Personal Finance Weekend Discussion and Victory Thread for the week of December 04, 2020 |
- Weekend Discussion and Victory Thread for the week of December 04, 2020
- Does it make sense to refinance a mortgage a 2nd time in a year? (US, Colorado)
- Minimum Wage Increase
- Dealership wanting half down on a trailer. We have good credit.
- Identity theft. Someone created a fraudulent checking account to my name. What to do?
- Walmart MoneyCard holding my funds hostage, please help! (Louisiana)
- How can I turn my debt around while making less than $30,000 a year?
- Most simple and user friendly platform for young adults to start saving and investing?
- Miscategorized as 1099
- Investing Social Security death benefits for child
- Have 20K in the USA but I'm living in Europe, exchange rate of 1.21 is too much. How to fix this?
- How does Investing in HSA work? (US)
- Recently divorced, now trying to get my finance in order
- I Want to Invest in a Tax-Advantaged Fund (Like VTSAX) in a Taxable Account Rather than Retirement Account - is this OK?
- My boss pays me like a contractor and treats me like an employee, need some advice.
- What can do about a debt collector you can't reach and debt you can't afford to pay off?
- Best way to invest $30,000 for college.
- Finance software recommendations
- My 401(k) account worth $4900 from a previous job was terminated by the employer. Where does that money go?
- A firm from out of state calling about a time barred debt
- Keep or Ditch Financial Management Group?
- Year-End Taxes for Investments
- Just found out parents didn’t claim me on their taxes
- Always shop around for interest rates before settling;
- Looking for an auto loan that will give me a decent/average apr
- what happens when you get pre-approved for a car at your own bank?
| Weekend Discussion and Victory Thread for the week of December 04, 2020 Posted: 04 Dec 2020 01:00 PM PST If you need help, please check the PF Wiki to see if your question might be answered there.This thread is for personal finance questions, discussions, and sharing your success stories:
A big thank you to the many PFers who take time to answer other people's questions! [link] [comments]  |
| Does it make sense to refinance a mortgage a 2nd time in a year? (US, Colorado) Posted: 04 Dec 2020 11:22 AM PST Hello! In May we went from 4.25 to 3.5% on an almost year old home mortgage from 2019. Closing costs were $2600. No points on the loan. We can now refinance to 2.875%, similar closing costs. I hate to pay those closing costs again--but it makes much sense in the long--right? We're planning on living in the home for a long time. I do not have a great mind for numbers/finance. I appreciate any advice! Also, I've done a few mortgages with this same guy. I like him and mostly trust him. It's easy to work with them. Is it silly not to be shopping around? Also--how much lower can the rates go? Thanks for any thoughts! EDIT: Wow--this group is amazing! Thanks very much for all the good advice and interesting discussion. I've got a lot to chew on. I'm pretty blown out by how helpful people are in this group. Thank you! [link] [comments]  |
| Posted: 04 Dec 2020 01:42 PM PST My company announced today that they are raising the minimum wage to $15/hour effective April 2021. The announcement indicated that hourly employees already making more than $15/hour would "have their wages adjusted based on a compression scale." However, specific individual wages will not be provided until March 2021. Would this indicate pay raises are coming due to the increase in minimum wage? [link] [comments]  |
| Dealership wanting half down on a trailer. We have good credit. Posted: 04 Dec 2020 01:15 PM PST I work in finance and feel pretty knowledgeable on the subject, but maybe I'm missing something. My dad and I have gone through a lot this year. We saw a little 2014 camper trailer at an RV dealership and thought it would be a nice get away tool. They boast about being a smaller establishment, and offering better prices. Like buying a car (which I have a lot of experience with) there's a stage where we talk to the "sales guy". It took this dealership two days to get back to us. There weren't any fancy terms we made. We just applied, and they said they'd call us later. I thought that was strange as they didn't seem busy. Anyways we were prepared to put 10% down. They called me today asking to put 50% down or no bank would lend to us. When I asked about the interest rate if we did, they didn't even have a number for me. I feel like that's absolutely incorrect, but have also never purchased a camping trailer before. We have great credit. Hardly any debt at all (all of it is long term debt too). So I'm trying to see if I'm being scammed or there's some other incentive they have, that I'm not seeing. Any info helps. Thanks. [link] [comments]  |
