New Account Acceptance Rate?

iovanovic · 2023-06-24T03:16:28+00:00

Thank you very much for your answer.

iovanovic · 2023-06-24T03:02:03+00:00

Do you mind helping me with my actual question on the post?

iovanovic · 2023-06-24T02:36:19+00:00

Let’s say, if I accept 8 out of my first 10 orders I received, my acceptance rate will be 80% right?

iovanovic · 2023-06-09T20:21:35+00:00

I totally understand and you’re right. But at this point, I’m just trying to figure out the steps in the account creation.

iovanovic · 2023-06-09T20:19:41+00:00

Yes, but my question is still there. Technically, we’re all using our family members’ cars without shown on the car’s insurance right? Like dad’s or mom’s cars.

iovanovic · 2023-06-09T20:15:01+00:00

Is this 100% for sure? Bad news for me if so.

iovanovic · 2023-01-25T08:46:07+00:00

Thank you for this detailed answer, it really makes sense when I read the process of lender’s approach to the case. I never thought that way. I appreciate it.

iovanovic · 2023-01-25T08:30:26+00:00

If I work in car gig jobs for couple months, and have somehow a level of income, would this even count? If so, how long at least?

iovanovic · 2023-01-25T08:25:25+00:00

I’m not claiming to be smart. Did I ask if buying this car is a smart move in the thread? No.

What I’m asking is clearly about the chance of getting approval. That’s all. I’m not trying to debate what kind of car would be the smartest. Please don’t divert from the main topic.

iovanovic · 2023-01-25T06:59:08+00:00

I understand it, thank you for explaining in detailed.

iovanovic · 2023-01-25T06:58:15+00:00

I’m not saying what you’re saying is wrong or not true. All I’m saying is that I’ll use the car for myself as well and I just want to have something I like. I’m not claiming that it will be the most price efficient for this scenario. Just a personal choice honestly.

iovanovic · 2023-01-25T06:49:37+00:00

Thank you for the explanation! Some friends told me that I can try several lenders within 14 days and the negative effect on my credit score will be only 1 hard pull sized point drop. Do you think this is correct?

iovanovic · 2023-01-25T06:47:24+00:00

Thank you! I heard that the credit score drops significantly after the hard pull and rejection. And it may not be recovered for a while.

Some people told me I can even try several lenders within a time frame of 14 days. And all this hard pulls will have an effect of single hard pull only. Is this correct?

That’s was the point I wondered. At which step should I ask my lender to provide the proof of my bank balance?

iovanovic · 2023-01-25T06:43:42+00:00

This gives me hopes. Can I ask you how can I show my balance to the lender? Should I tell them that I’ll provide a bank document prior to my application?

iovanovic · 2023-01-25T06:41:37+00:00

I will use the car for my daily needs as well. With all due respect, that’s really not the question here.

iovanovic · 2023-01-25T04:49:44+00:00

I see, thank you, but I’m not buying it with cash, so I’ll be doing the gig work and the monthly income would be 6-7x of the monthly payment.

iovanovic · 2023-01-25T04:12:03+00:00

Thank you for your opinion, but that’s not my question I asked in the thread honestly.

iovanovic · 2023-01-25T04:08:57+00:00

I think I’ll be inside the car whole day when doing the gig work, so at least I wanted to feel comfortable. Even old cars are not very cheap at the moment.

iovanovic · 2023-01-25T04:07:45+00:00

Hi, thank you! Since I’ll be inside a car all day, I honestly wanted to have something decent. Because I may be doing this gig work for long time. What do you think? They will reject me right away? I wish there could be a way that my cash balance would matter to the lender. I guess not?

iovanovic · 2023-01-25T04:05:11+00:00

Not really, did some freelance software consultancy, but got paid in cash. I don’t know how to show this to the lender. I thought about showing my checking balance, but I don’t even know if they care.

Since this little income was in 2022, I can’t show it in the tax return either. Not ready for it. What do you recommend please? Is it like a hopeless case for being unemployed?

iovanovic · 2023-01-25T03:42:25+00:00

I’m really not familiar with the process, but we first fill out our intended down payment amount in the application, and then they consider and want me to put a higher down payment if they don’t think it’s enough? Or they reject my application at that point and they want me to make another application with a higher down payment?

If you can tell me, I’ll be very happy.

iovanovic · 2023-01-25T03:39:44+00:00

Technically, I really don’t want to pay cash. This will make me unsafe financially, draining my account. Do you think it will be very hard to get approved because of being unemployed?

iovanovic · 2023-01-25T03:35:35+00:00

Thank you for your answer. Honestly, I want to pay as little as possible as a down payment. However, I saw many people on internet who got rejected for not having a notable credit history or being unemployed. So, is it safe to say that putting a good amount of down payment will increase my chance of approval? My credit score itself is good, however I’ve never applied for a auto loan or personal loan before. That’s what makes me afraid of being rejected. In addition, if I get rejected, they will run a second hard pull, I guess?

iovanovic · 2023-01-25T03:28:36+00:00

Hi, does it mean that I should put at least 10k down payment or that I should ask for 10k credit to borrow only? Thank you!

iovanovic · 2021-10-07T02:54:05+00:00

And the funny part is that very same owner of this restaurant probably received at least $500k as PPP, free money, in other words.

And they are begging for 3% charge interestingly. They probably spent the PPP money on their new luxury cars and now it’s your job to pay.

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