Personal Finance A guide to selling your used car private party (craisglist, ebay, cars.com, etc.) |
- A guide to selling your used car private party (craisglist, ebay, cars.com, etc.)
- Girlfriends mother was recently diagnosed with stage 4 cancer, with bleak outlook. And today her house burnt down and homeowners insurance was cancelled. I don’t even know where to begin. Looking for any direction to help her and her family out.
- Foster son suddenly has $16,000
- Emergency Room bill, billed to me two years later for $2,000
- Mom is 57, makes $14/hour, and has no plan for retirement. What are some creative ways I can help her save up and make more money by the time she's 70?
- Am I being underpaid?
- Siblings and I are giving monthly checks to help our elderly parents during retirement - Should we each be giving a percentage of income or same flat amount
- I mapped out the financial landscape for my first year as a graduate student
- Elders couple receiving Medicaid has 401K. Can they use the 401K to purchase a home?
- How much is my running car with problems worth?
- 27Yr Old, ~65K in Savings, Not Sure What to Do Next
- Best place to store money / Is my financial plan reasonable?
- 24 years old, lost with no financial planning
- Our finances are a manifestation of being lost in my career
- What are some safe but worthwhile investments for a 5 figure amount.
- Would a prepaid Visa card have any sort of personal information on it?
- College starts in one month. I have no job and roughly 300 dollars saved. I’m 17 and I’m cutting my parents out of my life soon. What path should look into taking?
- My dog attacked another dog. Paying for their vet bills.
- Can my bank deny me a line of credit without a co-signer because of my age?
- Best 90-day CD rates
- Tired of inflation, how do I stop losing money?
- Would like to borrow around $3,500 for a car- what are my best options?
- 33 y/o with low income and no savings, looking to start investing whatever I can but don’t know how or where to start.
- Would financing a phone through the manufacturer/seller improve or hurt your credit?
- Should I start paying off my student loans?
| A guide to selling your used car private party (craisglist, ebay, cars.com, etc.) Posted: 11 Jul 2019 08:38 AM PDT Earlier this year, I made my first car purchase for myself. I bought a used car that someone was selling on Craigslist. I had spent hours upon hours watching ChrisFix videos on inspecting used cars, reading articles about negotiation, how to find a good deal, whether to buy from a dealer, etc. When it came time to sell my own car, there were a surprisingly lacking number of articles to help. Hopefully this will help you sell your car and get way more value than you would if you traded it in to a dealer. For the record: I am NOT a "car guy" and I think if I could do this well then you could too. Step 1. Find your car's value. Yes KBB is good for this. It's even better if you use multiple sources, like NADA and Edmunds, and then take the average of all three. BE HONEST TO YOURSELF ABOUT YOUR CAR'S CONDITION. Take the KBB car condition quiz to determine what your car's condition is. At first, my car was likely in "Fair" condition, but after doing work on it, it was definitely in "Good" condition. If you think (honestly) that your car might be in between two conditions, as was the case for me, use those conditions in the KBB, NADA, and Edmunds values to try and create a range where your car might sell in. For me, this range was about $2900-$4000. ChrisFix tells used car buyers to aim for the "trade-in value" for vehicles they are looking to buy. For my car this was about $1800. This is probably even more than a dealership would have given me for this vehicle. Tip from /u/GVIrish: Know the market for your car. You start out by finding the value via KBB, Edmunds, etc., but search used car classified sites to see what other cars like yours are advertised for and where. Knowing that information will help you in negotiations. When someone tries to talk you down on price because they can get 'blah blah' car for whatever made up price, you'll already know whether they're bullshitting and can counter them immediately. Step 2. Figure out everything wrong with your car and fix everything possible. For my car (a 2009 Saturn Vue), there were a host of problems: the sun visors no longer stayed up and had become floppy, the car intermittently stalled, the RPM was hunting, the TPMS was shot, the driver's side interior handle had a pokey part sticking out of it, the brakes were near the end of their life, the interior was dirty as hell, and while storing my car in the driveway, ants infested the engine bay and a brick fell on the