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Apparently having good credit isn’t enough, unless you’ve already pledged loyalty to the debt system. (lemmy.world)

submitted 2 days ago* (last edited 2 days ago) by Camzing@lemmy.world to c/personalfinance@lemmy.ml

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Just went through a mess trying to finance a used car. I haven’t borrowed money since 2012, no debt, no credit cards, just living within my means. When I applied for a loan, I was told I was refused. Not because of bad credit, but because I hadn’t used credit recently enough.

The dealership advertises “no applications refused,” but apparently if you don’t have an active debt history, you’re too much of a mystery for the system.

Co-signer? Not allowed. Using my own bank account for payments? Denied. Their solution? Open a joint account with my dad just to satisfy a bank’s paperwork, pay hundreds in fees over 6 years just to make it work.

The credit system says you can't borrow money unless you've already been borrowing money, like somehow living within your means disqualifies you. It's not about good credit, it's about loyalty to the debt game. Screw you for standing on your own feet, I guess.

Just needed to get that off my chest. Anyone else run into this nonsense?

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[–] octobob@lemmy.ml 8 points 1 day ago (1 children)

The "trick" is to only mention you're paying cash at the end. I went through this after hitting a deer and totalling my car last year after I received my settlement. They'll usually offer something small like a few hundred dollars off or whatever when you casually mention your price when test driving. He basically tried to walk it back at the end when we sat down to discuss financing when he found out I was paying cash, which was incredibly shitty, but he had to "go in his boss's office" or whatever to commit to what he said previously

It's all such a stupid song and dance that's pretty much on par with birds mating.

[–] veganbtw@lemmy.ml 5 points 1 day ago (1 children)

That is what I did and they were like sorry, we only finance and let me walk out.

[–] Laser@feddit.org 5 points 1 day ago

Haha so that means effectively you can't get a car for the advertised price?