I'm planning on getting a machine for $65000, I've never had any loans or buy a new car. My credit scores are not good in 2 bureus are 670 and Expirian is 570. I'm trying right now to improve my credit scores but it's not easy, takes time. I applyed in City Financial for a personal lon (not that I need one) but just to try to get the loan and pay it off. But I was denied. So I decided to use more of my credit card so it will show in my cradit report that I had a bigger loan ($7000). And then pay off the credit cards. If you have any ideas what shoul I do I'll appreciate you answer. Thank you in advance.
It will be very hard to get a loan for 65,000 with little credit history. What will make it even harder is if you can't show income. The manufacturer of the equipment may have finance available through them, since if you default, they can take back possession. Most banks will consider a piece of machinery a poor securitization option because there is such a limited market.
