The failing economy has finally affected me. - Politics and War Forum

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The failing economy has finally affected me.
Wednesday, July 15, 2009 7:22 AM on j-body.org
Now i dont know a @!#$ ton about politics. But im angry, and so i wil post.


My parents went out today to get a 3k personal loan from the local credit union. This is something they have done sometimes twice yearly. Their credit is as high as it can be, so theyve never had a problem. Now my dads been self employed as an electrition since he was 21. Now, with the economy how it is, he gets no work. Hardly any work, anyway. So hey turned them down. Because of their income-to-debt ratio.

The loan was for the 02 eco i was going to pick up.

FML



Re: The failing economy has finally affected me.
Wednesday, July 15, 2009 7:33 AM on j-body.org
You're mad because the credit union denied the loan based on the fact they have concerns about your parents being able to pay it back?

this is standard procedure........bad economy or not.


They'd have a better chance at a car loan. Personal loans are unsecured so they inherantly have more risk to the lender.

Personal loans generally have higher interest rates also.







Re: The failing economy has finally affected me.
Wednesday, July 15, 2009 8:00 AM on j-body.org
yeah, the more colateral (sp) the better. but maybe a consolidation.....also the history of loans taken out twice a year probably doesn't look good.....

I know my bank had rather me pay something off than refinance..... or take out multiple loans....lol....

try the car loan and see what they say..... some banks will go 4 years on a used car (mine will anyways)...the trick to borrowing money is commit to a small payment, and double up on payments when you can afford to do so.

besides, you may have a better chance at getting a loan yourself.... go in there and tell them you want to establish credit or build your credit.... have your parents co sign for you.....


-Red-
Re: The failing economy has finally affected me.
Wednesday, July 15, 2009 10:01 AM on j-body.org
has nothing to do with politics. has to do with your parents having more debt then they should. maybe you should go out and buy your own car.


http://www.flickr.com/photos/sndsgood/ https://www.facebook.com/#!/Square1Photography
Re: The failing economy has finally affected me.
Wednesday, July 15, 2009 5:50 PM on j-body.org
sndsgood wrote:

has nothing to do with politics. has to do with your parents having more debt then they should. maybe you should go out and buy your own car.


And have to earn your things? For shame, someone else should be responsible to give him things for free, this here is just un-American.





Re: The failing economy has finally affected me.
Wednesday, July 15, 2009 11:05 PM on j-body.org
OMG dude,,,,, kris.... you dont live in the real world at all......

The economy isnt affecting you..... your parents poor financial decisions are...

and its effecting them..... not you.

Try living on your own and suddenly having to live on half of your salery out of no where or loosing your job because of layoffs..... then come back and complain.





Re: The failing economy has finally affected me.
Thursday, July 16, 2009 5:19 AM on j-body.org
Re: The failing economy has finally affected me.
Thursday, July 16, 2009 5:35 AM on j-body.org
sndsgood wrote:

dont be to hard on the kid guys he's only like 18



time to grow up






Re: The failing economy has finally affected me.
Thursday, July 16, 2009 5:36 AM on j-body.org
hes almost 18, but he still needs to learn how things work.

sure, kid, youre being affected by the economy, but like weebel pointed out above, it isnt in a big enough way for any of us to care. sorry, but its true. so your parents cant get a loan to buy you a car. instead, maybe you should get a job at mcDs after school and start saving up. if you did that, then you could have a nice chunk of change to put towards that car when you turn 18. and maybe by that time your parents could have saved a few bucks to help you out. i mean 3k isnt a lot to have to save, but you need to be willing to work for it instead of expecting it to be done for you.





Re: The failing economy has finally affected me.
Thursday, July 16, 2009 8:25 AM on j-body.org
(tabs) wrote:

hes almost 18, but he still needs to learn how things work.

sure, kid, youre being affected by the economy, but like weebel pointed out above, it isnt in a big enough way for any of us to care. sorry, but its true. so your parents cant get a loan to buy you a car. instead, maybe you should get a job at mcDs after school and start saving up. if you did that, then you could have a nice chunk of change to put towards that car when you turn 18. and maybe by that time your parents could have saved a few bucks to help you out. i mean 3k isnt a lot to have to save, but you need to be willing to work for it instead of expecting it to be done for you.


