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  1. #1
    beach bum is offline Member
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    Getting approved for a car loan with “no income”, if student loans “don’t count” as i

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    I was just doing some prelim work on buying a new car in the US. My credit is good (or was before I went to med school..),, and I’ve financed a house and car before with no problems. I had some cash saved up for good sized down payment, HOWEVER since neither my wife or I work, my credit union / bank just told me that student loans could not be considered income, so therefore they couldn’t give me a loan. Even with the clear title for my wife’s car (pretty nice) as collateral, they wouldn’t do it.

    I haven’t tried a dealership yet, but does anyone have any experience or ideas with this? I’m assuming this happens to nearly everyone who goes back to the US..
    Last edited by beach bum; 01-13-2006 at 02:35 PM.

  2. #2
    jpryor's Avatar
    jpryor is offline Senior Member 510 points
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    Quote Originally Posted by beach bum
    I was just doing some prelim work on buying a new car in the US. My credit is good (or was before I went to med school..),, and I’ve financed a house and car before with no problems. I had some cash saved up for good sized down payment, HOWEVER since my wife or I work, my credit union / bank just told me that student loans could not be considered income, so therefore they couldn’t give me a loan. Even with the clear title for my wife’s car (pretty nice) as collateral, they wouldn’t do it.

    I haven’t tried a dealership yet, but does anyone have any experience or ideas with this? I’m assuming this happens to nearly everyone who goes back to the US..
    Go through the dealer. I just bought a new truck using my student loan and had no problems.
    Life is sexually transmitted.

  3. #3
    beach bum is offline Member
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    Well ,I just got a call from my bank and it turns out the bank lady was actually filling in for someone and had told me the wrong thing.

    I just wanted to post that it was NOT a problem, so no one would freak out like I did. (I was wondering how the hell that had never come up on this board..)

    I just wish I'd known that this afternoon, before I sent my wife out to steal that Chevette...

  4. #4
    jpryor's Avatar
    jpryor is offline Senior Member 510 points
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    Quote Originally Posted by beach bum
    Well ,I just got a call from my bank and it turns out the bank lady was actually filling in for someone and had told me the wrong thing.

    I just wanted to post that it was NOT a problem, so no one would freak out like I did. (I was wondering how the hell that had never come up on this board..)

    I just wish I'd known that this afternoon, before I sent my wife out to steal that Chevette...
    People will come looking for a Chevette...should have told her to get a Kia...nobody would look for that.
    Life is sexually transmitted.

  5. #5
    microphage's Avatar
    microphage is offline Useless Member 512 points
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    Quote Originally Posted by beach bum
    Well ,I just got a call from my bank and it turns out the bank lady was actually filling in for someone and had told me the wrong thing.

    I just wanted to post that it was NOT a problem, so no one would freak out like I did. (I was wondering how the hell that had never come up on this board..)

    I just wish I'd known that this afternoon, before I sent my wife out to steal that Chevette...

    Get a Corvette..... nurses dig sports cars...
    Finally beat Super Mario Bros within 7 mins.

  6. #6
    YODA's Avatar
    YODA is offline Senior Member 510 points
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    just to clarify, i would NOT loan you money either.

    later
    yoda
    Where am I going and why am I in this handbasket...

    Never argue with an idoit, people watching will have trouble tell you apart

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    As a general rule, the better it felt when you said it, the more trouble it's going to get you into.

  7. #7
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    ChanceCount is offline Senior Member 510 points
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    Quote Originally Posted by YODA
    just to clarify, i would NOT loan you money either.

    later
    yoda
    Not that is seems necessary anymore, but creditboards.com is full of good advice.
    Last edited by ChanceCount; 01-14-2006 at 07:35 AM.

  8. #8
    beach bum is offline Member
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    blackmail

    Quote Originally Posted by YODA
    just to clarify, i would NOT loan you money either.

    later
    yoda
    You would if you knew about the pictures I have involving a coconut bra...

  9. #9
    DrShikima's Avatar
    DrShikima is offline Elite Member
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    Quote Originally Posted by beach bum
    You would if you knew about the pictures I have involving a coconut bra...
    That's called creative financing.... AKA Extortion. But since that's such an ugly word....

  10. #10
    YODA's Avatar
    YODA is offline Senior Member 510 points
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    hell, thoes pics are posted on my "myspace" blog.

    you forget that i have no shame, none.

    later
    YODA
    Where am I going and why am I in this handbasket...

    Never argue with an idoit, people watching will have trouble tell you apart

    Hidden Content

    As a general rule, the better it felt when you said it, the more trouble it's going to get you into.

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