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post #18931 of 26291
And is it reported as an auto or personal loan to the credit bureaus?
post #18932 of 26291
Quote:
Originally Posted by GreenFrog View Post

I didn't know this was a thing, but my financing company approved me for an unsecured loan because of my assets and credit profile. Apparently this means I get to keep the title and not have a lien on the car?

Sweet!

 

Probably because of the car's age.  AFAIK most financial institutions will not offer a vehicle loan on a car over 10 years old.  If on teh oft chance that they would do so, they would appraise it first and then only loan you their appraised value, which certainly wouldn't be $18,000...err...$17,500

 

Did you get a little extra for tax?

post #18933 of 26291
Quote:
Originally Posted by BrianVarick View Post

^Is the rate the same as a secured loan?

No idea. All I know is I got the top tier rate. But when I researched unsecured vs. secured loans, it said that unsecured loans typically have slightly higher interest rates.
Quote:
Originally Posted by JohnGalt View Post

And is it reported as an auto or personal loan to the credit bureaus?

Auto loan, I'm pretty sure.
Quote:
Originally Posted by Rumpelstiltskin View Post

Probably because of the car's age.  AFAIK most financial institutions will not offer a vehicle loan on a car over 10 years old.

They didn't even care about what the car was. All they asked was how much I wanted, the loan duration, and my personal information so they could pull my report.

Didn't ask for nothin bout the car lol.
post #18934 of 26291
Unsecured should have higher rates because there is no collateral being held, therefore more risk.

But if you go into BK, you can get it wiped out : )
post #18935 of 26291
Quote:
Originally Posted by GreenFrog View Post


No idea. All I know is I got the top tier rate. But when I researched unsecured vs. secured loans, it said that unsecured loans typically have slightly higher interest rates.
Auto loan, I'm pretty sure.
They didn't even care about what the car was. All they asked was how much I wanted, the loan duration, and my personal information so they could pull my report.

Didn't ask for nothin bout the car lol.

 

Because it was an unsecured loan aka a personal loan.   Did you initially tell them the year of the car?  If so the loan person knew off the top he wasn't going to give you $18k for a 13 year old car. If it was an auto loan then they would have needed info on the car. 

post #18936 of 26291
What they're basically saying is they don't give a fuck about the underlying asset, as they figure it's worthless, but feel you have some other assets that are actually worth attaching to and will if it comes to that. About five years ago something came up and I needed 30k for a quick purchase of something. It took all of 10 minutes on the phone to get 30k wired to my chequing account and they didn't really give a damn what we were buying.
post #18937 of 26291
Quote:
Originally Posted by Rumpelstiltskin View Post

Because it was an unsecured loan aka a personal loan.   Did you initially tell them the year of the car?  If so the loan person knew off the top he wasn't going to give you $18k for a 13 year old car. If it was an auto loan then they would have needed info on the car. 

It's not classified as a personal loan because the loan type I selected was "Used Auto Purchase from Individual." They didn't ask for the year of the car.

My research says unsecured loans for cars are only reserved for those with the best credit histories and asset profiles.. so I'm gonna go with that.

Do credit bureaus penalize you for having personal loans vs. auto loans? Now you guys are making me nervous so I asked the company what type my loan is classified as.
post #18938 of 26291
Quote:
Originally Posted by Piobaire View Post

What they're basically saying is they don't give a fuck about the underlying asset, as they figure it's worthless, but feel you have some other assets that are actually worth attaching to and will if it comes to that. About five years ago something came up and I needed 30k for a quick purchase of something. It took all of 10 minutes on the phone to get 30k wired to my chequing account and they didn't really give a damn what we were buying.

They did ask for my base salary, bonus income, investment income, liquid assets, and retirement assets.. so they're prolly thinking they can just take me to court if I default or sth and take my liquid monies.
post #18939 of 26291
Quote:
Originally Posted by GreenFrog View Post

They did ask for my base salary, bonus income, investment income, liquid assets, and retirement assets.. so they're prolly thinking they can just take me to court if I default or sth and take my liquid monies.

Pretty much. It means you've arrived and the expectation of ongoing/future income is enough to get a loan.
post #18940 of 26291

<=arrived once.  Needs to arrive again

post #18941 of 26291
I arrived all over @find finn's mom's face.
post #18942 of 26291
Quote:
Originally Posted by Piobaire View Post

What they're basically saying is they don't give a fuck about the underlying asset, as they figure it's worthless, but feel you have some other assets that are actually worth attaching to and will if it comes to that. About five years ago something came up and I needed 30k for a quick purchase of something. It took all of 10 minutes on the phone to get 30k wired to my chequing account and they didn't really give a damn what we were buying.

Im thinking either off book bone marrow or photographs...(?)
post #18943 of 26291
Quote:
Originally Posted by SirReveller View Post

Im thinking either off book bone marrow or photographs...(?)

rotflmao.gif

You'll never know.
post #18944 of 26291
Quote:
Originally Posted by Piobaire View Post

About five years ago something came up and I needed 30k for a quick purchase of something. It took all of 10 minutes on the phone to get 30k wired to my chequing account and they didn't really give a damn what we were buying.
Didn't realize that animatronic ghey Rush porn bots cost 30k these days...
post #18945 of 26291
Quote:
Originally Posted by GreenFrog View Post

I arrived all over @find finn's mom's face.

I thought your car purchase was to make up for your erectile disfunction.
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