is looking into it for us, it's not a bank. They do not have restrictions on "year" and "model" as far as I can tell, you get approved for an amount and terms based on your risk factor.

If i was going through a dealer I would have no problems...the car I want is not at a dealer.

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WoooHoooo.... We got approved throught the credit union. The only stipulation they had was that we have to pay 30% down. Well, thats one bridge crossed now on to the next...

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Well, Just wanted to give you an update. We are going to pick up the car on Friday. Like we said before we had to pay 30% down but when I talked to the loan officer today she said that we could reduce our rate if we applied for a visa and a credit line. I said ok. She said "well, I have already pre approved you for a 5000.00 visa and a 200.00 credit line. I dont guess that too bad being maybe a month since discharge.

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Well, Just wanted to give you an update. We are going to pick up the car on Friday. Like we said before we had to pay 30% down but when I talked to the loan officer today she said that we could reduce our rate if we applied for a visa and a credit line. I said ok. She said "well, I have already pre approved you for a 5000.00 visa and a 200.00 credit line. I dont guess that too bad being maybe a month since discharge.

Damn! Which credit union is this? Did you actually get APPROVED for your $5k Visa?

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