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Smart Shopper Questions About Financing New Vehicles
2253 messages, Last post on Nov 18, 2009 at 12:07 PM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
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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 |
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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). |
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Replying to: perseus1206 (Nov 06, 2007 5:21 am) I can almost guarentee that your deal will be an auto approval at Mazda Credit unless you are hooked in a trade.
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Replying to: joel0622 (Nov 06, 2007 7:23 am) 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"?
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Replying to: perseus1206 (Nov 06, 2007 7:48 am) 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. |
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Replying to: perseus1206 (Nov 06, 2007 5:21 am)
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Replying to: volvomax (Nov 06, 2007 8:40 am) |
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Someone please tell me this is supposed to be funny. Cuz it is, really, especially around here. -Mathias |
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Wow the host are really asleep at the wheel on this one. That or they find it so funny that some one would post that link for this bunch they can't stand to delete it. 
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