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Questions About Financing New Vehicles

2253 messages,  Last post on Nov 18, 2009 at 12:07 PM

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What is this discussion about? Car Financing

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#2160 of 2253 Re: Financing a new car [ott123] by tidester HOST Nov 02, 2007 (11:30 pm)
Replying to: ott123 (Nov 02, 2007 10:05 pm) I don't know what a lender would do in that situation but I suppose they would mostly be interested in the creditworthiness of the borrower. I can imagine similar scenarios where, for example, an unlicensed parent would finance a car for a teen driver or an unlicensed person would finance a car as a gift to a friend or relative.   Good luck!   tidester, host SUVs and Smart Shopper
#2161 of 2253 Re: Financing a new car [ott123] by lrguy44 Nov 03, 2007 (4:26 am)
Replying to: ott123 (Nov 02, 2007 10:05 pm) The banks here require a valid driver's license with the deal I have ever had to try and get an exception, but since you are married they may be able to. Why don't you go on the deal with your wife? It may make it easier
#2162 of 2253 Re: Financing a new car [ott123] by volvomax Nov 03, 2007 (8:00 am)
Replying to: ott123 (Nov 02, 2007 10:05 pm) Probably won't fly. If your wife has no license, then she has no insurance either. NO lender is going to let that fly. The car buyer MUST have a valid license and insurance. She could co-sign.
#2163 of 2253 Re: Financing a new car [ott123] by ott123 Nov 04, 2007 (12:39 am)
Replying to: ott123 (Nov 02, 2007 10:05 pm) Thanks for the replies, I'll have her co-sign with me.
#2164 of 2253 Need some advise soon by perseus1206 Nov 06, 2007 (5:21 am)
We are looking to purchase a new car today through Mazda. We have AVG FICO Scores of 744 & 745. Our total gross income is in the upper 100's and I have accumualated some Cc debt by not purcasing products but by transferring the 0% rates into short-term investments. I handle all the home financing purchases, but will they question me about my Cc's activity? Would I still get the companies introductory rates of 1.9%. Or are they for extremely qualified buyers with no debt and 800 scores? Should we put 20-30% I have never been late. Debt to Income ratio is 21%. I don't want the F&I person to come over and say that you have high amounts of debt and have to explain my acitivty.   Thank you Replies to this message: joel0622 (Nov 06, 2007 7:23 am) perseus1206 (Nov 06, 2007 7:48 am) joel0622 (Nov 06, 2007 8:38 am) volvomax (Nov 06, 2007 8:40 am) british_rover (Nov 06, 2007 8:56 am)
#2165 of 2253 advice by stickguy Nov 06, 2007 (6:40 am)
hard to say without looking at every number, but from what you listed, they should be salivating to give you money for a car!   The bank (lender) makes the determination, and I don't think the F&I guy is going to be going over (if he even sees) the details of your situation. He will submit the request, and the lender spits back the results.   best bet is just make your deal, and let them approve you. If they don't come back with the tier 1 rate, argue with the lender (I assum FMC in this case, or maybe they still have MMC with mazda).
#2166 of 2253 Re: Need some advise soon [perseus1206] by joel0622 Nov 06, 2007 (7:23 am)
Replying to: perseus1206 (Nov 06, 2007 5:21 am) We are looking to purchase a new car today through Mazda. We have AVG FICO Scores of 744 & 745. Our total gross income is in the upper 100's and I have accumualated some Cc debt by not purcasing products but by transferring the 0% rates into short-term investments. I handle all the home financing purchases, but will they question me about my Cc's activity? Would I still get the companies introductory rates of 1.9%. Or are they for extremely qualified buyers with no debt and 800 scores? Should we put 20-30% I have never been late. Debt to Income ratio is 21%   I can almost guarentee that your deal will be an auto approval at Mazda Credit unless you are hooked in a trade. Replies to this message: perseus1206 (Nov 06, 2007 7:48 am) joel0622 (Nov 06, 2007 8:38 am)
#2167 of 2253 Re: Need some advise soon [joel0622] by perseus1206 Nov 06, 2007 (7:48 am)
Replying to: joel0622 (Nov 06, 2007 7:23 am) I can almost guarentee that your deal will be an auto approval at Mazda Credit unless you are hooked in a trade.   Thank you all for you input. Do lenders see a positve for putting at least 20% or should we opt to finance the whole vehicle? We are trading in my old 97 civic, which is starting to give me problems.   Joel0622 - What do you mean by "Hooked in a Trade"? Replies to this message: joel0622 (Nov 06, 2007 8:38 am)
#2168 of 2253 Re: Need some advise soon [perseus1206] by joel0622 Nov 06, 2007 (8:38 am)
Replying to: perseus1206 (Nov 06, 2007 7:48 am) Hooked means you allot more then it is worth.   There are two schools of thought on money down on a low rate loan.   Some believe all debt is bad regardless of the rate.   Others believe (me) that why would I want to put money down on a 1.9% loan. I can make more on my money then that.
#2169 of 2253 Re: Need some advise soon [perseus1206] by volvomax Nov 06, 2007 (8:40 am)
Replying to: perseus1206 (Nov 06, 2007 5:21 am) Given your score, the computer will probably buy you automatically. Replies to this message: british_rover (Nov 06, 2007 8:56 am)

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