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Posted in Auto Loans
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Question By
Duggy22

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Credit is Great, i have a job, why cant i get a loan?
i have navy federal credit union, they've been great until just recently i got out of the military and have been at my current job for 2 months, i need a vehicle so i find the perfect one from a guy and he only wants 5,000. i thought great easy... go in to get an auto loan they want the vehicle appraised because its 20 years old, then they wanted 2 pay stubs with YTD info. well im contract labor self employed technically, my pays stubs dont have that just my hours times my pay. the only reason im contract labor for my company is because i work more than 40 hours a week and i guess they'd rather not pay overtime, i work around 50 but i only make 8 bucks an hour, around 1700 a month not much but i have no other bills, lowered my phone plan from 60 bucks to 40. live with family for now. my credit score is around 720 ive had a past loan with them and paid it on time every time, and paid my phone bills for the last 4 years all on time, they dont like the look of my paystubs, so they said they want a letter from my company saying how much i make, how many hours. ok do that, cant get a car appraisal the guy im buying the truck from is hours away, i decide to switch to an unsecured personal loan, higher rate i dont care, need the truck for work, i can pay it off in 6 months, they deny me, some online personal loan pre approval places deny me, i drop my loan to 4,000, nope every where i go! im in shock i have no bills, my credits good why cant i get a 4-5,000 dollar loan, been trying for 4 weeks, im about to lose my mind...

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The key is "unsecured" loan. Lenders have shied away from unsecure loans because they're left holding the loan with no collateral if it doesn't get paid. 

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