Car Loans Tougher To Get, More People Getting Rejected By Lenders

[Inthehighdesert]

It’s much better right now. A lumber package for a new spec is about 40 percent what it was a year ago.

That's good that you are doing better vs. last year, but my guess is last year prices were super high on materials compared to 2019 or so.

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[Balr14]

It’s much better right now. A lumber package for a new spec is about 40 percent what it was a year ago.

PVC and MDF 4 x 8 sheets haven't dropped a penny in two years. Sucks!

 

[Inthehighdesert]

Sorry, I just don’t ever use that material so I haven’t paid attention to it.

Edit. Just looked, almost 60$ a sheet for 3/4, that’s ridiculous as …. .The other still p….’s. me off is the price of 2” foam insulation. We use it for slab foundations(required), complete waste of money in our environment.

PVC and MDF 4 x 8 sheets haven't dropped a penny in two years. Sucks!

 

[The Demon]

Pay cash for houses and cars like I do and then there won’t be any problem.

 

[shogun32]

am looking forward to labor getting its share of the pie back

That will require in no small part dealing with the invasion from the south.

 

[FreePenguin]

Sorry, I just don’t ever use that material so I haven’t paid attention to it.

Edit. Just looked, almost 60$ a sheet for 3/4, that’s ridiculous as …. .The other still p….’s. me off is the price of 2” foam insulation. We use it for slab foundations(required), complete waste of money in our environment.

I do spray foam insulation seasonally, our raw material skyrocketed from suppliers.

 

[Decible]

This seems a little off…my 801 credit score got me 5.5 with my credit union and that was in April. I even checked with my bank and it was 5.8. I don’t see how subprime is getting 6 anything

 

[Balr14]

Sorry, I just don’t ever use that material so I haven’t paid attention to it.

Edit. Just looked, almost 60$ a sheet for 3/4, that’s ridiculous as …. .The other still p….’s. me off is the price of 2” foam insulation. We use it for slab foundations(required), complete waste of money in our environment.

I use it to build slot car racing tracks. Fortunately, that only requires 5 or 6 sheets.

 

[RagmopInKona]

This is actually good news.

https://www.autoweek.com/news/a44716067/car-loans-tougher-loan-denials/?source=nl&utm_source=nl_aut&utm_medium=email&date=080323&utm_campaign=nl32286495&user_email=ed8c053c690b41d6e6ed99bc9c5d63000b285039b68b372c2f18ae26b22d79b1&GID=ed8c053c690b41d6e6ed99bc9c5d63000b285039b68b372c2f18ae26b22d79b1&utm_term=TEST- NEW TEST - Sending List - AM 180D Clicks, NON AM 90D Opens, Both Subbed Last 30D

It really isn't good news.
Yes, those with no real down payment and/or bad credit should not be able to buy a 40k new ride.
Nor, should banks be writing loans on any vehicle with dealer mark up's or any vehicle that will be underwater as soon as it is driven off the lot.
But, they are also rejecting those with good credit that vehicle was totalled, never missed a payment and lost their trade in equity because of the vehicle being totaled out.

Also, how are these mandated onto the road ev wonders going to get into buyers hands if they can't buy them.

Yes, banks need to reel in the stupid actions of the last few years, and require bigger down payments on vehicles and maybe even 20% on the stupidly priced suv's and trucks that are 70-120k or more.

All this will do is cause the pricing of used vehicle to go up even more , even the 15 year old 190k miles rolling pyles because now you'll have doubled the buying pool and no extra supply .

New vehicle prices have been stupid for a decade or more. Maybe go back to building the same basic platform with almost no changes for a decade plus to keep prices in check instead of facelifts every 3 years or less.

 

[RagmopInKona]

This seems a little off…my 801 credit score got me 5.5 with my credit union and that was in April. I even checked with my bank and it was 5.8. I don’t see how subprime is getting 6 anything

Credit scores, another scam.
I paid down my Auto loan and Mortgage an extra 2 grand each, and for my effort they lowered my score, dropping me out of the 800 bracket.
What a scam.

 

[Decible]

Credit scores, another scam.
I paid down my Auto loan and Mortgage an extra 2 grand each, and for my effort they lowered my score, dropping me out of the 800 bracket.
What a scam.

It will fluctuate slightly and even drop when you pay an account off BUT it will recover and “usually” add more points than it took off.

 

[RagmopInKona]

It will fluctuate slightly and even drop when you pay an account off BUT it will recover and “usually” add more points than it took off.

Maybe so. but paying off debt faster should not ding your score.

 

[Decible]

Maybe so. but paying off debt faster should not ding your score.

40% if your score is based on payment history. If you pay debt off to fast it not only affects this category but it also impacts the age of your credit profile which I believe is about 10% of your score.

 

[shogun32]

If it was profitability then they need to rethink handing me all these 3pct fee, zero interest for 18 months deals.

The score is more of an inverse risk score. The lower the number the more risk and therefore higher interest and more down payment.

 

[ZXMustang]

Maybe so. but paying off debt faster should not ding your score.

Thats the backwards way of thinking about credit. Credit scores and credit history is based on how you pay over time. Paying things off quickly is not showing your long term credit worthiness. Banks make money on interest, and paying off loans and credit cards quickly doesnt show them you are reliable and also going to make them money.

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