| Identity theft. Someone created a fraudulent checking account to my name. What to do? Posted: 04 Dec 2020 06:36 PM PST So here is what happened to me recently. This is post to both vent and ask for advice on what to do next. I was somehow a victim of identity theft, and no idea what to do. Someone managed to create a checking account on my name. I found when I happened to apply to the bank for a credit card in the same bank (maybe nice coincidence, but it's one of the major banks). I was approved for the card and so dar so good But When the card finally arrived in the mail and I tried to activate the card and create an online account in the bank it was not letting me. I have never step a foot in this bank or have a checking account of any sort before applying to my credit card. I was not able to activate it and create an account due to an online account with same name already existing. I talked to customer service and they said that there was an address and phone that didn't match what I was telling them which was weird so I hanged up and called the fraud department. I talked to the fraud department and they basically said that there was a checking account with my name that had been created few months before I applied for my credit card ( I didn't create it, no idea if it had a balance). I asked to get the checking account closed, the online account to my name closed so I could open a new one and a new plastic card sent to my correct address. I don't know what else to do. I filed a claim with ic3 and put an alarm in Trans union, but I don't know how to check if there are other fraudulent checking or loan accounts to my name. No idea why would someone open a checking account with someone else name. Also no idea how they got my info in the first place which concerns me. When I finally managed to open my online account, I found the scammer physical address and phone number which I have removed (I guess the accounts just got merged or something?) . I did copy paste it in the the ic3 report to alert them on who did it. Should I close this credit card account? Should I plan some petty revenge and mail random shit to the scammers house? Should I do something else beside reporting to the ic3 website?? - it's basically a branch of the FBI if you are wondering Thanks for reading this far Tldr: someone created a checking account to my name. I found out because I happened to open a credit card in that same bank. Checking account has been closed but I have the personal information (phone and address) of the scammer Any advise? [link] [comments]  |
| Walmart MoneyCard holding my funds hostage, please help! (Louisiana) Posted: 04 Dec 2020 09:35 AM PST Hello, last night I purchased a Walmart MoneyCard and loaded it with $500. After the initial purchase I went online to register the card. I was told that my identity couldn't be verified and fraud was suspected. After being told by customer service that there's nothing they can do, I called customer support and waited on hold for two hours to be told that my card can't be used, there's no way to get the money off, and there's no information on why. I asked to speak to the fraud department and was told that he was the fraud department, and I cannot and will not be able to access my money. What can I do? I'm so upset over this and can't believe they offer no explanation. The one person I was finally able to get thru to was so rude as well. Thank you for reading. [link] [comments]  |
| How can I turn my debt around while making less than $30,000 a year? Posted: 04 Dec 2020 04:51 PM PST Warning: this is extremely long. I'm going to try my best to provide all the details.. I'm new here so forgive me if I am missing anything or if this doesn't make sense. Background: I will be 30 years old next June, I have an associates degree in liberal arts, an unfinished bachelors in international business, a ton of long term work experience and currently hold my insurance agent license and work for an independent agency. I typically work a 2nd job in the restaurant industry but lost it due to COVID and quite frankly was overworking myself. I sort of turned myself upside down in my younger 20s. I have a 2016 Corolla that I owe more than what it's worth. I owe a little over $9,000 to the loan ($274 a month) and it's probably only worth less than $8,000 if it were in perfect condition. I put quite a bit of mileage on it in the first few years and caused a couple thousand dollars in cosmetic damages (front bumper/lights). I owe $900 to a closed credit card, $400 to an overdraft protection fee, and about $200 in medical bills. My student loans are insane and at $31,000. I have one stupid Victoria's Secret credit card with a $250 limit but I do not use it. All of my bills have always been paid on time .. but I really struggle with the student loans, often deferring them and not managing to pay the interest. I'm so ashamed with myself. Rent is $625 a month which is insanely low , I know. Our electric bill ranges from $40-90 depending on the time of year. $40 for internet. All which I generally split with my boyfriend who unfortunately has been laid off most of the year due to the pandemic. My other personal bills involve $90 for cell phone which I need to just face and get a cheap phone and not an iPhone and $35 for the gym .. which I realize I could let go of but is my only real escape. I also pay $24 a month toward a life insurance policy and a disability policy. $143 toward car insurance. My income as an agent comes in roughly around $26,000 - $27,000. I am paid a fairly low hourly wage with the expectation of selling more policies and earning more of a commission based income. However I am only in my 1st year and am still accruing accounts - finding it tough to balance the service work / sales all in one. Some months my