Need to refinance recently purchased vehicle.
| Listing Information | |||
|---|---|---|---|
| Amount: | $9,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 23% |
| Lender Rate: | 17% | Borrower: | DPRagmatiC |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-10-08 | EricsCC ROI: | 16% |
| Status History | |
|---|---|
| Oct 07, 2008 | Current |
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Purpose of loan: I had recently purchased a used vehicle from eBay. Due to the nominal age of the vehicle I purchased, I could not get an auto loan through a bank for the car I wanted to buy. The bank I applied for an auto loan with has a policy where vehicles must be 10 years of age or less with low mileage. The vehicle's power train has about 7,000 miles on it. The car has been restored nicely & is something I consider to be reliable transportation. The bank would not make any exception in this case. Instead they wanted me to buy something newer as they said I could be approved for anything other than what I wanted to buy. I understand why they do this & respect their lending practice. But they are too mainstream for my needs. The method used to fund the vehicle purchase instead was through my credit card. This was to expedite the purchase as it was necessary to have funds ready soon after the end of auction. I don't feel comfortable leaving it funded this way for many obvious reasons; mainly because it would not reflect legitimately as an auto purchase on my credit report. My financial situation: I'm employed by my parents who are restaurateurs of two Japanese restaurants. The original location has been in business for over six years and has become a favorite place for many of our loyal customers in the area. For nearly five years, I've served as a waiter and continue to do so at the original location. I have also recently been promoted to general manager of our original location, a sole-proprietorship business. This helps my parents focus more attention on the newer restaurant which has become a corporation. This promotion has changed me from an hourly employee, to a salaried employee who also earns tips. These tips are estimated in with the monthly net income listed below. To be on the conservative side, I've factored $500 as the estimated tip amount, however, this can be between $500-1000 or more.My living costs are considerably less than it would normally be, as I currently reside with my parents rent-free. The culture here is a bit different, as I'm not charged rent even if I insisted that they charge me, which I've tried and they would refuse. Given these factors, I have a positive cash flow (if the loan is funded) that can be saved, invested and or used to pay off this loan sooner than later. Under the expenses listed below, the credit card payments are for the card used to purchase the vehicle only. I currently owe no other balance on any other existing cards. Monthly net income: $3000 Monthly expenses: $ 2100 Housing: $ 0 Insurance: $ 0 Car expenses: $300 Utilities: $ 0 Phone, cable, internet: $ 200 Food, entertainment: $ 50-100 Clothing, household expenses $ 0 Credit cards and other loans: $ 1000-1500 Other expenses: $ 0 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 360850 | Need to refinance recently purchased vehicle. | B | $9,000 @ 25% | Sep 24, 2008 | Withdrawn |
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