Eric's Credit Community

Purpose of loan:

This loan will be used to finance two cars for our family. My first prosper loan helped me purchase my existing vehicle; unfortunately tragedy has struck both our cars. 

Vehicle 1 (Purchased and paid off with the help of my first Prosper loan)

Two weeks ago my brakes failed on the freeway causing a major accident. Air made its way into the brake lines causing them to fail on the freeway. The person in front of me slammed on their brakes and I was unable to stop. In a fight or flight decision I decided to swerve left to avoid rear ending the vehicle in front of me. Of course, as luck would have it there was someone in the lane to my left. I hit her vehicle which caused me to turn around and slide across the freeway, hitting the person who I initially tried to avoid. Fortunately no one was hurt, only our vehicles.
Lessons to be learned: Have your brakes checked, even if they feel just fine. 
Get full coverage on your car. Liability only saves the other guy.

Vehicle 2
Well, as luck would have it we also on a Mazda MPV that my wife uses as her primary vehicle. I figured I would use it for a week or so until I find another vehicle. It?s an older van (1992, holy cow, that?s 15 years!) but it?s worked for us. On my way home from work last Friday the transmission decided that now would
be a good time to go out. At that point I could only laugh. Maybe I should just get a bicycle. 

Lesson to be learned: Don't go to the cheapest transmission guy on the block, his work might not be the greatest.

So, I have two vehicles sitting in front of my house that I can?t drive. It?s ?almost? a car graveyard. I?d like to prevent that from happening and purchase two fairly new RELIABLE, SAFE cars. We could go through the local car dealers and finance a car that way, but why waste my money on them?! They don?t deserve it!

My financial situation:
I am a full time Microsoft employee and make a comfortable income. I enjoy stable employment and enjoy excellent benefits. All of mine and my familys medical expenses are free. I do not have any other loans or debt except one credit card that has less than $300 owed. You folks here at Prosper gave me a chance when my credit was worse, and my income was terrible. Things have changed a lot since then I?d like to pay that back to the community with this loan.

Monthly net income: $ 5000

Monthly expenses: $ 2600 + Prosper Loan + $600 = $3200
Housing: $1175
Insurance: $100
Car expenses: $150
Utilities: $150
Phone, cable, internet: $150
Food, entertainment: $400
Clothing, household $150
401k, Other: $300 <