Who has the easiest financing? I知 rebuilding my credit

[fishheadbob]

I'm a former banker aka bloodsucker. I wouldn't make a loan on the tractor; if he defaults on it we'd eventually repo it, and most always take a bath on the repo sale. But in a subsequent post the OP said he put 50k down on his house and built a shop for cash. If he needs a tractor that bad let him take out a home equity loan on his own property, I'd probably go for it, putting his money where his wanst are. People are a lot less reluctant to walk away from their own money. A home equity would be a lower rate than any finance arm of a manufacturer would give someone with a bad recent history cause ain't nobody going to give this guy 0%.

 

[arrow]

If you think being out of work for 殿 couple months and not being able to pay bills during that time isnt fiscally irresponsible... well I dunno what to say.

OPç—´ initial post has financial time bomb written all over it, again!

His post was asking about "lower tractor rates". Not about fiscal irresponsibilities.
What I do agree with is that he said too much which made him fodder for all the righteous ones here.

 

[dodge man]

He came on the forum for free advice and that was what he got. I was the first one to bring up maybe he shouldn’t be borrowing money and still think that is good advice. He already got lots of advice on how to borrow money, I thought I would give some on how not to,

 

[fried1765]

He came on the forum for free advice and that was what he got. I was the first one to bring up maybe he shouldn’t be borrowing money and still think that is good advice. He already got lots of advice on how to borrow money, I thought I would give some on how not to,

YUP !!!

 

[rademamj1]

All the comments to the OP regarding credit and financing appear honest, accurate and transparent. I also found the OP extremely open and forthright in his personal financial status and i am certain he did so to encourage such open discussions on this thread.

 

[arrow]

He came on the forum for free advice and that was what he got. I was the first one to bring up maybe he shouldn’t be borrowing money and still think that is good advice. He already got lots of advice on how to borrow money, I thought I would give some on how not to,

I'm sorry but you are so incorrect here its head spinning.
Oh man.... Look, if his credit rating has lowered because of loss of income, then the last thing he wants is NOT to borrow money.
Credit ratings are most affected by "habit". A lender wants to see a habitual payoff for the money lent.
If he remains a financial "recluse", the banks won't see a thing and his credit rating won't move.
I don't care if he buys a watch on credit and religiously pays it off, that is what will affect his rating on a more positive note. If he can't be methodical about payment, then that's HIS problem and an entirely DIFFERENT topic than the question asked.

Now to address your supposition about "free advice": there is a preponderance here and on other forums to skip over the direct question asked, and insert one's own personal philosophy into the mix and thus feel you've corrected the world.
That's BS in my mind. That's more for the spewer than the op. That fills some innate need for the contributor and not the op.

Your take is for you to merely justify your own philosophy. You are not the guys father.
This also applies to your little cheerleader friend "YUP".

 

[arrow]

I also found the OP extremely open and forthright in his personal financial status and i am certain he did so to encourage such open discussions on this thread.

That's one perspective. I think otherwise.

 

[rScotty]

He came on the forum for free advice and that was what he got. I was the first one to bring up maybe he shouldn’t be borrowing money and still think that is good advice. He already got lots of advice on how to borrow money, I thought I would give some on how not to,

Best way I know of to not borrow money for a tractor is just fix up a good pre-tier IV one.
rScotty

 

[Reb954]

I'm sorry but you are so incorrect here its head spinning.
Oh man.... Look, if his credit rating has lowered because of loss of income, then the last thing he wants is NOT to borrow money.
Credit ratings are most affected by "habit". A lender wants to see a habitual payoff for the money lent.
If he remains a financial "recluse", the banks won't see a thing and his credit rating won't move.
I don't care if he buys a watch on credit and religiously pays it off, that is what will affect his rating on a more positive note. If he can't be methodical about payment, then that's HIS problem and an entirely DIFFERENT topic than the question asked.

Now to address your supposition about "free advice": there is a preponderance here and on other forums to skip over the direct question asked, and insert one's own personal philosophy into the mix and thus feel you've corrected the world.
That's BS in my mind. That's more for the spewer than the op. That fills some innate need for the contributor and not the op.

Your take is for you to merely justify your own philosophy. You are not the guys father.
This also applies to your little cheerleader friend "YUP".

I doubt his credit rating was lowered due to loss of income but instead it was due to not making payments. It will take time and due diligence to raise the score.

