Harsh? Yes, but the truth was spoken. Nobody made you rush into a bad car loan. You had plenty of time; since you were 18 years old as a matter of fact. You could have invested time into not getting ripped off on a regular basis. Unfortunately, you spent that time doing something else. Whatever was more important than making yourself an educated buyer cost you at least $4,000 on every car purchase you ever made any way you slice it; probably. You might have paid $12,000 for a $7,500 car and financed it at over 15% interest, or the car dealer gave you nothing for your trade-in even though he told you he gave you a lot of money for your trade-in. 0% financing wouldn’t taste so great if you knew what they fed you to get you to sign on the line for that deal.
Nobody made you pull the trigger on the home purchase without a score over 740(I took a client from 430 middle scores to over 700 in less than a year, your credit is a piece of cake compared to his). You have had since you were 18 years old to remedy that. This mortgage below 740 cost you at least half a percentage point on the rate, $1,500 cash out of pocket to close and you are paying 50% more than you have for mortgage insurance on conventional loans. The total overpayment with those figures on a $180,000 is right at $38 per month x 360 payments = $13,680 plus probably $60 per month on mortgage insurance until you are at an 80 LTV.
Some people have great habits because they took the time and sought out good information. They prepared themselves for battle. Some people did not know this was something that could be learned. The good news is we are here now, and in less than 30 days you will never have your pockets picked without being fully aware of what is going on. Why would I say fully aware of having your pockets picked? Because sometimes you have to make the best bad decision available until you can make better decisions. Have I ever had a client to take out a title loan so they could pay an even worse loan? Yes, believe it or not, it made good fiscal sense to do that…once.
I can help you. Throughout May 2018, I am offering a six week $130 credit boot camp. Master your credit, dispute your credit, learn how to settle your bad debt, get single digit interest car loans, get a great home loan and learn how to undo years of bad decision making. Message me for details. What you don’t know is costing you a fortune. I have 14 years worth of stories to share from over 30,000 hours spent solving credit problems. Helping you ask better questions to get better information is what I do.