commission has been as high as $250.. some months as low as $5 or none. Basically with out factoring in commission and student loan payments - I have $90 of flexible spending a week. Gas , groceries, whatever else. My credit score is said to be 685. I am seen as a great potential at my work and I do enjoy what I do. I also will have the opportunity to receive a fairly large (for me anyway) yearly dividend of profit sharing beginning in April 2022. It just seems so far away. I have been really frivolous with my money in the past and I'm embarrassed to admit it here. I spent most of my extra money drinking or buying pot in the past. It all finally caught up to me this year when I realized I was barley making ends meet and it was really bringing me down. All of my friends starting families and buying homes.. traveling and seeing the world. And I can't even afford to buy myself a new pair of shoes for work. I quit drinking in July and 4 days ago made the decision to finally quit smoking pot. I know it's lame . But I am truly trying to get back on my feet. I have lived in this tiny studio for 3 years and I am just desperate to get out. We can't even afford a 1 bedroom for $8-900. It's awful. Every day I see a friend buy a house or fly to some vacation and it kills me. I don't even know where to begin. I have been trying to come up with a "side hustle" to bring in more money but I'm not having much luck. I'm an excellent photographer but have never been able to afford a real camera.. only my cell phone. I've considered InstaCart but I'm worried it will just put me in a worse position when taxes roll around. We have considered moving into my parents for a year to get us on our feet but it would definitely be a challenge to live with them. We would be paying $2-300 less a month , though. Anyway, if you actually made it through this.. thank you. If anyone has any advice on how I can make 2021 a better year - I would forever be grateful. [link] [comments]  |
| Most simple and user friendly platform for young adults to start saving and investing? Posted: 04 Dec 2020 01:35 PM PST I am working with an organization that helps foster youth transition into adulthood, and they are looking for an online platform for investing and saving that youth will be able to easily understand and use, that will follow them wherever they go and not be tied to a location or a job. I use Vanguard, but I would not describe it as user friendly. Are options like Fidelity, Robinhood, or others a better option? In order to make it as simple as possible, we would love to have 3 primary options to advise youth on their money placement. One option as an interest-bearing savings account for planned purchases and emergency funds, a specific mutual fund we advise them to use (an index fund of some sort), and a target retirement date account for IRA savings. We have spoken with advisors before, and honestly, they give too many options. Our youth don't need 100 options and a complex system to figure out, so we are trying to find the most user-friendly platform and provide these 3 primary options to take the confusion out of their first steps in saving and investing. Any advice would be helpful. [link] [comments]  |
| Posted: 04 Dec 2020 10:55 AM PST Current job has been paying everyone as 1099 even though probably illegal by IRS and now AB-5 rules. I read NOLO and see I can file an SS-8 and a 8919 but probably not anonymously, and it would only help me, not the minimum wage girls who are flying without any safety net like unemployment state disability etc. Is there a way to anonymously report a business? Will it help with my taxes? The owner of the company is an old friend of the family like godfather to my brothers close and I don't want to be the one who fucked everything up. But I don't want to be on the hook for thousands of social security he didn't pay but should have. He knows he's not following the law but he's a cheap bastard who doesn't want to pay unemployment insurance or have worker's compensation coverage etc. I left a few weeks ago but for taxes this year and for everyone else still working there? You know? [link] [comments]  |
| Investing Social Security death benefits for child Posted: 04 Dec 2020 06:44 PM PST My wife recently passed away and our son is receiving monthly Social Security death benefits until he turns 18. The death benefits can be used to pay for his expenses (home, food, clothes, medical care, etc). My original plan was to not spend any of the money and instead invest it for him so when he turns 18 he will have a significant amount of money available to him. I'm fortunate enough to be able to afford all of his expenses without needing to use the SSA death benefits. The concern I have about this plan is that when he turns 18, he will have access to all of the money. I don't think it is a good idea for an 18 year old to have over $200k available to them. Just seems like there is some potential for trouble. I'm trying to find ways of having more control over when he receives the money. One idea would be to use the death benefits for his expenses. Use it for his food, clothes, home expenses, entertainment, etc. For every dollar I spent out of his death benefits, I would match it out of my personal money and invest it under an account that I owned. If I used $500 of his death benefits to pay his expenses, then I would contribute $500 of my own money in an investment account. While the account would be mine, the plan would be to give him the money when I felt he was ready for it. Could even trickle it out based on certain ages. Maybe he gets $10,000 when he is 18, $50,000 when he is 24 and the rest when he turns 30. Just as an example. There would probably be some taxing downsides to that. I'd have to pay the taxes on capital gains. If it was under his name, he wouldn't since he wouldn't be making enough each year to file taxes. I could put it into a 529 savings account, but he already has a healthy 529 account to pay for college in the future. Is this a good idea/bad idea? Does anyone have other ideas? [link] [comments]  |
