Edmunds Answers

Voted Best Answer

  • avatar 1234gal 10/03/08 10:17 pm PST

    This is for ddgg3067 ~

    First of all I am NOT a deadbeat!! You need to get a freakin clue.... I AM DISABLED.
    Before I became disabled I paid all my bills. When you become ILL and have mounds of
    bills to pay and can't pay them it adds up. Let me see how you survive on disability with a measly $1000 a month and stay on top of your bills.

    By the way I GOT THE LOAN!! Bankruptcy does NOT keep you from getting a loan and my credit score is very good!

    ddgg3067 you should think about other peoples feelings before you go off on a tangent you know nothing about!!

Answers

  • tony78 09/23/08 11:01 pm PST

    I know a girl who is getting ssi and wanted to get a scooter, she had to save in the bank half the price of the scooter, then she got a secured loan from the same bank based on the amount she had in the account,,in other words the bank,,that was holding onto the collateral loaned her an equal amount,,this she paid as a down payment for the scooter and the bank carried the note for the remaining balance,,now she had to direct deposit her ssi at that bank and the bank upon receiving the funds automaticly drew against the deposit and she was able to draw against the balance,,now the bank was happy because they got thiers first,,and the girl was happy because she got her scooter.

  • zaken1 09/24/08 3:05 am PST

    It sounds like the loan was refused because the cost of the SUV was more than they were willing to accept from someone with your income level. I expect that if you found a less expensive vehicle (and a small car would not only cost less than an SUV; but would also be much less expensive in fuel costs) there would be a far greater chance that they would approve the loan.

  • fadetoblackii 09/24/08 12:46 pm PST

    A nice down payment (50% or so) will help your case. Save your money (pretend you already have the payment) and drive what you have for a few more months and then go in with at least half of the price in cash and see if they will let you finance the rest. A bankruptcy is difficult to overcome, but a nice down payment shows that you're back on your feet and able to save money again.

  • ddgg3067 10/03/08 8:23 pm PST

    Wow... how can you not see any issues? You just stiffed your creditors by filing for bankruptcy, causing them to lose the money that you borrowed from them. So you have proven to the world that you are financially irresponsible and a deatbeat who does not pay back borrowed money. Your income/expense is not the problem; it is your credit track record. I seriously question any financial institution who would give you a loan right now other than a secured/prepaid credit card.

    I think your best bet is to put off buying the SUV and start saving money for it while you rebuild your credit. Your bankruptcy will stay on your credit report for at least 7 years, which makes it very difficult for anyone to give you a loan within the next couple of years.

    Filing for bankruptcy comes with consequences. Someone still has to pay for your debt, even if you don't. In return, you lose your creditworthiness and have to "earn" it back.

  • 1234gal 10/03/08 10:17 pm PST

    This is for ddgg3067 ~

    First of all I am NOT a deadbeat!! You need to get a freakin clue.... I AM DISABLED.
    Before I became disabled I paid all my bills. When you become ILL and have mounds of
    bills to pay and can't pay them it adds up. Let me see how you survive on disability with a measly $1000 a month and stay on top of your bills.

    By the way I GOT THE LOAN!! Bankruptcy does NOT keep you from getting a loan and my credit score is very good!

    ddgg3067 you should think about other peoples feelings before you go off on a tangent you know nothing about!!

  • nathanielb 07/21/11 7:25 pm PST

    I just want small loan. About 400 dallors

  • bobby97 02/23/12 5:14 pm PST

    in response to all the messages i read here today as far as i can see today i went to a dealer guess what folks nobody is not any longer accepting ssi people!!!!!! you must be fully employed in order to purchase a car you must make more then you pay in your rent which is 5 or ten times more downpayment is about now at $5,000 u.s. is now turning into a socialist country which means this country soon will restrict people from purchasing things they want and must have some kind of credit or something everything i mean totally everything is all employment required to buy a car and all 50 states must have a co-signers now in this century as of 2000 all states must require a co-signers for any cars no matter what the situation is.... they will not accept anyone without a job no ssi they will turn you away if they see you with ssi... you could buy a broken car for $100 to $500 thats it they tell you go buy a smashed up car or broken car that dont even have a working heat or A/C to make you look very bad in it....most dont even last long anyway it will die out and then no car its just a waste of money car dealers dont care about you or us they want the green money the bucks on the table upfront no exceptions..... i would lay off going to dealers forget it cause you wont get a scooter or car not with ssi if you make more then $20,000 they will accept that..... i learned something

  • b_cn_u 01/08/13 4:41 pm PST

    To: Bobby97

    The claims you've made within your response is wrong! I have received a loan through a lender while on disability income. Dealers will sell you a vehicle if you offer them an opportunity they can't refuse. When it comes down to it, the dealer wants that commission and I guarantee you, if you flash enough dollar signs in their faces, they will bend over backwards to get that deal for you. And as far as bankruptcy goes, they don't care if you filed for it. As far as they are concerned, the dealer will consider all circumstances as long as the amount of your down payment is worth their time. Whether it's $3000, or $1000. My loan wasn't a "buy here pay here" loan, either. It was with a lender! And guess what? I've paid off my loan with 1 month to spare! How do you like them apples, ay? Not too shabby for someone with bad credit living on a fixed income!

  • tadc11 06/05/13 10:26 am PST

    To answer from what I have gone threw is I could only get a pay day loan,but I also had nothing to offer to help get any load. I'd like to ask you something an if you don't want to answer that's ok. but the question is what state do you live in an how do you get $1000 a month? The reason I ask is because I have ssi an I live in Indiana an only get $710.00 a month. Also I was told by the Social Security Administration that I'm getting the most I can get an we considered a couple.

  • blessed2013 06/22/13 7:48 pm PST

    To: tadc11


    I live in Georgia, and I'm on social security temporarily until I finish my chemotherapy and bone marrow transplant....after which I will be going back to work. You said you get $710 a month, and from what I was told...the amount you receive is based solely on what you put in when you worked. I've worked since I was 15 and now I'm 40. I receive $1420 a month based on my previous earnings. I'm about to apply for a car loan for a used SUV, and I'm going to trade a 1998 Mercedes E320. The mileage is very high because the car so old, so I'm praying that I can get a decent trade amount that would keep me from having to add cash to it. The Soc Sec payments are much less than what I was making when working, so I have had a few problems keeping on top of my bills. I've had to do some serious budgeting. I only need an SUV because of family size but I cannot afford a new one. I hope everyone in my situation is able to get approved for their car loans because cars are now a neccesity and not just a luxury. God bless everyone!

  • baby820 08/25/13 5:51 pm PST

    When going for a suv or a car it is very tricky. It is one of those things where you have to find your way,(legally that is) otherwise you going to hear one thing works for others and not for you. All of you have them. Some can have a terrible credit history and make less than you without a permanet address of thier own and still drives away with a brand new car that is at a higer value that the dealership is giving you a hard time. I am a payee and I having a hard time trying to get a suv. The best thing I guess is to get a preloan first then goes to the dealership. This way they will try to match or beat it and takes off the pressure of being qualified for a loan. If you are on disiability it will be hard to save up that kind of money to buy it out. I mean lets get real. That is why the allowance is that low;to barely survive. It sounds cruel not to get a loan because you don't have a job but then again it makes sense. How are you going to afford;payments, tuneups ,gas motor oil, brakes and other repair on a monthly income? Even people that are employed has difficulties making payments and keeping up the care of their car. About bankrupt, the only way when a dealer or anyone really view your creditworthiness as low and irresponsible when you are able but did not handle your business right. They don't tell you this,

    If it was out of your control well life is like that it was out of your control.

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