Ive got a business deal lined up. Im trying to buy a van and equipment. But my loan guy cant write a loan with a lien on the title.
(Yes im aware we only need a lien release from the bank but it is what it is. This is the entire problem)
The van is worth 32-39k. I need to get 25k to clear the title. But it cant be a “car” loan because thats going to require a lien on the title. We cant do liens … even in my name ugh.
Basically i need unsecured loan for 25k for about a month.
My credit score is over 700 on two of the three n i make about 75k. Im in NY state if that matters.
You are a creative bunch.
What is my best plan of attack ?
My loan guy does a soft pull. Sees that im still in business since 2017. Tho i Made only $1500 this last year offers me 40k.
The only real hoops i have to jump thru is a clean title. And no prepayment.
You know any loan guy thats going to be better than that ? Cuz if u do im all ears.
It seems to stem from other loan situations where the banks dropped the ball n didnt do what they were suppose to. Maybe add in a bank merger or two. A repossession with an invalid lien and maybe an uncooperative former business owner. Headache.
What I’m saying is that when the loan is disbursed, part of the proceeds should be sent directly to the lienholder to pay off the existing lien, rather than the full loan amount going to you or the seller. Just like when someone buys a house that has an existing mortgage. I wouldnt think that would be so difficult, but you are right - it is what it is, so I wont belabor the point.
The new loan option with the $1200 fee - would this replace your previous plan? Or is the plan still to float this loan for a month to get the lien paid off, then get the loan you initially wanted? That’s really steep for short term financing, and if the seller is willing to pay it I’d push instead for a lower sale price.
What is the total purchase price? You implied it’s only around $40k in total (the amount your loan guy is giving you). If you were to get a normal run-of-the-mill $30-35k auto loan to purchase the van (based on your estimated value of $32-39k), wont that leave you only having scrape together less than $10k cash to complete the purchase? That’s 0% credit card territory.
I’ve done a Lightstream loan (albeit a few years ago). They did not require a lien on the car. They do require high credit to qualify for unsecured loan.