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 ?
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You don’t have any credit cards?
I’m assuming there is a reason why you cant break the van out as a separate purchase, and just get a normal auto loan for that?
I’d say that you need a new loan guy. Clearing the existing lien with the proceeds from the new loan should be rather standard.
Stall the deal for a month . Maybe offer a little extra.
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.
So they just arent doing them anymore.
It is what it is.
Holy shit. That upstart worked.
I have an offer at least.
$1200 origination fee but i have an offer.
Now i have to talk with the seller n figure out how HE IS GOING TO PAY THAT FEE lol.
Im still taking ideas if anybody has any.
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.
Lightstream does auto loans that are unsecured. IDK if there are other lenders that do that.
Thats what I waas going to say too.
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.
Same here. It was originated 4-5 years ago but I don’t think anything has changed.