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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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#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)
#2170 of 2253 Re: Need some advise soon [volvomax] by british_rover Nov 06, 2007 (8:56 am)
Replying to: volvomax (Nov 06, 2007 8:40 am) Yup. This sounds like one of those deals where you hit submit on the computer screen and the fax machine starts humming a response back from the bank before the computer even finishes loading.
#2172 of 2253 Re: Car Loan For Good People With Bad Credit [peter63] by steine13 Nov 06, 2007 (5:48 pm)
Someone please tell me this is supposed to be funny.   Cuz it is, really, especially around here.   -Mathias
#2173 of 2253 Re: Car Loan For Good People With Bad Credit [peter63] by joel0622 Nov 06, 2007 (5:59 pm)
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.
#2174 of 2253 Re: Car Loan For Good People With Bad Credit [peter63] by joel0622 Nov 06, 2007 (6:01 pm)
A couple questions.   If I am a BAD person with GOOD credit will you still give me a loan?   What if I am a so so type person that if you catch me at the wrong time can be a little bitchy but for the most part am a pretty good guy who just likes to go with the flow, and have bad credit. Can you get me a loan?

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