windshield, sending a major crack through it. A combination of junkyard used parts/DIY installation (youtube videos are your friend), a mechanic (remember, not a car guy), a professional interior detailing, a windshield/wiper replacement, and leaving some issues (the TPMS issue, the door handle covered by duct tape, some minor electrical changes) left me in the hole on this car by about $2000. Tip: Absolutely, absolutely detail your car, either yourself or professionally. Getting a professional interior detail cost about $300 dollars but made my car look brand new. People don't want to buy a dirty/stained car, even used. I also got some Goo Gone to remove parking stickers, bumper stickers, etc. that I had in/on the car. Another tip: Also run your car's Carfax. I used this site and had zero problems. You can present this to people who will be asking for your vehicles' maintenance records. If you have physical copies of maintenance records, sort them chronologically and provide them as well. Yet another tip: To figure out what engine codes your car is putting out if your check engine light is on, you can use a bluetooth OBD2 scanner and the Torque Pro app. Then you can google the codes and see what fixes people have found for the problem, including youtube videos. Step 3. Take pictures. After a detailing, find a nice place to take pictures. You can use your phone, it really doesn't matter that much. General advice is to do it when the sun is not beaming down, so around dawn or dusk. You're going to want A LOT of pictures Here is a list of pictures you want, mostly taken from this Carfax guide:
Step 4. Post your car! When posting your car, be cognizant of the audiences that each site attracts. As recommended by /u/Fallingsky44, Facebook Marketplace is the path to go without a doubt; you get to see exactly who you're buying from and communicate with them through Messenger. I don't have an FB account, and the restrictions are weird about using the FB Marketplace, so I used other sites. I easily got the most responses from craigslist, followed by ebay, followed by cars.com. My car wasn't high enough value to list it on a place like AutoTrader, although yours might be. I also did not put a sign in the window like others sometimes do, but you can consider doing that if you want. The benefit of a sign in the window (from /u/verdegrrl) is this: potential buyers can perform a partial inspection right away. Cuts way down on flakes and especially opportunistic lowballers. In your posting, BE AS DETAILED AS POSSIBLE. In the title, I listed the year, make, model, and trim of the car, I listed the engine, the mileage, and two things that I thought made the car unique ("One owner, heated seats!). In the body, I spent a couple sentences talking about the car's history, including reason for selling and how the car tended to be used throughout its life (commuter car? delivery driver? highway or city?). After this I put a sentence: "If the posting is still up the vehicle is still available." Then I had three more sections that were each bulleted lists: "What's Brand New", "Features", and "Known Problems." Here is what my craigslist posting looked like. At this point you'll have to set your price. What you should know going into selling your car is that PEOPLE ARE ALWAYS GOING TO HAGGLE YOU. NO EXCEPTIONS. Don't list in your ad "firm on price." What you're going to do instead is put your price higher than you expect to get and look for people to haggle you down. This technique is called "anchoring" and is highly effective. As a buyer, haggling down a seller is a much better feeling than simply paying what is asked. People love discounts. I mentioned earlier that my target price was between $2900 and $4000. Taking into account my car's mileage and known problems, I set my bare minimum that I would take (in my head) at $3000. Accordingly, I set my car's craigslist price at $4250, above my preferred price range. After gauging the market for my car at that price for about a week, I subsequently lowered the asking price to $3600. I think some people that had looked at my car previously got excited and I got a lot more contacts after doing this. The #1 compliment I got during this process was how much detail I had put into the posting. People were super appreciative of that. Step 5. Be patient. Seriously, BE PATIENT. This is probably the worst part of the whole process. You will get lots of spam emails, people trying to scam you, etc. Be wary of these. They tend to go away after the first couple days. If it seems fishy, it probably is. People also like to ask, "what's your bottom price?" Don't indulge them. Instead turn it around and ask them, "what's your budget looking