Skip to main content
Message Font: Serif | Sans-Serif
No. of Recommendations: 1
""About 3 - 3.5 years ago, I had some trouble and had some 60 and 90 day late pays.""

<followed by:>

""I have a late payment from August 2004 on my report.""

<followed by:>

""$10,000 loan for a used Ford Explorer (2001-2003) paying $5000 upfront, using the loan to pay for the rest. 24 or 36 month term.""

Look at this from the lender's perspective. You have applied for a 24-36 month loan after spelling out that in the past five years, you have not been able to go that long without missing a payment. The fact that your income has gone up does not necessarily affect your ability to service a loan. There are people with 6 figure incomes who struggle to make their minimum payments.

Something about your total picture has turned them off. I'd bet the late pays weigh heavily considering the length of the loan in question. Post some more info about your whole financial picture and maybe we can do better.


Print the post  


Beware Flood-Damaged Cars
Know what you are getting, don't get stuck with a Katrina victim. Check these links before you buy.
Disclaimer - Please Read
A message about professional advice.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.