My suggestion would be to look into a line of credit which covers all debts and would be secured by his general assets. That gives him the flexibility to use it as needed but of course, it comes at a risk so has to be managed accordingly.

Borrowing money doesn't automatically raise a persons credit score, even if monthly payments are made on time. Asset to debt ratios need to be considered as well as income and payment history. Using CC's can help raise a credit score but for full effect they need to be paid off monthly. By making minimum payments they are still tying up available credit.

Maybe I fit in the "financial recluse" category. I only have a LOC but it is totally paid off and has been for a couple years. No other loans. I also use a couple credit cards that are paid off every month, regardless of whether I charge $500 or $5000 that month. Maybe that is why my credit score is only 827.

 

[fried1765]

I doubt his credit rating was lowered due to loss of income but instead it was due to not making payments. It will take time and due diligence to raise the score.

My suggestion would be to look into a line of credit which covers all debts and would be secured by his general assets. That gives him the flexibility to use it as needed but of course, it comes at a risk so has to be managed accordingly.

Borrowing money doesn't automatically raise a persons credit score, even if monthly payments are made on time. Asset to debt ratios need to be considered as well as income and payment history. Using CC's can help raise a credit score but for full effect they need to be paid off monthly. By making minimum payments they are still tying up available credit.

Maybe I fit in the "financial recluse" category. I only have a LOC but it is totally paid off and has been for a couple years. No other loans. I also use a couple credit cards that are paid off every month, regardless of whether I charge $500 or $5000 that month. Maybe that is why my credit score is only 827.

Ditto!
Pay off credit cards every month!
Only use those with 2% or more cash back.

I have one with 5% cash back, for gas/groceries/drugs.
I never pay any credit card interest!
I get a combined total of $1,100+ cash back each year.

LOVE IT!
I do what was formerly called.... "living within your means"

 

[dodge man]

I see some warning signs in his original post. To start with instead of making a tractor payment buy some disability insurance so if he gets hurt again he is covered. He is making 200k a year, he should be able to pay cash if he saves. Credit rating is meaningless if you pay cash. I just don’t want the guy to go into debt again needlessly. The OP was very open and honest about his situation so my response isn’t meant to be critical but helpful.

 

[Jim Nelson]

Several years ago I had a fishing buddy who was a multi millionaire and always paid cash for everything. His wife left him and that didn't hurt him because she didn't have any idea where his money was and she ended up broke and living with her sister. His problem was he didn't have any credit because he never used any. His ex did but that went away with her. For a few years whenever he wanted to buy anything on line I would order it and he would pay me cash. After a while he finally applied for a credit card and had to start with a very low limit.

Credit is strange to a lot of folks and everyone looks at it different. Credit cards are fine if you realize that you owe the money and pay your bill monthly, too many people, especially younger people look at it as free money.

The moral of my story is it's real easy to judge someone without knowing all the facts.

 

[arrow]

I doubt his credit rating was lowered due to loss of income but instead it was due to not making payments.


.

...and if he lost income, could he make payments?
The op did not ask for advice about financial wranglings. That's up to him and his lender. Borrowing money is a key element in credit rating to demonstrate payment platforms. You could be a millionaire and have NO credit rating.
It is beyond me why several here are still bent on answering his original question with "you should be this way just like me" or "you shouldn't be doing this". Stop trying to lead his life for heavens sake.
THAT'S NOT WHAT WAS ASKED FOR

 

[arrow]

The moral of my story is it's real easy to judge someone without knowing all the facts.

That's a favorite pass time here...judgement.

 

[Reb954]

...and if he lost income, could he make payments?
The op did not ask for advice about financial wranglings. That's up to him and his lender. Borrowing money is a key element in credit rating to demonstrate payment platforms. You could be a millionaire and have NO credit rating.
It is beyond me why several here are still bent on answering his original question with "you should be this way just like me" or "you shouldn't be doing this". Stop trying to lead his life for heavens sake.
THAT'S NOT WHAT WAS ASKED FOR

Actually, he could make payments from savings, assuming he had savings. It is fairly rare for people to have an income problem, instead it is usually a spending problem and the spending problem lead into the income problem.

That isn't a comment directed at the OP which hasn't posted here for a couple weeks, it is just a general comment which is worth just what you paid for it.