like? I am negotiable on price." Or you could lie and say your bottom price is actually well above your real bottom price. Up to you how you decide to negotiate. I knew my bottom price was $3000, and someone actually offered me $2900. I agreed with them to sell it for that much, but they ended up not coming out to see the car (luckily for me). Lots of people will ask some questions and just totally ghost you. People are generally very flaky in this process. In fact, I had four total individuals set up a time to come see my car. The first three all ghosted me with little to no warning, wasting my entire night. Now I'm usually the guy that people comment on how patient I am and how things don't really bother me, but I was pretty livid after the third time. Based on this, never hold a vehicle for anyone, except if they put down a deposit (credit: /u/GVIrish). From there on out, I decided to only invite people to come see the car if we scheduled the time over a phone call rather than over text. I think for people it just seems more real when there's an actual person on the other end whose time you are wasting. This was ultimately tough for me because I hate talking on the phone, but it was ultimately worth it. Even the fourth visitor ended up showing up an hour after our scheduled time, but I called them 15 minutes after they were supposed to show up to see where they were (they had finished eating dinner later than anticipated). You have to hold your buyers accountable. Another tip from /u/GVIrish: Don't drive out to meet someone to close the deal unless they've given you some sort of delivery fee to be worth your time. Set a time limit to the interaction as well. Some shrewd buyers know that once you've committed to driving out somewhere for a few hours, you're far more likely to cave in negotiations. And some people will sit there and haggle with you for an hour or more because they know the longer it goes, the more likely you are to give up. And again, people often flake, so don't drive somewhere for nothing. Beware that on ebay, you can give people the option to make offers on your vehicle through ebay. If you accept these offers on ebay, they are contractually binding. If you provide a counteroffer, and they accept, that is also binding. Someone had made an offer to me on ebay for $3000 earlier in the same day that I had scheduled my fourth potential visitor. Instead of accepting it, I texted them to see if they wanted to inspect the vehicle first. The visitor that day ended up buying the vehicle, so I was very glad that I didn't accept their offer through ebay's system. Step 6. Make the deal! The fourth visitor had asked me if I was negotiable on price. I told them I was. They came to inspect the vehicle, took it on a 10 minute test drive, asked me some questions, and informed me they'd like to buy it. They didn't try to negotiate, which they had asked about, so I asked them if they wanted it at the listing price. Ended up knocking down the price by $200 for a grand total of $3400 for the car. This is why it is so important to be patient: if I had accepted those earlier offers, I would have missed out on around $500! Most people on the internet will tell you to take cash or nothing. Personally, when I was buying my car, I had the seller come with me into the bank to get him a cashier's check. Felt way safer that way, and my bank didn't have the funds on hand to give me $6k in cash anyway. That said, as a seller, I was not going to accept a personal check, money order, or cashier's check that I had not seen a bank teller produce with my own eyes. The buyers offered cash, but what they did was smart: they put a $100 deposit down and then returned with $3300 cash (which I counted on the spot). I would recommend a cash deposit and then do your preferred transaction, cash, cashier's check, wire transfer, whatever. But actually go do it in the bank. Don't trust anyone. We also signed a receipt/bill of sale in order to create some sort of formal contract that included contact information, car details, and an "as is" disclaimer which is hugely beneficial for you as a seller. Other final items that you need to take care of, in order:
And there you have it! This is how I sold my vehicle with great success. Happy to answer any questions about the process and such if you have them! Edits: Put in additional information recommended from the comments. [link] [comments]  |
