Ok I am trying to finance an Atv and i encountered a problem. I am 20 years old and i have a credit score of 675 and when i looked at my credit report yesterday it says that my auto loan that I have has a monthly payment of 763 dollars, but it is backwards my actual auto payment is 367 dollars so I believe that is why I have been denied credit because of the dept to income ratio... If anyone could help would be appreciated, what do you think and who should I get ahold of to get it changed?
2007-08-11 10:04:39 · 4 answers · asked by mike_stjean 1 in Business & Finance ➔ Credit
That transposed number isn't causing you to be turned down. If anything a much lower car payment would make your debt to income look better.
I think your problem may be more along the lines of your age and limited credit history. How long have you been paying on that car? What else is on your credit report? Credit cards? Is your debt to available credit limit ratio around 30%?
Maybe you should hold off on that ATV until you save more for the downpaymetn. Financing expensive toys can get you into all kinds of financial problems.
2007-08-11 12:02:23 · answer #1 · answered by bdancer222 7 · 1⤊ 0⤋
People-to-People Lending. It's an old idea that's new again.
People who need money request it, and other people bid for the privilege of lending it to them. Prosper makes sure everything is safe, fair and easy.
Until now, financial institutions have controlled who is able to obtain credit and the rates people pay, over time, this one-sided control has bred inefficiencies and excessive margins – leading to higher rates for borrowers, and restricting people who have money to lend from entering and generating income from this vital and lucrative market.
Prosper gives people the opportunity to take back the marketplace for consumer credit, Prosper aims to make consumer lending more financially and socially rewarding for everyone by letting the borrowers set the maximum rate they are willing to pay a lender, which prevents the loan from being funded at a rate higher than the borrower wants to pay.
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2007-08-11 11:00:12 · answer #2 · answered by James F 2 · 0⤊ 1⤋
Try.................
PSTV - powersportstv.com - They finance motorcycle loans, ATV, personal watercraft and snowmobile. Bad credit or no credit is not a problem. They can pass 60-70% of mainstream rejected loan applications.
2007-08-11 15:07:08 · answer #3 · answered by Anonymous · 0⤊ 0⤋
ok, talk and talk with some banks. The secret: low interest.
I found interesting information about your answer & options here. http://all-debt-consolidation-loan.blogspot.com/2007/08/line-of-credit.html Good luck!
2007-08-12 07:55:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