Sign In Join 

You are here: [F] Forums / Smart Shopper / Credit Scores and Vehicle Financing



Credit Scores and Vehicle Financing

935 messages,  Last post on Jul 28, 2009 at 1:12 PM

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

What is this discussion about? Car Financing


Messages Page 92 of 95
1
...
89
90
91
92
93
94
95
Prev
Next
Last
Go To Msg #
Search This Discussion

#902 of 935
Re: First Time Buyer - Limited Credit - Low debt to income ratio [penone] by joel0622
Jun 12, 2009 (5:01 pm)
Reply

Replying to: penone (Jun 12, 2009 12:57 pm)

I think you will be fine. We get people handled all the time in your situation. You are only at about 9% PTI if the payment is $600, and you have a good down payment. FYI it is easier to get financed on a new car then it is a used one.
#903 of 935
Re: First Time Buyer - Limited Credit - Low debt to income ratio [joel0622] by penone
Jun 13, 2009 (4:06 am)
Reply

Replying to: joel0622 (Jun 12, 2009 5:01 pm)

Thanks Joel for the reply. I do have to say thought that I was surprised when you mentioned it would be easier to get financed for a new car than a used car. I would have thought it would be the other way around.
 
-P
#904 of 935
Re: First Time Buyer - Limited Credit - Low debt to income ratio [penone] by joel0622
Jun 13, 2009 (6:28 am)
Reply

Replying to: penone (Jun 13, 2009 4:06 am)

Always rememember this. The captive finance company is there to support the manufacture in selling cars. All the manufacture cares about is if a dealer is selling new cars, used does nothing for them. So in an effort to support the manufacture the captive buys more aggressive on new. You might even qualify for a first time buyers program on a new car.
 
Look at cars in this order from a finance standpoint
 
1. New
2. CPO
3. Used
4. Private Party.
#905 of 935
Re: First Time Buyer - Limited Credit - Low debt to income ratio [penone] by Mr_Shiftright HOST
Jun 13, 2009 (7:40 am)
Reply

Replying to: penone (Jun 12, 2009 12:57 pm)

do you have a garage? If you are in the 5 boroughs and the car is staying outside on the street, I sure wouldn't buy anything too nice. (former NYC war veteran).
#906 of 935
Re: First Time Buyer - Limited Credit - Low debt to income ratio [Mr_Shiftright] by penone
Jun 13, 2009 (10:20 am)
Reply

Replying to: Mr_Shiftright (Jun 13, 2009 7:40 am)

Thanks for the explanation Joel. Makes perfect sense!
 
Mr. Shiftright - I'm born and raised in NYC (37+ years) but have to say that I would never ever let where I live determine what I own. Because I live in NYC I can't buy anything nice???? That's absurd! I do plan on getting a spot but mainly because parking is horrendous in my neighborhood and I don't feel like driving round and round looking for a spot.
 
-P.
#907 of 935
Re: First Time Buyer - Limited Credit - Low debt to income ratio [penone] by Mr_Shiftright HOST
Jun 13, 2009 (11:55 am)
Reply

Replying to: penone (Jun 13, 2009 10:20 am)

Well okay, you know your area best of course but I'm pleased at any rate you are getting off street parking. I think that's a very good idea for you and your car! Might even help your insurance, who knows?
#908 of 935
Re: First Time Buyer - Limited Credit - Low debt to income ratio [penone] by corvette
Jun 13, 2009 (2:54 pm)
Reply

Replying to: penone (Jun 13, 2009 10:20 am)

Have you priced insurance? I'm thinking after not having a car (or a car insurance policy) for five years, it may be higher.
#909 of 935
Re: First Time Buyer - Limited Credit - Low debt to income ratio [corvette] by penone
Jun 13, 2009 (5:46 pm)
Reply

Replying to: corvette (Jun 13, 2009 2:54 pm)

Haven't priced it yet but I'm sure the insurance is going to be pretty outrageous. The fact that I haven't driver in so long and also the fact that I live in NYC makes the premiums pretty high. Am going to take a 6 hour defensive driving course to give me a 10% deduction plus adding in rental insurance for further reduction plus the garage/parking space plus whatever else I can throw in there to help bring the cost down.
 
-P.
#910 of 935
Re: First Time Buyer - Limited Credit - Low debt to income ratio [penone] by Mr_Shiftright HOST
Jun 13, 2009 (6:10 pm)
Reply

Replying to: penone (Jun 13, 2009 5:46 pm)

certain kinds of alarm systems sometimes allow further discounting.
#911 of 935
Finance Rate Question - 645 credit score - where to finance? by lyndacarter
Jun 29, 2009 (9:51 pm)
Reply
I received approval for a Cap One Blank Check car loan for up to 18k. My equifax is 645. I suspect my experian is probably around 10 points lower, and trans u about 20 points higher based on what they were when I checked them a few months ago.
 
The finance rates are:
 
2009 - 12.7
2008 - 14.7
06-07 - 15.45
02-05 - 16.7
 
The car I want is around 12-14k, and 04 or an 05, so I'm stuck in the 16.7 finance rate for a 60 month loan. I'll probably pay it off in 30 months, but I wanted the longer term "just in case".
 
Does that seem high? Can I do better elsewhere? I know my credit is not great, but I have no new bad credit in the last four years. My only blemish is a little medical collection from years ago and a four year old 5000 collection in dispute. I have no late payments or judgements. I have six credit cards with under 40% utilization, with total debt on the cards about 2500. My income is 6k per month.
 
I bought a car 2.5 years ago and paid it off six months ago and that's on my credit report.
 
Would I do better going through my credit union, bank, dealer, or another source? I just don't know if the 16.7 finance rate is common for my credit score or has more to do with the fact I'm buying 5 year old car, or that I'm asking for a 60 month loan.
 
Thanks for any help, I don't know much about car financing.

Messages Page 92 of 95
1
...
89
90
91
92
93
94
95
Prev
Next
Last
Go To Msg #
Search This Discussion
To POST a message, please Sign In.

You are here: [F] Forums / Smart Shopper / Credit Scores and Vehicle Financing

New? Join Now!

Forum Tools

Please sign in.
Email Address:

Password:

Forgot Password?

Search Forums

Enter Keyword(s)

Advanced Search

Browse by Vehicle



View All Vehicles
Advertisement
Ask the Community
See What People Are Asking

Browse by Board

Browse by Topic


View All Topics

Today's Chats

Advertisement