| Posted: 11 Jul 2019 09:42 AM PDT As the title says. Send me pms, anything you know that could help us out here. We live in Michigan if state laws matter. If you can think of other subreddits to crosspost this in for other good information please let me know. I'll update everything we learn from here on out. We just got the call and know little information and we live an hour away. Serious thank you in advance, if this gets a lot of comments that I don't have time to respond to. Edit #1 Homeowners insurance cancelled due to repairs needing to be done and trees needing to be cut down. Repairs weren't done due to possible negligence? Not very sure, but that's the rough details. Trying to get the information out of her mother is nigh impossible. As soon as I find out exact details I'll update again. [link] [comments]  |
| Foster son suddenly has $16,000 Posted: 10 Jul 2019 11:07 PM PDT I am a foster parent to an older teen who has received his first payment from a settlement for something that happened many years ago. It's about $16,000 and he will get a similar amount for the next couple of years. He wants to save/invest wisely. He's also already going a little overboard with spending in the excitement of having money to spend (not totally crazy yet, but he's spent a couple hundred just on the first day). He's asked for help not to waste this chance. My co-parents and I don't really know anything about money or investing, except that this money could help him out in life or could get pissed away. He is a very shy kid and doesn't want to talk to anyone but us- he wants us to find out some good options and present them so he can choose how to proceed. Can anyone help point me in the right direction(s)? One of his aunts, who is relatively well off, mentioned something called a Roth IRA- I don't even know what that is. He refuses to speak directly with her, or with anyone at his credit union, or generally speak with anyone else but us. Meanwhile, we're just some idiots who happen to have formed a strong connection to him but have no actual knowledge. Help?! [link] [comments]  |
| Emergency Room bill, billed to me two years later for $2,000 Posted: 11 Jul 2019 04:36 PM PDT Recently I received a phone call for an emergency room visit that happened two years ago. I was able to talk to a representative and I was billed last month (over two years later) for the visit. They said I have 90 days to pay this bill before it goes to collections. Apparently my insurance has already paid their portion, but left $2,000. Since then I have not only moved states, but switched insurance. Should I contact the insurance to try and get the bill reaccessed? Does this fall under timely filing were I am still on the hook for this bill? I remember paying a large copay, but don't remember much else due to the nature of the injury. The actual paperwork is now en route via USPS and they could not provide me with it via email. [link] [comments]  |
| Posted: 11 Jul 2019 06:24 AM PDT I'm young and have been focusing on my own finances recently, but I had a sobering conversation with my mother last night, where she told me that she doesn't see herself retiring before the age of 75 (if even then). I've always expected myself to be making enough money to take care of her by the time she's 65, and while I'm on the track to doing that, any number of things could happen to me that could prevent me from doing that (e.g. car crash, going blind, dying). I want her to have something to prepare for the future with, should something happen to me. She has virtually no savings, my step-dad is unreliable so I'm not factoring him into any "savings/future" scenario (if he ends up coming through, then great, but I'm not betting on it), and she has low income. I'm pushing for her to set up a 401(k) with her employer, where she'll be able to contribute around $100/mo to. Are there any of the methods or strategies I can/should employ? Any advice would be appreciated. [link] [comments]  |
| Posted: 11 Jul 2019 08:27 PM PDT I'm a Marketing Director for a business located in a large city in the Midwest. The business is family-owned but incredibly successful. It's a high-end pet care facility, and our prices are easily the highest in our industry (at least locally). I handle all of the in-house marketing for the business (everything but coding the website and paid Google search) plus any graphic design, photography, etc. projects that my coworkers throw at me. Right now, we are working on opening a second location, and while there have been tentative talks about hiring me an assistant, I have yet to get the go-ahead to hire anyone or even post a job listing. I'm overworked, and I'm starting to think I might be underpaid. I make $36k/year with a bachelor's degree. I just graduated in 2018, so I understand that I don't have years and years of experience, but I literally handle almost all of the marketing for this company. I'm struggling to even convince my bosses that I need a new computer, so I doubt I'd be able to negotiate a salary increase any time soon, but it would be nice to know how much my work is really worth. Am I being underpaid? Am I being OVERpaid? I really have no idea how much I should be making. Any and all help is appreciated! [link] [comments]  |
