Great Credit, Low income, NEED WHEELS!

zooyork0311 · #1 (**permalink**) 10-19-2009, 11:06 PM

I have a friend that makes money from the GI Bill. She recently wrecked her car which her insurance company totalled. Now she needs to get another car and she has no money to do so. She went to her trusted bank and they declined her because she does not have enough income. Only due to the fact that they don't look at the income she makes from the GI Bill. She has great credit but her debt to income is not the best either. My question is: Is there anything she can do within the next few weeks to get herself some wheels? Are there any credit unions or banks that will look at her income from school?

Any help is greatly appreciated.

R/S
Kyle

TheCaptain · #2 (**permalink**) 10-20-2009, 10:14 PM

In situations like this I generally recommend checking out prosper.com. The lenders are other individuals and while they look at the financials and credit scores behind a deal they often take in to consideration the personal story behind a loan. I have made a few loans based upon the individual that I might not have just based on their stats.

littleroc02us · #3 (**permalink**) 11-19-2009, 10:23 AM

Does she have at least $1000 to buy a car with? If so start checking the classifieds or craigslist.

BlackDiamond · #4 (**permalink**) 03-11-2010, 10:16 PM

If her insurance company totalled the car, that means they appraised it. If they paid to appraise it, that almost certainly means that she has coverage. That almost definately means she was paid SOMETHING for the wreck, even if only the minimal amount.

I work for an auto insurer in claims. I've never sent an appraiser to look at a car unless the policy holder paid for collision or comprehensive coverage.

Even if she has a high deductible, it's likely the insurer gave her something.

She should take that money and use it towards a new car.

kellyS · #5 (**permalink**) 02-10-2012, 02:02 AM

I hope you can buy your wheels soon!

littleroc · #6 (**permalink**) 02-10-2012, 05:24 PM

Also, why would the bank want to loan someone money that doesn't have the income to pay if back. Start small. $1000 vehicle until you can afford more.

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