so I have found a car I have been looking for in Michigan and its a small dealer who does not offer financing. I placed a deposit on the vehicle via wire transfer and called my bank (key bank) who told me it would take 7-10 business days for approval. This is where it gets interesting A= I’m currently on vacation in the Florida keys and can not supply w2s or a pay stub immediately B= I also do not have consistent paychecks due to being a real estate investor/wholesaler as well as a landlord who makes fewer larger deposits from time to time. Now when I bought my last 2 vehicles I walked into the dealer and told them what I made annually, provided my credit score and off I went same day. Have things changed or are there still places that will loan 25k online or in person instantly? my credit score is 785 and I have the money to buy the car however it is more valuable to me liquid and worth more than the 3-4% interest.
Maybe try to login and get w2 info from irs.gov? As a self employed person, do W2s even exist? I know family with businesses had to show financial information - for larger stuff - audited financials. Dealers use the same banks as everyone else, they must have provide something other then a credit score?
If they’re not approving you immediately that usually means there is some odd situation (likely your inconsistency of income) that means they need someone higher up than the loan officer to approve the loan. The fact that you can’t get them proof of income right away I’m sure is playing into it too.
How long have you been banking with Key?
Well i have been with first niagara for 14 years now it turned into key so 1 year with key but 15 years at same location. I have lease agreements totalling $5800/month and i have sold my last 2 houses as “planning to occupy” which was the case however i cant turn down a good offer so i sold them for profit which im not sure showes up as self employment. Im also looking for a good lawyer to start an s corp if anyone knows one
If you’re a landlord what about using a home equity/heloc instead on one of your properties? Usually lower interest and you can write it off. I just locked a 3.75% HELOC on my Buffalo house to draw on for misc. expenses before interest rates go up this year. If my car loan wasn’t at 1.9% from a few years ago, I’d pay it off with that and make the interest tax deductible.
ya I actually just went through the whole process with Conrail/csx credit union (I’m also still employed with the railroad but took 3 months off for fmla) and they came out assessed the apartment building, which was a pain intruding on all the tenants. long story short they told me I was too young and aggressive and did not like the area (North Tonawanda not the east side) which is illegal and is called redlining.
Bummer. Find a loan officer that likes NASCAR and marlboro reds lol
Have you tried any other local credit unions? I’ve had good luck before with CrossRoads Community FCU over on William, did my boat loan through them years ago.
+1 on the HELOC, did this when I bought my truck and locked in 2.79% and interest is tax deductible.
I did mine through www.penfed.org . It’s the 4th loan I’ve done through them and it was painless. No closing costs or appraisal necessary.
Westerndivision credit union on Main St. in Williamsville, great to deal with :tup:
Used them for my bike. Would recommend
My credit union won’t give me an auto loan for anything that’s not titled in NYS. I’m not sure if all credit unions are like this, but might be something to consider when looking around.
awesome guys I will be contacting the recommended credit unions in the am thanks again
I use financial trust federal credit union, which is open half a day on Saturdays, nice people as well. Good luck!
Credit union is where it’s at, but you may not have as much luck as we have had if you aren’t a member and/or have existing accounts there. Sefcu is my preference…they beat my employee discount rates for the past few loans I’ve done with them.
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have you looked into Lightstream? They do online loans.
is lightstream legit I was looking earlier
yea, I have a loan through them
Penfed is my go to. Best I ever did with them was like 30k with a phone call.
Are you a veteran by chance and live in Niagara county? My FCU currently is doing .85% 60 months or 1.35% for 74 months on 2014+ year vehicles. All I did was have them run my credit score, prove my veteran status and signed up for auto debit.