| Posted: 11 Jul 2019 02:36 PM PDT Growing up, my family was always been very poor and we understood that our parents would need help with retirement. All my siblings and I were fortunate enough to have all of our college paid for through financial aid and now all have well paying jobs. The problem is we aren't too sure how exactly we want to split the total amount my parents would need each month for bills, food, and other expenses. They would need about $2500 a month and there are 4 of us but there have been arguments over all of us paying the same amount vs percentage of income. What are the pros and cons of each and what do you all think would be best? We all make 40K - 80K USD and live in the Midwest. [link] [comments]  |
| I mapped out the financial landscape for my first year as a graduate student Posted: 11 Jul 2019 10:50 AM PDT Here's the landscape I'm hoping I've considered the bulk of what's to come; I've been using this spreadsheet pretty reliably for almost 3 years now. My gross income is part of a fellowship program and the living expenses are variable due to an estimated $90-$160 electric bill. [link] [comments]  |
| Elders couple receiving Medicaid has 401K. Can they use the 401K to purchase a home? Posted: 11 Jul 2019 08:24 PM PDT -Elder couple with a handicap spouse that's not receiving SS Disability -Has a dependent child -All have been receiving Medicaid -But the other spouse still has 401K. Can they still use the 401K to purchase a very small home it could be exempted as an asset? https://www.dhcs.ca.gov/formsandpubs/forms/Forms/MC%20Information%20Notices/MC007ENG(0414).pdf.pdf) Since they're already receiving Medicaid, will they be required to payback all of the 401K and not able to convert it as an exempted asset? Is there an organization that can help them figure this out? How can the elderly determine if an organization is attempting to scam them in any way? [link] [comments]  |
| How much is my running car with problems worth? Posted: 11 Jul 2019 06:45 PM PDT I have a 2000 Honda Accord Ex. It's basically a Shit box now, and has about 220,000 miles on her. Problems include need of new front brakes, and some other problems that probably cost ~750. The exterior isn't great either and is rough. Basically I have no idea what I should list it for ? She runs but that's about all she does [link] [comments]  |
| 27Yr Old, ~65K in Savings, Not Sure What to Do Next Posted: 11 Jul 2019 06:41 PM PDT First-time poster here! I currently work at a non-profit organization and participate in the 403(B) plan, contributing 5% of my annual salary. After graduating from grad school 4 years ago, I've somehow managed to save up ~65K despite not living at home and living in a big city, paying crazy rent, etc. Most of the money is sitting in a high yield savings account right now. I don't have student loans, car loans or any other debt. As I'm turning 28 in two weeks (woot woot! Leo season!), I want to really start actively managing my money, grow my assets and secure a financially comfortable future. I feel like my current savings mostly come from 1) no entertainment 2) low-cost diet 3) minimum purchase in clothing or any other commercial product. As I move forward with my life, I would like to be able to take a break from this lifestyle and just be more financially intelligent. I guess my questions are how to start investing, what are some helpful tools, what kind of mindset should I have, etc? All suggestions, comments or criticisms are welcome and appreciated! [link] [comments]  |
| Best place to store money / Is my financial plan reasonable? Posted: 11 Jul 2019 05:09 PM PDT Hey folks, so I've been spending the past couple of months getting into personal finances. I'm a senior in college with no debt and about $25k saved up. I wanted to figure the best way to split up my money for different goals. I currently have my Roth IRA maxed out all on vanguard target date 2055. That obviously won't be used until much later. About $5000 of that money saved up is in a brokerage account. I started off with Wealthfront but just transitioned to vanguard. I have about 30% bonds 70% stocks. The assets are still the same as what Wealthfront bought for me when I started. This money will probably be part of a house payment in 5-10 years. So that leaves me with $20k. I think I will put $10k in a Wealthfront cash account as an emergency fund with a good interest rate. $2k will be left in my checks/savings at any time for monthly expenses. So that leaves me with just over another $5k to mess with. My first goal coming up is helping my fiancé pay off her student debt in 2 years. Where would be the best place to put that money? [link] [comments]  |
