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Cars We Drive! - Page 1264

post #18946 of 26351
So this is interesting. The financing company said its a personal loan but that it would be reported as an unsecured auto loan to the credit bureaus.

I don't understand the discrepancy.

Fuck it, whatever.
post #18947 of 26351
Quote:
Originally Posted by GreenFrog View Post

So this is interesting. The financing company said its a personal loan but that it would be reported as an unsecured auto loan to the credit bureaus.

I don't understand the discrepancy.

Fuck it, whatever.

Personal loan = unsecured

Purpose = auto
post #18948 of 26351
What finance company? (JW)
post #18949 of 26351
Quote:
Originally Posted by Piobaire View Post

Personal loan = unsecured

Purpose = auto

Do you know if credit bureaus interpret that differently than a secured auto loan?

In other words, I would think a personal loan is a riskier type of debt because.. I mean personal loans are for people with riskier financials, no?
Quote:
Originally Posted by venividivicibj View Post

What finance company? (JW)

LightStream. They're a subsidiary of Suntrust and they had good reviews. It says they target people with good credit profiles and have high lending criteria. Was also a very easy sign up process. Got approved within 10 minutes of applying with the option of being funded same day.
post #18950 of 26351

What kind of rate did you get?

post #18951 of 26351
4%
post #18952 of 26351
Quote:
Originally Posted by GreenFrog View Post

4%

 

4%?  You're getting ripped the fuck off.  I just got 2% on used cars.

post #18953 of 26351
Quote:
Originally Posted by brokencycle View Post

4%?  You're getting ripped the fuck off.  I just got 2% on used cars.

Your loan is secured. Mine is not. Therefore, it has a higher interest rate.

I also did the maximum loan duration of 72 months icon_gu_b_slayer[1].gif

Gotta maximize dat cash flow Monica!
post #18954 of 26351
All this credit talk is making me think I should pull my credit report. Haven't checked it in a really really long time. Not too worried about it since I have a few credit cards which report credit scores and indicate I'm doing fine but I should check.

Also since I'm thinking about / attempting to sell a car with a secured loan I'm going to pay it off so I can remove one complication from transfer.
post #18955 of 26351
FUUUUUCK I keep getting rejected for insurance because of this one goddamn claim from two years ago.

Some stupid uninsured bitch hit me and even though I was deemed not at fault, these companies are denying coverage for people with 1 or more claims where you're not at fault.

THE FUCK?! THE WHOLE GODDMAN POINT OF HAVING INSURWNCE IS SO YOU CAN FILE CLAIMS IN THESE INSTANCES


AHHHHHH

Fuck insurance companies and FUCK poor uninsured drivers who don't know how to fucking drive. Goddammit
post #18956 of 26351
Quote:
Originally Posted by UnFacconable View Post

All this credit talk is making me think I should pull my credit report. Haven't checked it in a really really long time. Not too worried about it since I have a few credit cards which report credit scores and indicate I'm doing fine but I should check.

Also since I'm thinking about / attempting to sell a car with a secured loan I'm going to pay it off so I can remove one complication from transfer.

I recently paid off my car and all my student loans (very generous loan from the parents since my dad would rather me pay him monthly than the government and save 6 figures in interest), which subsequently caused my credit score to tank because of some credit card balances i have. Can't complain about having a lot less debt, but we're in the process of moving and getting the fiance a new car so the lower credit score is gonna fuck us over on that. Pulling a GF and hopefully getting the 72 mo loan on her 4Runner.
post #18957 of 26351
Holy fuck SIX FIGS in interest alone? How large are your loans?!
post #18958 of 26351
Liberty mutual pulling through to save the day

👏🏼👏🏼🙌🏼🙌🏼
post #18959 of 26351
Quote:
Originally Posted by GreenFrog View Post


Your loan is secured. Mine is not. Therefore, it has a higher interest rate.

I also did the maximum loan duration of 72 months icon_gu_b_slayer[1].gif

Gotta maximize dat cash flow Monica!

 

That begs the question: why do the unsecured loan?  It sounds, as others have already said, they aren't doing this as a benefit to you but because they don't want to try to secure a $15k+ loan with a 13 year old car.

post #18960 of 26351
Quote:
Originally Posted by brokencycle View Post

That begs the question: why do the unsecured loan?  It sounds, as others have already said, they aren't doing this as a benefit to you but because they don't want to try to secure a $15k+ loan with a 13 year old car.

Don't know, don't care. I didn't even choose to get the unsecured loan and they don't even know what car I'm getting.

This loan 100% meets my needs and is exactly what I wanted. It being unsecured so I can keep the title is an unexpected cherry on top.
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