| Have 20K in the USA but I'm living in Europe, exchange rate of 1.21 is too much. How to fix this? Posted: 04 Dec 2020 12:08 PM PST I have 20K on my bank account in the US but because of the Corona-Virus I moved to my home country in Europe. I'm still getting paid in US dollars every month. Under normal circumstances I would just exchange the money to Euros but with the exchange rate as it is I don't want to lose that much money. I don't need the money right now and I've been waiting for the rate to get better, but I'm afraid it won't. What should I do with the money so if I do decide to exchange it I won't lose a lot of money? IM NOT A US CITIZEN. So taxes apply I guess. I do have family in the US that could invest the money for me though and then just send it back. I just don't want the money to sit in the bank account losing value. Thanks for the help! TLDR: Have money in US that I don't need right now but I feel it's losing value. What should I do with it so when I exchange it for euros I don't lose a lot of money? [link] [comments]  |
| How does Investing in HSA work? (US) Posted: 04 Dec 2020 08:47 AM PST I have an HSA with my work and have enough cash in there for 2 years of OOP expenses. I plan on investing the rest of it. What happens if I have an emergency and need to use more of my OOP expenses and dip into the investment part of it? Will I be charged a penalty for cashing out my investment to use on a medical expense? It's unclear to me how that part of a HSA works. Any insight would be appreciated, thanks! [link] [comments]  |
| Recently divorced, now trying to get my finance in order Posted: 04 Dec 2020 10:40 AM PST 44M here. Life sucks ass but I'm trying to move on. Here's my current financial situation which I'm trying to make sure I can progress forward towards financial success.
My first priority is to get rid of the credit card debt ASAP. And then start saving up towards purchasing a condo in the next few years. My job is quite stable and secure so at least I have that going and it pays quite well. My biggest drawbacks is huge alimony payment which is taking a big chunk from my salary (god damn international divorce with kids ain't cheap). As a result, money in pocket per month is quite low, but I tried to supplement that with my annual bonus and I'd sell some shares if I'm short (happens from time to time). I'm limiting all unnecessary expenses as I'm trying to get rid of that $75K debt as fast as possible. Any suggestions on how I can get rid of that credit card debt as soon as I can? Should I just sell $20K of the stocks and pay some of it off and keep $20K for emergency fund? (throwaway account for obvious reason) [link] [comments]  |
| Posted: 04 Dec 2020 06:52 PM PST I'm in my early 20s and I'm about to invest a good chunk of money into Vanguard's total stock market fund, and continue to invest for years to come. This is a tax-advantaged fund. However, I want to make my investments in a taxable account rather than a retirement account such as a Roth IRA. I believe I fully understand the benefits of a retirement account. But I don't want to have to wait 40 years until I can take out earnings without penalty. I'm not a big spender, and I save a lot. And when I say "take out earnings", I don't mean everything. I understand compound interest and the necessity of leaving most gains in there to continue growing exponentially for years. But I'd also like to have access to my gains whenever without being penalized because I didn't wait 4 decades. I feel like life really isn't guaranteed. And I fear that waiting until I'm 60 before being able to take out investments is risky. Death, illness, disability, these are all serious possibilities that increase in chance the older everyone gets. I'm self-employed but in quite a lucky position income-wise. And with starting to invest this early, I'd think I'd at least be pretty set by the time my late 30s / early 40s roll around. Living off of investments is an ultimate goal for me, and if I have the opportunity to do so well before 60 I'd like to be able to take it without penalty. [link] [comments]  |
| My boss pays me like a contractor and treats me like an employee, need some advice. Posted: 04 Dec 2020 07:03 PM PST I've been working under an architect for almost 6 months now. Ever since I started this position, I was told that I am an employee, but in some ways he treats me like an independent contractor. Let me break it down: How he treats me like a contractor:
How he treats me like an employee:
