Bank loans, How is this possible?

Can anyone tell me how a guy on dissability, $670. per month, who lives in low income housing, can go to a bank and get a loan for a car? And I work full time at the same job 7+ years, own my home, own my car, own my motorcycle, all clear titles. Can not get a loan at the same bank, where I have banked for 8 years?

Bank loans, How is this possible?

credit score, or his family got money at the bank

Bank loans, How is this possible?

No one here will be able to give you an exact answer because there are too many variables we don%26#039;t know. But here are some things to think about.

1. A car loan will be secured against the vehicle. Loans with collateral are simpler to get than loans without. What type of loan were you asking for?

2. How much were you asking for? With your income and other debts(debt to income ratio) will you be able to make the payments according to their guidelines. Normally banks don%26#039;t like total debt to income ratios of over about 45% for all debts combined(including housing).

3. What is your credit score. You did not mention anything about other debts, are you close to maxed out on your CC%26#039;s do you have late payments? All of these things can lower your score. The other guy may have a much better score.

When you apply and get declined for a loan, the bank is required by law to send you a letter with the reasons why they declined you. These are the things you will have to work on to be able to get approved.

Now, if you are saying by having clear titles that your house, car and motorcycle are paid off then use one of them as collateral for your loan. If you are only taking a percentage of the value you should have no problem. For example if your house is worth $200,000 taking a loan out for 10-20K should be able to be done.

Bank loans, How is this possible?

Chances are.......they lied on their application.(and had someone else back it up) Also, if i were you I would switch banks ASAP. Any bank that treats loyal customers like that, doesn%26#039;t deserve loyal customers! A great way to show liquid assets WITHOUT borrowing money is through a Deposit Loan Program. This may help you get that loan!

http://www.HowToGooru.com/LifeGuard.html

This is a FREE ebook, and chapter 9 deals with DLP%26#039;s.

You may also find out some interesting info regarding the credit industry!

Bank loans, How is this possible?

Banks used to work like that 50 years ago, not today...

You mention that you get $670 a month. Is that permanent disability? If so you can count that for income... any lender will accept unless it%26#039;s temporary. If you work full time somewhere I assume you make additional income as well. You should qualify for a car loan, it%26#039;s just a matter of down payment. The %26quot;regular%26quot; bank like wells fargo, BofA, etc., is probably not the best place to get a car loan. Those banks only deal with %26quot;A%26quot; type borrowers... Did you finance your home, car, or motorcycle?? have you pulled you credit?? If you have a decent credit score than you can go that route. however, with good credit you can go anywhere..

If you own your home, take an equity line and buy your car with the cash.