Last post on May 09, 2011 at 7:09 PM
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Car Financing, Sedan
#821 of 860 Re: Somewhat on topic [allfiredup]
Dec 12, 2005 (12:04 pm)
Allfire, don't borrow money at 19%.
If you can't get a good loan rate because of your credit rating, then buy a cheap car for cash.
#822 of 860 Re: Somewhat on topic [bobst]
Dec 12, 2005 (2:07 pm)
Good news! I've been working with another dealer via email and he sent me a email stating that I'd been approved at 11.99%. Being the skeptic that I am, I called Ford Credit (I guess they do own Mazda) and they verified that I had in fact been approved.
Much more palatable than 19%! I'm happy to say the least.
#823 of 860 Re: Somewhat on topic [allfiredup]
Dec 13, 2005 (5:36 am)
..... 11.9%....? .. thats a about the going rate with someone in your shoes .. you also might consider going a shorter term .. I bet ya 60 months might get ya 8.9% ...
... 19%.?? .. maybe if you're Tookie Williams .. ooop's, he won't be needing any credit after last night .. never mind.
#824 of 860 Re: Somewhat on topic [rroyce10]
Dec 13, 2005 (3:39 pm)
I won't even touch that last comment.
I talked to the dealer and the credit company about a 60 month term, but they said it was the same 11.99% rate. If that's the case, I'll just pay an extra $45 toward the principal every month and pay it off in 60 months.
#825 of 860 financing
Jun 08, 2006 (11:36 am)
I am having the hardest time obtaining financing. I know my credit isn't good... About 1.5 years ago I was in a car accident and found out that a lot of my medical bills weren't covered. I was more concerned about getting/paying for the med. procedures at the time then about my credit cards falling behind. When they fell behind I couldn't get them back to current and they ended up charging off (after I tried to negotiate the payments and what not - I was trying to be responsible!) It's not that I just didn't WANT to pay them, I couldn't at the time. I have since paid them off and closed them but they still went to collection. ANYWAYS, I am trying to obtain financing for a car now and everyone is turning me down! I make pretty decent money for a 23 year old (about $7,000/month) and have minimal expenses (about $700/month). I have enough money saved for a small downpayment but I was looking at a $15,000 car and the financing guy told me I needed $10,000 down. If i had $10,000 I would just pay cash for a $10,000 car DUH! Does anyone have any ideas?? I am using my fiances car now and I just want my own car and I want the chance to prove that I AM credit worthy and I do want to pay my bills on time! (fyi, I have paid my cell phone bill and utility bills on time for the past year if that can count as alt. credit). If anyone can help me or if anyone can do anything for me, I am obviously willing to take a double digit interst rate for the chance to own my own car on my own without my father having to co-sign which is not an option. Oh also, I had a Mazda American loan in 2003-2005 (22 mos) which was paid on time every payment. PLEASE HELP!
#826 of 860 Re: financing [devond]
Jun 12, 2006 (5:08 am)
Save your money for 2 months or purchase a Civic.
#827 of 860 Re: Why do loans suck??? [marika]
Jun 12, 2006 (8:59 am)
Why do you think that loans suck??? My two car loans are both below 5% - I can't even invoke the SSCRA to lower them to 6% because they are already below that
Only the top 0.1% of americans can afford to buy a house with all cash - and they won't do it, because of the fed mortgage interest deduction, loans don't suck, ludicrous high rate loans suck
#828 of 860 Re: financing [devond]
Jun 12, 2006 (9:02 am)
If you are netting $6,300.00 per month, then in two months, you'll have $12,600, so what's the problem?
Unless those figures weren't accurate.....
#829 of 860 Re: Why do loans suck??? [cadillacmike]
Jun 12, 2006 (9:43 am)
"ludicrous high rate loans suck"
Not for the bank, and not for people who have savings in a bank.
#830 of 860 Re: Why do loans suck??? [bobst]
Jun 19, 2006 (4:26 am)
Are you a banker??? Having savings in a bank doesn't mean you'll get a higher rate on your deposits either.