Hello everyone- My middle is 645, and now and I have the cash & need to buy a used suv. I'm self employed and really can't show a whole lot of income right now. I was thinking I would go to my credit union and just take out a loan against my account and pay that over a year. suggestions? Thanks Rob
Do you in fact have the income to pay for the car, or would you be depending on your cash in hand to pay for it?
Yes I have the income to pay for the suv, I just was laid off from pulte homes in oct....but I have my own business going now just a pita to show income ect ect at this time.
If you were to take a loan secured against your account, presumably to add a positive credit reference, if you get in a bind, can you specify that a payment is made out of the security? Is only the amount of the remaining unpaid loan balance held as security?
I don't know, I'm guessing thats how it would be. I've had a truck loan 9,500 paid off and a boat loan now that was 11,000 paid down to 1245. On the truck loan I just paid it off in 2 years and didn't get any benefit credit score wise BS.... That's why the boat loan will be open for a while. my next payment isn't due until 2009. BTW these are both through my credit union. Great place IMO to get loans ...On my van used 1999 with a 612 middle score they gave me a loan at 5.5%...And the boat 7.0% not bad eeh. They made me pay the van off completely before they would give me the loan on the boat. My mistake I should have left it open with a minimum amount.
