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Credit Scores and Vehicle Financing

945 messages,  Last post on Dec 06, 2009 at 9:30 AM

You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester

What is this discussion about? Car Financing


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#602 of 945
financing first car problem by zw15
Aug 27, 2007 (8:01 pm)
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I am a soon to be 16 year old wanting my first car. Other than outright buying it, and paying for it all at once, I don't know how I might be able to get one. nowhere will give me a loan because I have no credit history, and under 18. My parents can't cosign/won't for me because they have too much loan already with two cars, a house and a college tuition.
 
I do have a job, but i'd rather not have to wait a few years to get a good car.
 
If anybody has some ideas, or knows a place where they will give a loan to a person under 18, I'd love to know.
#603 of 945
Re: financing first car problem [zw15] by tidester HOST
Aug 27, 2007 (11:46 pm)
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Replying to: zw15 (Aug 27, 2007 8:01 pm)

Perhaps your parents or grandparents would consider lending you some cash? You can formalize it with a signed contract.
 
tidester, host
SUVs and Smart Shopper
#604 of 945
Re: financing first car problem [zw15] by joel0622
Aug 28, 2007 (5:07 am)
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Replying to: zw15 (Aug 27, 2007 8:01 pm)

I do not know of a state that will let you enter into a contract under the age of 18, or a bank that will finance an someone under 18. You can join the military but you can't buy a car or a beer.
 
Your only choices really are to just save the money and pay cash or do as tidester recommended and see if a relative will be your bank. Though your best course of action is to just keep saving and buy what you need not what you want.
#605 of 945
Re: financing first car problem [zw15] by nortsr1
Aug 28, 2007 (5:29 am)
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Replying to: zw15 (Aug 27, 2007 8:01 pm)

You are not only goig to need money for the car....but...INSURANCE' as well. ...and believe you me....it "ain't cheap!!!! for a youngen!!
     NORTSR
#606 of 945
Re: financing first car problem [nortsr1] by zw15
Aug 29, 2007 (2:56 am)
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Replying to: nortsr1 (Aug 28, 2007 5:29 am)

Well, atcually the insurance isn't so bad because My parents have a plan that includes me in it for about $50-60 /mo. with a low-insurance type car. And I get good grades which helps. : )
#607 of 945
Re: Looking for advice [kirstie_h] by sidious6688
Aug 30, 2007 (2:19 am)
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Replying to: kirstie_h (Apr 23, 2007 10:13 am)

I believe when your credit is "pulled" its a snapshot at the time of pulling. If you pay your mastercard in full every month and you have have a 5000 limit, it won't show as using 0 of 5000, it will show as using x (whatever the balance was as of the moment credit was pulled) of 5000. If you charge 4k a month, the credit pull might reflect anywhere from 0 to 4k. If the timing is such that 4k shows up, you'd be utilizing 80% of your available credit, at least on this card. I ran into this previously, very irritating. You could not use the card for a month or 2 to guarantee the "pull" shows "0 balance" and thus no payment due. Credit utilization is one of the major factors in your score. Over time as your limits are increased, the 0 - 4k fluctuation will be insignificant and you won't have to play this game. Its really rather silly, but its the way it works. Here you are paying the thing off every month and the guy who has a $500 (with say 2k limit) balance and pays the minimum every month could have a higher score, as his "utilization" never exceeds 25%.
#608 of 945
few questions about financing a new toyota rav4 by sdedmunds
Aug 30, 2007 (4:40 am)
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I'm going to buy a new toyota rav4 and want to know if I finance at the dealership or online.
 
My first thought was to finance with eloan. Then I read stories of dealers not accepting eloans. So now I am wondering if I should finance with capital one or just go to the dealership?
 
My credit score was about 780 a few weeks ago. Based on my score what kind of interest rate can I expect from Toyota financial. Right now I think I can get 6.35% from capital one (according to bankrate.com). Thanks.
#609 of 945
What if you have a mortgage? by lemko
Aug 30, 2007 (5:25 am)
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I bought my house nearly five years ago and took out a modest mortgage. Does buying a house that recently ding you credit? Does even having a mortgage ding your credit?
#610 of 945
Re: What if you have a mortgage? [lemko] by qbrozen
Aug 30, 2007 (5:45 am)
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Replying to: lemko (Aug 30, 2007 5:25 am)

it should never "ding" it unless you haven't made the payments on time.
#611 of 945
Re: What if you have a mortgage? [lemko] by rroyce10
Aug 30, 2007 (6:38 am)
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Replying to: lemko (Aug 30, 2007 5:25 am)

    1.) Having a mortgage payment that's "on time", is what it's all about - and it will keep your score high. .... but, if you've got some 30 or 60 day late's, then you're looking at the down side of your credit bureau (and falling) ...
 
    2.) All this talk about "subprime" customers and bad lenders, is really about what the mortgage customers have done since they've bought the house ... if they went into the home with a debt ratio of lets say 20%, and 48 months down the road you're sitting at 65% .. then the only person they can blame is themselves, not the mortgage payment or the lender.
 
    That said, I noticed you said a: "modest mortgage" .. like cars, it's always wise to put some big money down, and finance small numbers - sounds like you did both, smart man.
 
                              
 
                                   Terry

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