About that last one: he absolutely hates paying taxes and will fudge numbers when possible. He shouldn't want a paper trail, so why would he want to pay me through direct deposit? Anyways... The reason I'm making this post is because my dad brought this to my attention. If my boss gets audited, then technically I get audited too. I need to know if I'm a contractor or not so that hopefully I can deduct my miles when I do my taxes. My boss has bragged to me that I won't have to file (since he doesn't withhold), but obviously this is pretty scummy and he might be using me to his advantage and not mine. My dad and I will ask our accountant next week, but I'd appreciate any advice in the meantime. I was going to use Stride and add my trips as missed commutes, I have a detailed log of my tasks on my timesheet with dates and all. TL;DR: I can't tell what type of worker I am, I don't want this to come and haunt me if my boss gets audited and it comes back to me. [link] [comments]  |
| What can do about a debt collector you can't reach and debt you can't afford to pay off? Posted: 04 Dec 2020 08:24 PM PST Hi all, I've been suffering from chronic kidney stones that have put me in the hospital a total of 5 times this year and I've managed to rack up about $4000 of debt with the hospital but am unable to negotiate the bill due to their finical office being closed due to coivd-19. I also have not received a bill from the hospital or a call from them so it seems like they only go direct to collections. I have tried to contact the collections company but both the numbers the hospital gave me are disconnected. I also haven't received an collections notices in the mail the only indication that I have the collections report is the ~90 point hit on my credit score. I've filed a dispute but I have no idea if anything will come of it. They could have been attempting to call me but I get well over 200+ spam calls a week that are auto-blocked by T-Mobile's scam shield. What should I do? The hospital is running me around in circles and even if I could afford to pay the debt debt off in full (I am in the extremely low income bracket as well as being a full time student) I have no way to contact the debt collector. Is there some other way to pay off my debt without going through the collector. I am also unable to take out a credit relief loan due to the collections report pulling my credit score down too low. Sorry if this is kind of rambly I'm just at a loss for what to do and I've been trying to build a good credit score for the past 4 years and this one collections report has wiped away all my progress so much that I couldn't even think about opening any new beneficial accounts if I tired. Also I should mention that with my current budget if going by the 50+30+20 method I can afford to pay roughly $180 a month towards my debt if I'm not saving a cent. My savings were recently wiped out by being out of work for about 2 1/2 weeks due having surgery (for the kidney stones.) [link] [comments]  |
| Best way to invest $30,000 for college. Posted: 04 Dec 2020 06:54 PM PST Come early summer I should find myself with a substantial 5 figure lump sum settlement from a terminated employer pension plan. I have a substantial 401K, and a small side Roth IRA. I am wanting to squirrel away this upcoming sum into an education fund for my 2 daughters...now a highschool sophomore and an 8th grader. I know this would just make a dent in a year at a private school, but I hope to help them some way, no matter what sort of schooling they choose. Know very little about the tax implications here. Is a 529 my best bet, or a general investment fund? TIA [link] [comments]  |
| Finance software recommendations Posted: 04 Dec 2020 12:01 PM PST I need recommendations for finance software. I have friends who use quicken and feel that they like using that, but I don't really know a lot about any of the other software options. I really just need it for basic budgeting and keeping track of debt snd medical bills etc., nothing fancy. Feel free to drop your recommendations and what you like about that particular software! [link] [comments]  |
| Posted: 04 Dec 2020 12:35 PM PST I did a short duration job in 2019, and contributed to 401(k) for 3 months before I quit. My vested investment was $4900, so that falls in the middle, and I am not exactly sure about the next steps. Should I wait for the employer/Fidelity to open a ROTH/IRA on my behalf? [link] [comments]  |
| A firm from out of state calling about a time barred debt Posted: 04 Dec 2020 03:41 PM PST A few weeks ago I got a voice-mail from a firm inquiring about a private student loan debt from about 13+ years ago. The original debtor went under during the 2008 financial crisis and ceased to exist. I was younger then and a few years later I became concerned about fixing my credit. When I tried originally to address the debt there was no contact information to address it. A few years later the debt was sold, and over time it had been re sold a few times. It came off my credit report a few years ago even though it should have fallen off many years prior. Now a firm based out of Cleveland is calling me everyday, the statue of limitations on time barred debt is five years in my state. I was going to send them a letter first for them to stop contacting me, but then I thought I should formally request a verification of debt. I was reading the wiki and it says that it doesn't make sense to request verification of debt if the debt is at or near the statue of limitations. My question is how should I proceed? I contacted two lawyers, one said to tell them to screw themselves the other said it might be cheaper to pay them a fraction than retain a lawyer. I want them to stop contacting me, should I not request proof of debt first? Thank you [link] [comments]  |
