So, one of FI's co-worker's neighbor's mom just died. She has a 2004/5 Neon with only 30k miles on it. They only want 5 grand. Depending on condition (it was an old person's car, so she probably never drove it + took care of it) it KBBs for $5-8k, so its a good deal.
I talked to one of the bankers where I work and offered to put 20-30% down if I needed. The minimum was $5, so I put in for $5 and was declined because I "haven't worked for my employer long enough."
So I called and 800# and talked to a lady who said I've worked with my employer long enough, she would try hard to get it approved especially since I work there. It came back declined because I don't make enough money working for them.
So, last try, I applied for a $4,000 unsecured personal loan. I figure I can use the money I was going to put for the DT towards the purchase price and call it a day. I was APPROVED. Which is awesome, but makes no logical sense in my head. They wouldn't approve a secured vehicle loan, but gave me an unsecured loan for $1k less. So I'm going to own this vehicle free and clear, pay it off a year sooner (more if I make bigger payments) with my regular payments only being $10 more a month than it would have been for the car loan, and can get cheaper insurance on it if I want too because there's no loan against it.
Blessing in disguise? I think so!
Formerly known as flutterbride2b