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  • kol

  1. This is a question out of sheer curiosity, but when you finance a car who is the actual owner, you or the bank? Does the vehicle belong to the bank or does it belong to the buyer, with the bank just as a lien holder?
  2. Just seems like a privacy issue to me, I don’t like my data being sold. but yea, I guess it’s not a big deal really.
  3. It seems like I heard somewhere that you need to always fill out another opt out form any time you apply for a new credit or check your credit score. Is this correct?
  4. Hi Marv, quick question out of curiosity. What’s the usual maximum loan amount to income a lender will approve for a vehicle loan? I’ve always heard they will approve 50% of your annual income, so if you earn $100k/yr they will finance up to $50k. Is this accurate?
  5. The advice is greatly appreciated, thanks so much!
  6. That would be the best idea? That’s certainly not a problem.
  7. Yes. The thing is, I had previously lived out of the country for 10 years and because of that my credit report was rather empty. I guess my report looked about like what a 18-20 year olds would look. I won’t make that mistake again, if I ever leave the country long-term I will make sure to leave a few accounts open.
  8. Also I forgot to mention I’m self employed so that probably works against me.
  9. Tesla financing isn’t available in my state so they referred me to Alliant. I honestly didn’t try anywhere else. I still have the secured credit card on my file (because it’s several years old) and I now have an Alliant unsecured card as well. The thing that concerns me is Alliant only granted me a $1000 limit despite a year of the car payments, an income well in the six figures and almost 100k in my Alliant savings account.
  10. Alliant Credit Union. Sorry, I should have mentioned that on the post.
  11. Exactly 14 months ago I purchased a new Tesla. Despite a 790 credit score they would not approve me for financing even with 40% down. The reason was no comparable loan history as I only had one credit card on my report, which was barely used. I was forced to obtain a cosigner, which was demoralizing. I’ve already paid over 80% of the loan off and was planning to go ahead and just pay the whole thing off next month. However, would it be smarter for me to pay it off more slowly? The reason I ask is because I plan to purchase another Tesla later this year and I really do not want to be forced to use a cosigner again. I have no negative information on my report and I’ve never had a late payment.
  12. Alliant hack? It’s actually Alliant that I’ve got the loan through
  13. I am, but the credit union says they will also apply towards the due date even if I am making principal payments.
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