Exactly.

I was given a hand-me down 97 cav when I was 16 (most people didn't even get that) and then started working at a grocery store. 3 long and painful years later I finally had enough saved up to actually buy my own car. I still drive it. Working for things like this made me really appreciate what I have. Much more than if my parents had just bought me a bran new car.



Re: The failing economy has finally affected me.
Thursday, July 16, 2009 3:10 PM on j-body.org
try to get a job and buy your own car. it will teach you more values


"is not that I don't care, it is not my responsibility"

Re: The failing economy has finally affected me.
Thursday, July 16, 2009 3:21 PM on j-body.org
Get yourself your own job, go to the credit union to get your own loan based on your job income, and have them cosign with you. Then by yourself that car.



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- Sold my beloved J in April 2010 -
Re: The failing economy has finally affected me.
Thursday, July 16, 2009 4:46 PM on j-body.org
screw credit, save your money then buy it.



Re: The failing economy has finally affected me.
Thursday, July 16, 2009 5:01 PM on j-body.org
Maken Waves wrote:

screw credit, save your money then buy it.

Now there's a novel idea!





Re: The failing economy has finally affected me.
Thursday, July 16, 2009 8:30 PM on j-body.org
Quiklilcav wrote:

Maken Waves wrote:

screw credit, save your money then buy it.

Now there's a novel idea!


All well and dandy until you go to buy a nice car or a house and you are left wishing you had an established credit line.



FORGET GIRLS GONE WILD WE HAVE GOVERNMENT SPENDING GONE WILD!

Re: The failing economy has finally affected me.
Thursday, July 16, 2009 10:34 PM on j-body.org
^^^^ He has a point...... and its a good idea to borrow a little bit of money now and then like with credit cards to keep your credit rating up (assuming you pay it off on time always)

But saving up the money first is usually the best idea in most scenarios .. ..... hell I have to do that with everything since my credit still sucks..... I only have one last credit card to pay off though.... (jobless after leaving the military screwed things up pretty bad)

Just make sure whatever you do.... that you can actually afford it and make sure to factor in any emergency repairs that could come up the best you can.... I know people that are paying on loans on all this fancy new stuff... and there making the payments (barely) but if that shiny new truck where to get a flat tire.... he wouldn't be able to replace it do to his finances.





Re: The failing economy has finally affected me.
Friday, July 17, 2009 3:38 AM on j-body.org
Wade Jarvis wrote:

Quiklilcav wrote:

Maken Waves wrote:

screw credit, save your money then buy it.

Now there's a novel idea!


All well and dandy until you go to buy a nice car or a house and you are left wishing you had an established credit line.

Well, for a first, used car, it's still a good idea to save up and buy it outright, rather than have a payment, so that you can save some money in case of repairs as well.

I agree that you need to establish credit, but I would do it with a small loan, or a credit card. Usually the first card you can get is a store card, but if you buy a few small things on it and pay it back, then you can get a major one.






Re: The failing economy has finally affected me.
Sunday, July 19, 2009 6:35 PM on j-body.org
^^^ IE...... taking out loans you can afford.





Re: The failing economy has finally affected me.
Monday, July 20, 2009 1:17 PM on j-body.org
back in my days your first car was under $500 bucks, no need for a loan for that


http://www.flickr.com/photos/sndsgood/ https://www.facebook.com/#!/Square1Photography
Re: The failing economy has finally affected me.
Monday, July 20, 2009 1:57 PM on j-body.org
LOL. Back in your days? My last car was $500, purchased this year.





Re: The failing economy has finally affected me.
Monday, July 20, 2009 3:27 PM on j-body.org
last beater car i bought was 2.5 years ago. 99 cav 2200 5sp. 1000 out the door. kids today want/expect too much....





Re: The failing economy has finally affected me.
Monday, July 20, 2009 5:57 PM on j-body.org
My 98 cost me $3000 3 years ago, my 96 truck was "free".



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