| 24 years old, lost with no financial planning Posted: 11 Jul 2019 07:50 PM PDT First post here. I'm 24 years old, and I feel like everything is hitting me all at once and I need to start thinking about my future more closely. Currently living in Ontario, Canada. I know I'm late in my age to only now thinking about my financial situation and I haven't made the best decisions with my money. (Financed a pretty new car for 17k, $137 biweekly) I have a girlfriend who I plan on buying an engagement ring soon, so I guess is what getting me motivated to look more in depth about my money. I want to start researching but the internet is huge and I just need some guidance to help me start. I guess what I want to know is where do I go from here? Should I look into investments? Break down of my income and debt I have $16k in my bank I make $2k a month $137 bi weekly for car payment $380 car insurance $100 for phone & internet I plan on taking a second job up for some extra cash on the side but I guess what should I look into regarding investments and that kind of stuff? I'm kind of lost and stressing out about money now. Any help would be appreciated [link] [comments]  |
| Our finances are a manifestation of being lost in my career Posted: 11 Jul 2019 11:25 AM PDT I've been out of college since 1999, graduating from one of the top 10 public schools. I worked 40 hours a week and had a 2.47 GPA double majoring in business and statistics. With six AP scores of four or five, I made it out in four years. I flat out HATE my alma mater. My wife and I have been married 13 years, and we have a six year old boy. We had $64,000 in student loans in 2006, and now it's $82,000. We short sold our house two years ago after owning for 11 years. We settled on $76,000 of credit card debt for $16,000. We had no debt of any kind when we met. We are renting very cheaply here in Dallas-Fort Worth, and my career is really the only thing wrong in our life. She beat breast cancer in 2011, and our son was a surprise two years later. I currently have three jobs. In that 20 years since college graduation, I've had 31 jobs: 9 permanent and 22 contract as a data analyst, financial analyst, sales analyst, etc. I have really loved seven jobs, and I was apathetic about most of them. I have twelve references that speak really well of me.
I simply don't have any goals
The good news is I seem to have a knack for getting hired. The bad news is I've had depression for decades, and several suicide attempts (related to my career or my family of origin, which has been abusive every way but sexually). My depression began in 1995, when my college choice was changed behind my back (housing, registration, etc.) by my sister, and my parents took her side. Her alma mater is also mine. We haven't spoken since 2005. When I have goals, I accomplish them. When I don't have goals, I get bored and fired. I'm 60 pounds overweight, and my blood sugar is typically 350. I don't want to die, I just wouldn't care if I did. I have personal days today and tomorrow, and I want this resolved. I feel guilty being on Reddit at 1pm on a Thursday, but I really need help. Please direct me to a different subreddit if needs be. Thank you for reading and bless you. [link] [comments]  |
| What are some safe but worthwhile investments for a 5 figure amount. Posted: 11 Jul 2019 07:44 PM PDT Hello everyone, I've been saving up for my law school rent for the past year and I've amassed about 30-35k for rent, which will be about 13k a year. (I'll be earning something in the summers to make up the difference. I've been thinking about investing 12-17k in a CD, but I'm a little confused on the best one or if I should pursue something else. I really can't lose this money, so volatile stocks or puts/calls are out of the question. Any suggestions would be greatly appreciated! [link] [comments]  |
| Would a prepaid Visa card have any sort of personal information on it? Posted: 11 Jul 2019 07:35 PM PDT Title pretty much says it all. Would it have any personal information on it at all, like your name, your SSN or anything? [link] [comments]  |