| Keep or Ditch Financial Management Group? Posted: 04 Dec 2020 12:50 PM PST I was bequeathed a sum of money due to a parent's death early in life. I am now 27 years old and considering my best options for the sum which has grown to around $250K. It is currently managed by a financial group who also managed the money prior to its disbursement to me, and their fee is around 1.25% / year. The money is held in about 12 mutual fund positions and has an 80-90% growth balance. They will pick new funds occasionally to redistribute across all client accounts with the same growth model but are not really actively trading on my account. I have separate retirement funds that I "manage" myself via mutual funds / target date retirement funds in Fidelity pretty much solely based on expense ratios and 10-20 year returns. My initial thought is that it's hard for any asset management group to beat the market by at least 1.25% per year, especially if the account isn't being actively traded. Having run the numbers through calculators, I could pay ~100k less in fees over the next 28 years by simply dumping the money into low expense mutual funds and calling it a day. The thought that follows is that I don't *really* know anything beyond the basics of investing, and I don't want to set myself up for failure. What are the chances that a non-actively traded account beats a target retirement fund over the next 25 years? [link] [comments]  |
| Year-End Taxes for Investments Posted: 04 Dec 2020 06:49 PM PST In 2020 I've made a sizable amount in crypto (nearing 6 figures). If I believe more gains are on the way next year, does selling and re-entering accomplish anything for me tax-wise? I guess I'm asking: Will I be taxed this year for unrealized profit in crypto? If so, then I shouldn't have to sell and buy back in, right? [link] [comments]  |
| Just found out parents didn’t claim me on their taxes Posted: 04 Dec 2020 05:50 PM PST I was looking at my parents' 2019 taxes and I noticed that they didn't claim me as a dependent. I'm guessing it's because I was working in 2019 so they thought that they can't claim me anymore. When I filed my taxes on TurboTax, it asked me if anyone was going to claim me as a dependent and I chose yes under the assumption that they would. But when my parents filed the next month, they didn't claim me. Is there any way I can go back and change to independent for 2019? Also I didn't receive a stimulus check because I thought my parents claimed me and I'm over the age of 18 but now I'm not too sure why I didn't receive one. Any way I can get that? Any help and advice would be appreciated. Also is this something that requires immediate attention or can I just wait until I file my 2020 taxes in January to speak to an accountant and figure this all out? [link] [comments]  |
| Always shop around for interest rates before settling; Posted: 04 Dec 2020 04:12 PM PST I just bought my first condo, and wanted to share something I learned. I was all set to buy a place with my current bank, with an interest rate of 1.89%. I thought there wouldn't be a better interest rate out there. Anyways, said bank royally messed up and I lost the first condo so I switched banks to avoid the same kind of thing twice. I just removed subjects on an apartment with a 1.49% interest rate for the next 4 years. [link] [comments]  |
| Looking for an auto loan that will give me a decent/average apr Posted: 04 Dec 2020 06:44 PM PST Hi there. I'm attempting to get a loan of about 25k to get a truck and not finance it through the dealer I'm looking into. According to credit karma, I've got a 733 and my monthly income v expenses is honestly pretty good seeing as how I have saved 10k in about 6 months. I've never had debt and have just always been good at saving money and buying in one lump sum but was quoted at getting a 8.35% apr from my bank of 5 years which seems a bit steep. I just want my payments to be ≤$400 over the course of 5/6 years with a ≤ %5 apr. My question to anyone with some experience or answer is are there any organizations you can think of that will give me a better rate than that of %8.35? Maybe I'm overthinking it and it is what it is. But any advice would help. Thank you for your time. [link] [comments]  |
| what happens when you get pre-approved for a car at your own bank? Posted: 04 Dec 2020 02:05 PM PST basically, the question is in the title. I've almost always gone to the dealership, bought a brand new car, and went through the dealership. my credit isnt terrible, I mean its 700, but appparently 6% APR and 7% APR isnt a "good" number. so a lot of people say to go through your bank.....well how does that process work? like you go to your bank, say hey I want to buy a car, and then what? they write you a check for thousands of dollars and you go to the dealership and spend it? [link] [comments]  |
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