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"