screwed for loan chance

so i am trying to buy n 05 lgt ltd asap! there are a few problems:

 

1. i have no credit

2. i am paid under the table (constuction, pays too good to give it up)

3. im 19 almost 20

4. i do not have a co-signer at this time

 

so what im getting to here is that i need to get the car and am wondering if anyone knows a nice shortcut around all of this b.s. or a bank that wont ask for my proof of employment? if anyone has any idea please let me know... the only thing i can think of is paying the owner of the car monthly but i would have to find some rich dude who has tons of cars and doesnt mind.. otherwise it seems as though im SOL:spin:

save the cash. purchase the car outright with cash

 

 

or...

 

 

SOL

Lets see...

 

1) You commit Tax fraud

2) You want our help around this "BS"

 

Do I have this correct?

That "BS" is required to secure a loan. Since you have no credit they are going to want proof of employment and pay stubs at the very least. Trust me this is being generous. There was a time where they wouldn't loan you anything unless you had a good credit history. Its only recently (last 10 years?) that "your job is your credit" has come about. Imagine if I came to you and said hey I need to borrow $20,000. Please dont ask any questions. I promise I can pay you back. Why does everyone these days think some "rich dude" is gonna come in and just give them stuff? Rich people don't get rich by giving stuff away.

hahh i didnt mean give it away but ya i want to pay taxes but my boss is being a prick and he wont 1099 me so i can pay my own taxes, but i now its a hav to all the bs and im glad it is i am just really frustrated and i guess i had to let it out. i want to do it on my ownand i think i am going to have to get a night job so i can show proof of income but will it work having that proof and then adding my non taxed job money to my total income you think? idk im just trying to figure it out

Lets see...

 

1) You commit Tax fraud

2) You want our help around this "BS"

 

Do I have this correct?

 

and a q for you how is it my fault when he wont tax me? e:mad:xactly

Maybe see if your boss will Co-sign or you or get you legal? Maybe he will do a paycheck deduction and loan it himself. I think you are pretty much SOL otherwise.

thatsa retty good idea actually now that i think about it... thanks ... wait what the deusch

What about an Impreza?

 

Seriously though, maybe a different car to build your credit on or even a cheap car to start and then a better car when you're 21 or so. Hell, start saving for a house (an appreciating asset) versus spending money on a car (a depreciating asset) instead.

How to finance a car is the least of your problems. Wait until you get to meet with the IRS in person....

having no credit history is poooosssible to get around, depending on if you have any kind of bills in your name or not..... I work in the mortgage business...and auto loans are so lax it kinda scares me....i dont know if they verified anything that i told them about what i make.....do you have any kind of downpayment? That would help out aloooot...and plus see if you can get your bossman to write out one or two legit looking checks for you, give you something to show and so they know around how you gross a month

having no credit history is poooosssible to get around, depending on if you have any kind of bills in your name or not..... I work in the mortgage business...and auto loans are so lax it kinda scares me....i dont know if they verified anything that i told them about what i make.....do you have any kind of downpayment? That would help out aloooot...and plus see if you can get your bossman to write out one or two legit looking checks for you, give you something to show and so they know around how you gross a month

 

Sounds like you 2 are destined for adjoining cells

and a q for you how is it my fault when he wont tax me? e:mad:xactly

 

Report him to the IRS????? I know, that won't work.

 

 

Pls, it is a conspiracy between you and your boss. He doesn't pay SS or for that matter Workman's Comp. You get hurt on the job and you are SOL.

 

I like the idea of borrowing from your Boss thou!!!

And BTW, this kid's dilemma is why we need strong unions in this country.

How do you know what the employment arrangement is here?

hahh i didnt mean give it away but ya i want to pay taxes but my boss is being a prick and he wont 1099 me so i can pay my own taxes, but i now its a hav to all the bs and im glad it is i am just really frustrated and i guess i had to let it out. i want to do it on my ownand i think i am going to have to get a night job so i can show proof of income but will it work having that proof and then adding my non taxed job money to my total income you think? idk im just trying to figure it out

 

Just because your boss doesn't issue you a 1099 doesn't mean you can't file a tax return. You are supposed to report all of your income regardless of source or if you rec'd a 1099 or not. Now being in the construction trade you are able to deduct any job expenses that you have incurred during that tax year to offset income.

Your boss is also potentially setting you up to have major problems. If he is audited and it comes out that he is paying people under the table it will only be a matter of time before the IRS contacts you and then the fun begins.

<<< 778 credit score at age 20

 

 

Heres how you build your credit.

 

Get 3 credit cards. Buy $300 worth of stuff with each one (not all at the same time) after purchase, cut the card in half and throw it away. Make payments just slightly larger than the minimum on each until the debt is paid off.

 

Get a personal loan for $1000.

 

pay it on time, everytime, and watch your credit score sore!!

I can't stress enough how important a good credit score is....

 

a man only has 3 things:

 

1. his word

2. his balls

3. his credit score.

My only credit history was my $80,000 worth of student loan debt (all in good standing). Using my offer letter at the job I had just started, I managed to secure financing on a new LGT but with a mind-bogglingly terrible interest rate. To compensate, I pay 15% more than my monthly payment every month so I'll finish paying off early.

 

Breakdown:

No cosigner

4 months of "real" job history

24 y/o (at the time)

$80k worth of debt

-------------------------

$24k loan amount, 60mo., 10.75%.

 

The car was heavily discounted so even with interest I'm barely breaking the sticker price. Every time I drive/look at the car or write the check I think to myself "yeah, this is totally worth it."

^^^that's dedication.......

^ One way of putting it...

 

There were a bunch of other factors that motivated me to get this particular car. Actually, this car would be pretty much irreplacable to me since I wouldn't accept anything but a new '06 OBP or GRP 5MT Sedan.

Yeah but since I will have this car until it or I pass away, I'm not sweating it. It was a do/die situation for the car of my dreams.

 

Sounds like you 2 are destined for adjoining cells

 

 

 

I personally am legal as can be with my goings ons....I just bought a car 2 days ago, and it just amazed me how quickly the loan process was and how they barely verified anything at all

i want to pay taxes but my boss is being a prick and he wont 1099 me so i can pay my own taxes,

Your "boss" might be treating you as an independent contractor, which might be perfectly legal. But you still have to pay taxes on the money you receive, regardless of whether your "boss" is doing something illegal.

 

http://www.irs.gov/businesses/small/article/0,,id=115045,00.html

 

In the future you can use copies of your tax returns to help verify your income. And, as others have suggested, you need to start building a credit history now.

 

But none of that will help you buy a Legacy now. So all you can do at the moment is to look for a beater that you can afford with the cash you have on hand.