- #612 of 935
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Re: financing first car problem [zw15]
by Mr_Shiftright HOST
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Aug 30, 2007 (7:38 am)
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Replying to: zw15 (Aug 29, 2007 2:56 am)
I don't think going into heavy debt at your age is a very good idea. It will burden you or your parents. I would suggest perhaps in informal and modest loan within the family to buy a decent but older Japanese car for say $5,000 bucks which you could pay back to your parents/grandparents at $100 month for the 4 years of your college. Your job will cover those payments and you will learn to take care of what is yours, not somebody else's. And your insurance will be cheaper because you don't need comp/collision on an old car, just liability. And if you back into a tree now and then, no big deal.
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- #613 of 935
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Re: financing first car problem [zw15]
by nthe
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Aug 30, 2007 (2:58 pm)
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Replying to: zw15 (Aug 29, 2007 2:56 am)
you also have to check your state laws about legal age to buy a car. here is alabama, you have to be 19 to buy a car.
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- #614 of 935
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Re: few questions about financing a new toyota rav4 [sdedmunds]
by nthe
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Aug 30, 2007 (3:01 pm)
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Replying to: sdedmunds (Aug 30, 2007 4:40 am)
well, go to the dealership, apply for financing with them, and if they can't beat the rate, they go with cap one. yes, some dealerships dont take cap one (mine doesn't), but the one you are working with might. Also, don't tell them its cap one, just tell them you have been approved for 6.35 and if they can match or beat it, they get the deal.
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- #615 of 935
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Re: few questions about financing a new toyota rav4 [nthe]
by Mr_Shiftright HOST
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Aug 31, 2007 (7:39 am)
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Replying to: nthe (Aug 30, 2007 3:01 pm)
E-loan seems to offer good rates. I've dealt with them, and so far so good. Real easy.
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- #616 of 935
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what may the different credit score tiers be?
by casolorz
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Sep 10, 2007 (6:39 am)
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We are going to purchase a car soon, my wife has credit around 690 and I have around 650, what will we qualify for? will it help to get the loan together?
Thanks.
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- #617 of 935
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Re: what may the different credit score tiers be? [casolorz]
by nthe
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Sep 10, 2007 (12:54 pm)
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Replying to: casolorz (Sep 10, 2007 6:39 am)
there are too many other factors to be able to tell you what you qualify with just scores. Income is a huge factor, downpayment, job history, existing auto loans (if any), auto loan history (again if any). I just had someone a couple weeks ago turned down by everyone that had about 70% down and a score similar to yours. problem was he was in college, had a part time job, and didn't make enough in the banks eyes.
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- #618 of 935
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Re: what may the different credit score tiers be? [casolorz]
by nthe
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Sep 10, 2007 (12:57 pm)
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Replying to: casolorz (Sep 10, 2007 6:39 am)
a good first step could be to apply at eloan, and your local bank, that way you know what kind of rates to expect, and potentially how much you might qualify for. Most dealerships can beat tradional bank rates, but your bank can at least give you info on what you qualify for.
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- #619 of 935
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Re: what may the different credit score tiers be? [nthe]
by casolorz
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Sep 10, 2007 (1:57 pm)
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Replying to: nthe (Sep 10, 2007 12:57 pm)
Well we were hoping to get manufacturer financing (as in acceptance corp). Income shouldn't be a problem as we both can live with just one of our salaries... job stability is great too. Do the scores seem good enough then to get one of those 2.9, 1.9 or even 0% offers?
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- #620 of 935
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Great credit, Low income??
by tkcolorado
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Sep 10, 2007 (5:47 pm)
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I am in a really tight spot. My credit score is 774. I have a very low income due to my son being ill and me not being able to work. It is about $1,000 per month, that is 100% reliable. I have two credit cards that have a credit line totalling about $20k, but the amount owed is only at $900 (at 5.9% fixed rate). I need a car (I really need a car not want, ours has about 163k miles on it and its dying a slow painful death) but was told by one dealership there was no way I would get a car loan with that low of an income (I have no rent, no other loans, etc.)
I have been putting "payments" away for every month I can get out of my current car now, so I have about $4,000 down. Is this dealership correct?
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- #621 of 935
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Re: Great credit, Low income?? [tkcolorado]
by tidester HOST
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Sep 10, 2007 (8:46 pm)
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Replying to: tkcolorado (Sep 10, 2007 5:47 pm)
If you're looking for a new car you may have some trouble getting a loan, depending on the price, since lending instutions will be interested in what percentage of your income your payments would represent. I'm sure you would be able to get financing for a decent used car.
tidester, host
SUVs and Smart Shopper
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