In the process of trying to get a loan to get a into a cobra. I am not happy with my bank at this point. I have 3 investment properties and a home loan though them, you would think they would be easier to work with, not the case. Wanted to see if anyone has gotten a loan lately through an online lender like light stream or the likes, and what kind of experience you had?
Auto Loan
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I got a light stream loan last year. Granted, it was for a 2010 vehicle, but the process took two days to have the money wired to my account. Extremely fast, and no problems since then. Ended up with a 1.99% APR for 60 months. Would definitely recommend. In fact, I will be looking for a new EcoBoost in the next few months and will be going the same route.
I have done 3 loans through DCU they have been awesome. Their rates are pretty damn good, very friendly.
Loan to value and income to loan are the big issues when concerned with financing. Your big issue is you have 4 properties that is eating into both of those percentages. You have too much debt. Why not pay for the cobra outright? Assuming it's an 03/04 and worth less than 20k. If you don't have 20k for life purchases you really should think about selling a property and decreasing your debt to value.
Thank you for the input, actually my investment properties are rental units which I generate double and some triple the income to mortage payment on. I am not worried about debt to income ratio, just want to be treated fairly and get a quick loan. My bank is not doing that for me, so I wanted some suggestions of what others have done.
You're on the wrong forum if you need auto loan advice lol. Bro, just skim a little cash out of your SVTP 6 figure "life purchases" account! You do have one of those, no?
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Great double to triple the mortgage! 3k plus a month above mortgages nice cash flow, pay for cobra with cash and save on the interest!
If this is true, where is the excess cash going? As a banker, my first question is why do you need to borrow so much money, why are you on the edge cash wise?
Delta community credit union is who my cobra loan is through. Was relatively painless.
However as stated above if you're generating 3x the mortgage on your rental properties, save up 6 months and pay cash.
However as stated above if you're generating 3x the mortgage on your rental properties, save up 6 months and pay cash.
Last year when I sold my 04 gt for my cobra I got a loan easy they said even though I was 18 I didn't NEED my dad to cosign but it would help my interest rate a bit. I had 10k on my trade in value they gave me for my 04 gt though.
+1... just win your vehicles in a bench press contest, like the rest of us. :coolman:
What he said. That's how I got my car.
Seriously though, if you don't like what your bank is offering, shop around. I'm all about showing loyalty to a point, but it's stupid in cases where they don't even want to work with you over something.
Pen Fed CU
DCU. Period.
I have been using USAA, I used usaa to buy my lightning because BoA wouldn't do vehicles 10+ years old. I used JJbest to get my 93 rx7. Both were painless but USAA is much less paperwork, in fact it is 1 sheet of paper that they email you and you are done.
Thanks for some of the more serious replies guys. My biggest frustration is the bank is telling me the car has to be shipped up here first and inspected before they will transfer the funds which I do not feel is fair at all to the seller. That is why I was hoping to get some feedback from car guys on a company used that doesn't give some BS rule to get a loan. The other thing that is frustrating is the car I am looking at only has 23,000 miles on it and they are saying it only values at $17,800 , mind was blown at this point.
this X100000000000000000
Definitely shop around.... i used scott credit union in IL to purchase my lightning. I live in ohio..... the truck i purchased was 200 miles away.... i had to make up some simple papers for the owner to sign and me to sign.
They financed me for more than the seller was asking..... sent me a check in the mail. I drove up checked it out made the deal and drove it home.
They told me if i went and it wasn't what i wanted to just mail the check back. It was all done via emails really.
Im sure you should be able to find some bank to help out.
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They financed me for more than the seller was asking..... sent me a check in the mail. I drove up checked it out made the deal and drove it home.
They told me if i went and it wasn't what i wanted to just mail the check back. It was all done via emails really.
Im sure you should be able to find some bank to help out.
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State Farm now does auto financing as well. Before trading it in I refinanced my 13' through them saving myself $100 a month. If you have them for insurance I think you get a resuction in the rate... Everything was done through my agent over the phone with one call, then going to the office to sign paperwork. They then pre-approved me for 45K with 1 phone call when I was looking at my RS3, but the dealership was able to get a lower interest rate for me through Old National Bank.
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