 

[airbiscuit]

I hope the OP was able to glean some useful information from these posts. I also hope he finds a solution to his buying consideration and continues to be active on TBN. There is a lot of good information on this forum, and also some self aggrandizement.

Following this thread has been fun while it lasted, but I've had enough "Hey you kids, get off of my porch".

Unsubscribe

 

[arrow]

I hope the OP was able to glean some useful information from these posts. I also hope he finds a solution to his buying consideration and continues to be active on TBN. There is a lot of good information on this forum, and also some self aggrandizement.

Following this thread has been fun while it lasted, but I've had enough "Hey you kids, get off of my porch".

Unsubscribe

You need to paint your porch.

 

[Steppenwolfe]

Yes, you are silly.
He explained wise guy what happened to him and had little to do with "fiscal irresponsibility". You're so afraid to be wrong you need to continue to be a dumbazz?
You notice he hasn't been back here?
Maybe he's just a troll waiting for holier- than- thous like yourself to get their panties in a wad and spew your righteousness.

We have a winner !

 

[Steppenwolfe]

...and if he lost income, could he make payments?
The op did not ask for advice about financial wranglings. That's up to him and his lender. Borrowing money is a key element in credit rating to demonstrate payment platforms. You could be a millionaire and have NO credit rating.
It is beyond me why several here are still bent on answering his original question with "you should be this way just like me" or "you shouldn't be doing this". Stop trying to lead his life for heavens sake.
THAT'S NOT WHAT WAS ASKED FOR

Agreed. Credit used to one's advantage can be a good thing. I use credit cards like there is no tomorrow, and wifey pays them off every month; meanwhile I earn cash back and have an 831 credit score. When I trade my business truck, I always finance the new one (which I don't need to) for 24 months; wifey's truck is traded and cash difference is paid. Someone wants to give me zero interest for a few years on a new tractor? He ll yes, sign me up... But, alas, I don't need a new tractor right now.

 

[gonefishin1]

Well I have been working 85-90 hours a week the last 2 weeks and haven't checked back on this thread. WOW!

Thank you to those with useful information. I appreciate it. My massey dealer says with my wife cosigning me that we shouldn't have a problem. So when I get a day off we are going up there. My local NH dealer stopped selling NH due to a falling out with them. Next closest one is an hour and a half in a direction I never travel...

And to those that want to argue... I get it some people want to judge and can say whatever y'all want. Not gonna hurt my feelings. So since a lot of people want to argue and say I don't manage money well I'll go ahead and tell y'all some more of my financial information lol.


I normally keep 3-4 months of bills in my savings account and I do now. It is not going to be used for a tractor down payment.

As I said earlier this year I have paid my truck off early which was close to 20k I spent on it this year. Then I built the shop 43k (4 months ago), plus I have put 20+k into my house since it flooded June 2019, and insurance wouldn't cover it.. That's a whole other story... So no I don't have a ton of extra cash right now for a down payment. I really want to buy it before the end of the year so I can use the irs 179 deduction this year. Which at our income bracket will give us about 14-15k back in taxes.

But when the wreck happened we had just bought a new bass boat and a year before a condo on the lake. I had 2 months worth of bill money saved. Luckily We were able to sell the condo before I was ever late on that note. I do have short term disability now after all that... Lesson learned there. I figured I was young and didn't need any of that. So now I have great life insurance and short term disability.

I wouldn't say we have a huge spending problem. Neither of us has bought a new vehicle in the last 4 years. Hers we bought used and cheap. Put almost half down. Mine is almost 5 years old. We don't go blowing money. I have just made some rather large purchases in the last few years. Our house we only owe 18k left on it. And I refuse to refinance it. After this whole mess with my credit happened I made my mind up to put paying off my house my #1 priority and we bought it only 1 year after our credit problem happened. That's why I put 50K down. It will be paid off in 2021. Not many people pay off a house in 3 1/2-4 years....

As far as my 4610. Yes I have it. It runs, but it is getting to where a lot of little stuff is always breaking. And the main problem with it, there is no front end loader and it's 2wd. Not very good for what I need to be doing.

I definitely need the tractor, otherwise I will have to continue trying to depend on other people. And I don't care about the interest rate. It will be paid off in 2-3 years anyway. I can save 2-3k a month pretty easily and have been doing so in order to make all the big purchases that I have been doing.