| Posted: 11 Jul 2019 03:21 PM PDT I won't get into specifics, but my parents are toxic and terrible people. When I go to college, I'm never taking to them again. I don't want to deal with their abuse and bullshit anymore. Everyone thinks that I'm going to be relying on my parents for money, but I'm not taking that route, even if it leaves me dead. They'll hold any and every bit of money I owe them over my head and take control of my life with it. I plan on spending for only necessities. That much seems obvious, but other than that, what are some helpful financial tips for someone who starts college in less than two months? What paths should I take to be financially secure? Small edit: I'll be attending a community college Edit 2: I've talked to a local army recruiter about my future. This was roughly a few months ago so excuse any haziness on details. He asked what I was going to college for and I told him computer science. He told me that the service needed people who knew there way around computers well, and that they also can help put people through college. It honestly sounded like a decent offer. What are your guys thoughts on this? [link] [comments]  |
| My dog attacked another dog. Paying for their vet bills. Posted: 11 Jul 2019 09:11 AM PDT Hello, I adopted a dog six months ago and while he was a great dog, he showed aggression to other dogs. He managed to get through our screen door and attack a small dog that was on a walk. The owners have been understanding with us. We ended up surrendering our dog to animal control because we didn't want it to attack another dog or become aggressive to children or our cat. Anyways, their vet bills are around $2400 and rising with dressing changes, etc. We asked our home owners insurance but they go by the value of the dog and since this dog was adopted, as well, it's not that much, plus it would raise our rates dramatically. Both my wife and I are in school full time so we don't have much savings right now. My question is what is the best way of paying for this? Personal loan? Home equity? We bought our house last year and have about $15,000 in equity. I am a nurse who can pick up shifts casually when I'm not studying so if I pick up ten shifts I can cover the cost. I'm leaning more to a personal loan because even though the interest rate is higher, I can pay it back within a few months if I work those extra shifts. Just wondering what your thoughts are. [link] [comments]  |
| Can my bank deny me a line of credit without a co-signer because of my age? Posted: 11 Jul 2019 08:33 PM PDT Hey everyone, so I have a quick question. I'm 21 years old, have been with my current bank (CIBC) for over 5 years. I've owned credit cards since 2016, and have a higher than average credit score (CIBC lets you check it for free on there app). This is my first time opening a line of credit. The lady I had a meeting with said that in order to get a line of credit you need to make a certain amount of money per year which she checked as I brought my Tax Forms, and I did not meet this because I was in school full-time for the last 2 years. I told her that 2 years before that I was working full-time, living on my own and paying rent. Now that I'm out of school, I am back to working full time and have saved almost 2k in 2 months. So she said she needs to send an email and ask if this can be wavered because I was in school. But during the meeting, she mentioned that I might need a co-signer because of my age. She mentioned it briefly, but after the meeting I was a little taken back that she mentioned my age. I feel my age has nothing to do with my responsibility of money and my credit/money history can prove that. My father is not in the picture, and my Mother has a horrible credit score. I do not have anyone to co sign. Personally, I've known my Mother to be horrible with her money which is why I take it seriously with my finances. *I would also like to note that my credit card allows me up to 3k and my overdraft allows me up to 1.5k* So my question is: When I meet with her next and if she says I need a co-signer because of my age, Can I fight that? Is there any other reason I would need a cosigner? TLDR: Bank mentioned I could need a co-signer to open a line of credit because of age. Can I fight this? [link] [comments]  |
| Posted: 11 Jul 2019 06:19 PM PDT Throwaway for personal finances. My wife and I just sold our house and are taking some time off to travel before decide where to settle back down. In the meantime, we were looking into 90-day CDs as an option to make a little bit of return on our profits from the sale. I know some internet banks and the like offer better rates than brick-and-mortar banks - can anyone recommend some resources to check out or companies to consider? As long as they are FDIC insured I don't really see an issue with going with a lesser-known entity... We are looking to invest about $110k. *edited for typos* [link] [comments]  |
