shot down for a loan today

[juniorc82]

My loan officer shot me down for a loan on a tm. Guess I gotta clean with the porty for another summer maybe pay somthin off or save up some money. The last time I was gonna get a tm the tranny went out in the van . I hope one day Ill geta tm.

 

[diamond brian]

Sucks. Have you tried one of the CC leasing companies? Would your bank do it with a decent (proceeds from the sale of your porty) down payment? Got any credit cards? Rich aunts? Plasma?

 

[juniorc82]

Im thinkin boout a lease. The shitty part is I have a loan on some equipment already I pay on time eveytime for the last 2 years. but because I owe 400 form a cell phone bill from like 2001 and 350 from an apartment I had like 6 or 7 years back they wont loan to me

 

[Guest]

Add a booster to your porty and make it a little Stronger.

 

[Mike Draper]

Why would anybody ever want a truckmount! :roll:

 

[tim]

pay the 750 you owe and give it some time, credit companies are forgiving. They have short memories but you have to pay off the past due debt. If you cant, you probably shouldnt be trying to buy a truckmount anyway. Sometimes bankers save us from ourselves

 

[renegade_cowboy]

Buy used. I know alot of local TM for sale here that are cheap. There is a decent one at our local Jon Don for $1500. Its a HM crossfire. I am sure it goes the same for your area.

 

[Able 1]

I Payed 13,000 on my TM with a no interest CC 3 years ago... I haven't seen the CC companies send many of those deals out anymore. Last one shot me down cause I don't have enough revolving credit. :? WTFDTM?

 

[Bob Foster]

Carpet cleaners are human and are no different than most other people who also have the odd bump or bruise on their credit. You are allowed to put a personal remark on your credit file. Simply state you have disputed the past claims and the creditors have refused or not yet resolved the issues. Because you don't have any subsequent delinquencies the credit granter will likely ignore the old collections.

Here are some very important points you need to understand about borrowing money for equipment.

Some times it's the type of lender you are going to that can make the difference. By this I don't mean high interest guys as compared to regular interest guys. Equity lenders are ones that look more closely at the collateral ( the resale and re-marketability of the item you are buying ) rather than just your Beacon score. Their rate will depend on a combination of your down payment, years in business and your personal and or corporate credit scoring.

Vendor friendly lenders are collateral lenders where the equipment is the collateral. They tend to hang out with particular dealers or manufacturers because they usually understand the business and enjoy a mutually beneficial business relationship. Lenders and their brokers often have to make a business case to their underwriters just like you do to a loans officer. These brokers don't get paid, the dealer doesn't sell a unit and you don't get one unless the deal is approved.

A good broker like that Country Wide guy is where you want to head.

You might want to call Les at Judson. If you were to purchase a Judson unit he can do a lot of good things because he has a very good equipment financing guy who understands the TM and carpet cleaning business.

Good luck.

 

[Bob Foster]

I should correct myself Beacon FICO. Financing at this level to this type of covenant is a vague issue. Credit scoring is still an important factor.

My object here is to help guys that might not know about some of this stuff.

 

[DannyD]

If ya don't owe on those debts, look up Lexington Law Firm. They'll clean up your credit pretty well. I had stuff on mine I didn't owe, stuff I'd paid but hadn't marked paid, just all kinds of little nusance stuff that didn't belong on there. It'll take em a few months (less than 6 I'd imagine) but it's $$ well spent. Your credit score will be a lot higher so you'll get a better rate on your loan.

I'd hesitate on doing a lease. I have't read others comments yet so not sure if people agree or disagree. The problem w/ the lease is you actually get penalized for paying early. Since you'll owe the full value of the loan no matter how fast ya pay it off. I almost signed a lease until I went over the numbers. A 10K loan was going to cost me almost 20K over 3 years. If I had a great summer & paid it off this year, I'd still owe the whole 20K. Which means I could have a 100% loan over 4 months or whatever. That's an expensive way to go.

So waiting might be a good idea & also make sure ya check out Lexington Law Firm on your credit issues.

Good luck to ya

 

[Steve in Omaha]

Jon,

How much "skin in the game" (down payment) were you able to offer up to the loan officer?

 

[randy]

Im thinkin boout a lease. The shitty part is I have a loan on some equipment already I pay on time eveytime for the last 2 years. but because I owe 400 form a cell phone bill from like 2001 and 350 from an apartment I had like 6 or 7 years back they wont loan to me

Both of those past bills are well beyond the statue of limitations and are noncollectable. The bank is just throwing them out as an excuse. Leasing companies would be a better choice right now. Approach so cleaner that has to get rid of an extra truck mount and takeover the payments. Check out the auctions and bid low, pay cash. THERE ARE TONS OF QUALITY USED TRUCKMOUNTS OUT THERE RIGHT NOW. Offer 20 cents on the dollar and see what happens.

Good luck

 

[DannyD]

Danny, you could have done the same thing your lawyer did except for free and 30 days insted of 6 months....unless unfair collections practices are being used or the issue can't be resolved a lawyer is pointless ($$)

by his post though he owes those debts....doesn't mean he should pay them

Correct. I could have done it myself. It wouldn't have gotten done in 30 days though. But having someone who knows what they're doing is just easier. Prolly akin to someone could rent a machine or call a carpet cleaner. For a small monthly fee + a reasonable sign up fee, I think I had it taken care of in about 4 months & for about $200 if I recall it right. $$ well spent IMO.

 

[packfancjh]

Interlink Financial or Hathaway Capital are able to do a lot with people with not so perfect credit. Try contacting one of those two and see what they can do for you.

 

[XTREME1]

FCC for a change makes alot of sense but that still makes you a deadbeat. I don't owe anyone nothing that isn't going to be paid

 

[-JB-]

you are entitled to 1 free report per year (possibly more depending on state laws):
https://www.annualcreditreport.com/cra/index.jsp

Getting one of your free reports from a different reporter every quarter is a good idea too. That way you always know, roughly, where you stand.