How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Taxtom Your Own Question

Taxtom
Taxtom, Accountant
Category: Finance
Satisfied Customers: 2338
Experience:  25 Years in preparing Personal and Business Tax Retuns
Type Your Finance Question Here...
Taxtom is online now
A new question is answered every 9 seconds

Personal Loan

Customer Question

I had a credit union discriminate against me, denied my personal loan, then, approved my personal loan, but for income verification they wanted me to supply several years of tax returns! Huh? For a $6,000 personal loan with excellent credit ratings? The IRS wants $50.00 per year for a true and attested copy of the actual return that was filed! They ran my credit twice! Now I'm being challenged for having too many inquires, five (5), during the past six (6) months, which I don't actually think is excessive. Prosper.comLLC will now give me a personal loan for $6,500 at 31.99% interest with only a three (3) year term, with payments of $250.00 per month, which, again, I thought was WAY too excessive, with a 740 FICO Score? I offered this first credit union, who jerked me around, unlawfully (I filed formal complaints with the FTC and the NCUA in Washington D.C.) the title to an antique Ford REAL police car, which is valued at $20K to $25K (I have it insured for $30K), and as one of their several excuses, e.g. "We don't think that you can handle a personal loan," some idiot there told me my antique car is worth only $5K (the motor is worth 10K alone). So, courtesy of me, hopefully they're going to have some "Feds" crawling up their collective asses, auditing them, and finding out why the acted so bizarrely and unusually towards me and my righteous personal loan application.   I told their President that this is going to be the most expensive personal loan that they ever, unlawfully (pursuant to the Federal Fair Credit Opportunites Act) denied!   All of that drama aside, what can I do now, or should I do now to optimize my chances of getting a $6,500 personal loan at a decent interest rate, e.g. 9.9 % or less with a 48 to 60 month term, especially if the Bank, Credit Union, etc., were to accept the title to this very rare,antique REAL (not a fake!) Ford police car in very good condition, otherwise, as collateral.  I need this money for rebuilding the 460 4V H.O. Police Interceptor motor with almost 200,000 miles on it!   It's a very nice, popular car that represents just a small piece of law enforcement history, especially here in CT.  Thank you,  Bill Parks
Submitted: 2 years ago.
Category: Finance
Expert:  CGCPA replied 2 years ago.

Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.

 

Although there are a number of companies which will finance your antique auto using the one you presently have as collateral for the loan there are a few points you need to understand about financing before you proceed.

 

Banks and other lenders do not make what they in their infinite wisdom and experience consider risky loans without adjusting the interest rate to reflect that perceived risk. This risk is determined on several factors:

 

Credit history/score - This measures how well you have dealt with credit previously and how well you have honored your obligations.

 

Income - This is used to determine the likelihood that your income, as evidenced by the past, is to continue.Thus, if you worked at one company for the past three years and are still employed there, the presumption is made that you are a good employee and likely to remain so. It is also used to measure your ability to pay the loan (plus interest) using historical averages.

 

Collateral - This is used to measure the security you have to offer a lender so that in a worst case situation the lender can take the collateral and auction it off and come out whole.Since the market for antique cars varies both up and down banks are cautious about lending for this.

 

Nevertheless, there are, as I stated earlier, lenders who specialize in antique auto loans. They have different criteria which they use to value a specific auto. Just remember that there is no "heart" involved here, just a cold look at what is involved. Here are a few for you to look into. Remember, they may also want your tax returns so you should print multiple copies of any you have. You are required to keep at least 3 years of these in your records. If you get a copy from the IRS do not release it, only release a copy of it.

 

http://www.jjbest.com/

http://www.hagerty.com/finance/finance_index.aspx

http://www.motorcarsfinancial.com/

http://www.fossilcars.com/links/classiccarfinancing.html

 

Please choose carefully in selecting a lender to apply to. The more applications you submit, the more credit inquiries there will be. The increase in inquiries itself will make lenders perceive you as a potential bad risk and decline your loan.

Customer: replied 2 years ago.
You did nothing to help me remedy or resolve my bizarre, unusual financial situation. If there is no financial answer, remedy, or resolution that you can think of, this is what you should have said to me in your "answer!" Telling me a whole lot of generic information of whiic I already knew is NOT a compensible "answer!" I know all about A.M. Best, et al. They finance the purchase of antique/classic vehicles. Theu do NOT finance the restoration or repair of such vehicles. As such, your "answer" is not accepted. BP
Expert:  Taxtom replied 2 years ago.
Hello, The banks will actually accept a transcript that is free of charge from the IRS http://www.irs.gov/individuals/article/0%2C%2Cid=110571%2C00.html instead of a full copy with attachments. This should solve your proof of income problem that the banks requires. Before the financial collapse banks made what was considered a paperless loan where they took the info from your application and your credit report and approve the loan. They now require documentation that requires to prove the information on your application so that ask for tax returns, pay stubs and bank statements. Thanks Tom

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Meet The Experts:

 
 
 
  • Manal Elkhoshkhany's Avatar

    Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    1885
    More than 5000 online tutoring sessions.
< Last | Next >
  • http://ww2.justanswer.com/uploads/BU/BusinessTutor/2012-2-2_115741_Kouki2.64x64.jpg Manal Elkhoshkhany's Avatar

    Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    1885
    More than 5000 online tutoring sessions.
  • http://ww2.justanswer.com/uploads/RA/rakhi.v/2012-7-3_14374_RakhiVasavadaL.64x64.jpeg Rakhi Vasavada's Avatar

    Rakhi Vasavada

    Financial and Legal Consultant

    Satisfied Customers:

    1853
    Graduated in law with Emphasis on Finance and have have been working in financial sector for over 8
  • http://ww2.justanswer.com/uploads/MY/MyVirtualCPA/2012-7-5_44024_cookmegan1.64x64.jpg Megan C's Avatar

    Megan C

    CPA, CMA, CFE

    Satisfied Customers:

    1051
    Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
  • http://ww2.justanswer.com/uploads/JK/jkcpa/2011-1-16_182614_jkcpa.64x64.jpg JKCPA's Avatar

    JKCPA

    CPA

    Satisfied Customers:

    836
    Bachelors degree and CPA with Accounting experience.
  • http://ww2.justanswer.com/uploads/starside8/2010-2-16_55433_DSCN1175.JPG Eric's Avatar

    Eric

    Financial Manager

    Satisfied Customers:

    558
    Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.
  • http://ww2.justanswer.com/uploads/FA/fastfile/2011-12-15_23139_Klein2011small.64x64.jpg R. Klein, EA's Avatar

    R. Klein, EA

    Accountant

    Satisfied Customers:

    394
    Intuit Ask a Tax Expert. QuickBooks Certified Pro Advisor (all editions)
  • http://ww2.justanswer.com/uploads/dkaplun/2009-05-17_173121_headshot_1_2.jpg Dimitry K., Esq.'s Avatar

    Dimitry K., Esq.

    Attorney

    Satisfied Customers:

    313
    NASD Licensed Rep, 1997-2001, Business Attorney