| Tired of inflation, how do I stop losing money? Posted: 11 Jul 2019 08:27 PM PDT Inflation rates are way too high, and I don't want my money tied up in us anymore, what is the EASIEST way to stop my money from losing value. I'm only 18 so it's not that much money, and it's going to get lower very soon, if you can help me I'd appreciate that [link] [comments]  |
| Would like to borrow around $3,500 for a car- what are my best options? Posted: 11 Jul 2019 04:25 PM PDT Hello! So essentially, I've been driving what was supposed to be a 'temporary' beater for the past 3-4 years or so. I'm 22f - was kicked out immediately after graduating high school and bought myself a $900 'reliable' beater with cash. I'm currently working full time and have a decent income stream, good credit, and consider myself to be financially responsible with no debt or student loans at the moment. I've been passively looking for a more reliable vehicle recently because my beater is getting to the point where the amount of repairs it requires aren't proportionate to the value of the car, and at over 200,000 miles I'm sure it won't last much longer. A few weeks ago an excellent deal on a 2008 Ford Escape in great mechanical condition, with only 50,000 miles came up from a family friend- they're asking $4,500 ( well below KBB value ). I have a $1,000 down payment set aside, so realistically I'd be looking at borrowing $3,500. I can only imagine that it's barely worth it for a lender to consider me with a loan that small. I put in a loan application to a local credit union for the amount, and after several weeks they're still processing the loan with no info and minimal contact, so I have a feeling that a denial is on the way. Any advice on taking out a loan under $5,000 for a used private party car, if it's even possible? It seems to me that a personal loan is probably my best option at this point, but I'm also nowhere near a financial expert. [link] [comments]  |
| Posted: 11 Jul 2019 08:10 PM PDT Title pretty much sums it up. I work a seasonal job that has been incredibly slow this summer, I also collect $1,113/month in disability from the VA every month. I can safely afford a maximum of $200/month to use for investing. I don't know where to start and where I should put my money for the best possible return. I'll take any advice I can get. If I need to edit or add anything please let me know, new to this sub and also on mobile haha. Thanks! [link] [comments]  |
| Would financing a phone through the manufacturer/seller improve or hurt your credit? Posted: 11 Jul 2019 08:09 PM PDT So I need a new cell phone. Normally I'd buy a year old high end phone from last year for like $300. But right now I'm specifically trying to improve my credit to get a car loan down the road. So I thought - hey, even though this is normally not how I'd normally like to do it, maybe I should finance a phone. An installment loan I paid off regularly and on time would help my credit, right? Except when I was reading up on it, some credit-boosting forums said that those accounts constitution a "consumer finance account" and somehow, even if you're in good standing, those actually decrease your credit score because they're looked at as undesirable loans. Which makes no sense to me. In my case, I'm not talking about financing through a carrier. I use Mint and I'm already paid up for service for a year. So I'm not going to finance through one of the carriers if that requires a contract with them. But that leaves me some options - for example, you can get a Pixel off the google store using their financing program, or you can finance anything from Samsung. Other examples here So, my question is - if I finance a phone through someone google or samsung directly (I know it's partner banks actually issuing the loan), and then pay off those loans on time, is there a chance I would actually hurt my credit score? That sounds absurd to me, but there are a few finance/credit advice forums that seem to indicate this to be the case. [link] [comments]  |
| Should I start paying off my student loans? Posted: 11 Jul 2019 08:02 PM PDT I only have about $10,000 in student loan debt. Right after college I moved out of the country and I never started making payments. I've only been contacted by collectors now as I've moved back in the US recently and started filing taxes here again. I keep hearing stories about people owing something like $30,000 and paying $25,000 off but still owing like $29,000. I don't really understand this, besides it being from interest. I have a self employment income so they can't garnish my wages, but I know they can garnish my tax refunds. Should I start making minimum payments or just let them take my tax refund? [link] [comments]  |
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