Auto Loans....

[DrZacharyus]

Are they going to be a lot more strict like the housing industry? I will be buying my first used car soon (~1-2months) and I was wondering where I would stand percentage and length of the loan. I have a score right at 600 under FICO because someone opened a card in my name and didn't pay it so I am in the process of getting the only two late payments removed off my credit, not too much debt, and first loan. I want to purchase private party and I know that is a little harder. Anyone have any insight on this?

 

[Fox-4]

Depending on your credit, most places will ask for some type of down payment.

 

[DrZacharyus]

Depending on your credit, most places will ask for some type of down payment.

I would have about $1,500-2,000 to put down, remember this is PRIVATE sale. I would rather buy from an enthusiast who has cared for the vehicle rather than a dealer.

 

[Sonicblue8093]

YES they are getting harder to obtain. I have had several people interested in cars on my lot and cannot get financed with a 640-650 beacon. A GMC dealership had one guy turned down and he had a 732 beacon with GMAC financing. Its getting tough, you will definetly need a cosigner with a 750 or above. Banks are tightning the lease(leash) ...haha. sorry, poor attempt at humor.

 

[Sonicblue8093]

I would have about $1,500-2,000 to put down, remember this is PRIVATE sale. I would rather buy from an enthusiast who has cared for the vehicle rather than a dealer.

money down always helps, but your still going to need a cosigner more than likely

 

[jasil]

Car market sucks in some aspects and is good in others. Since your situation doesn't apply to most of what I would normally say I wont' say it.

You can expect rates in the 7% range for 700+ ficos that's the sucky part for you 15%+ probably double sucky.

The good news is new rounds of incentives will be out by EOM and offer more low interest financing on a plethora of makes/models. The sucky part of that is the good financing usually excludes the fun cars.

 

[DrZacharyus]

YES they are getting harder to obtain. I have had several people interested in cars on my lot and cannot get financed with a 640-650 beacon. A GMC dealership had one guy turned down and he had a 732 beacon with GMAC financing. Its getting tough, you will definetly need a cosigner with a 750 or above. Banks are tightning the lease(leash) ...haha. sorry, poor attempt at humor.

I haven't checked my scores with the other companies, I was told to use FICO as it's usually the lowest. My mother has an 800 score and I believe she will be willing to cosign! After I get these late payments, 3-month and a 6-month late payment, removed I should be in the mid-upper 600's.

Car market sucks in some aspects and is good in others. Since your situation doesn't apply to most of what I would normally say I wont' say it.

You can expect rates in the 7% range for 700+ ficos that's the sucky part for you 15%+ probably double sucky.

The good news is new rounds of incentives will be out by EOM and offer more low interest financing on a plethora of makes/models. The sucky part of that is the good financing usually excludes the fun cars.

I will be buying an 03/04 Cobra!

 

[Fox-4]

I would have about $1,500-2,000 to put down, remember this is PRIVATE sale. I would rather buy from an enthusiast who has cared for the vehicle rather than a dealer.

Yep, my FICO score is a 675 and I couldn't get a loan for a private buy on my own, they said I was too young/ not enough credit history to get what I was requesting.

Now I'm waiting to see how the market is going to play out.

 

[DrZacharyus]

Yep, my FICO score is a 675 and I couldn't get a loan for a private buy on my own, they said I was too young/ not enough credit history to get what I was requesting.

Now I'm waiting to see how the market is going to play out.

Did you have a co-signer? Hmmm, so I would have to buy from a franchised dealership? I have had a credit card since I was 15 and my own phone account since 16, I am now 21.

 

[About2bite]

Go to a Credit Union if possible, they are not hurting as bad as the major banks and a credit union will typically give you lower rates and allow more of an allowance on older vehicles than banks

 

[DrZacharyus]

Go to a Credit Union if possible, they are not hurting as bad as the major banks and a credit union will typically give you lower rates and allow more of an allowance on older vehicles than banks

Yeah, that's what I was told. Any reputable CU that you know of? I know I can google, I'd rather have intelligent insight that mechanical recommendations.

 

[Fox-4]

Did you have a co-signer? Hmmm, so I would have to buy from a franchised dealership? I have had a credit card since I was 15 and my own phone account since 16, I am now 21.

I am having a co-signer when I'm ready.

As for a Credit union, open the phone book and look for a local one.

G/L man.:beer:

 

[Sonicblue8093]

Yeah as someone said, a CU wouldnt be a bad place to start, Lots of banks look at a lot of things and not just your credit score to determine availability of funds..."Income VS outgoing bills,revolving amounts on credit cards,job history,amount of time at job, amount of time at residence. Lots play in

 

[DrZacharyus]

I am having a co-signer when I'm ready.

As for a Credit union, open the phone book and look for a local one.

G/L man.:beer:

So did you try to get your loan with a co-signer? Yeah, I don't know if I want to start shopping for loans now or wait till this credit issue clears up. I think waiting would be best.

Yeah as someone said, a CU wouldnt be a bad place to start, Lots of banks look at a lot of things and not just your credit score to determine availability of funds..."Income VS outgoing bills,revolving amounts on credit cards,job history,amount of time at job, amount of time at residence. Lots play in

Yep, I have good job history as in a year employment average. This process is going to be a lot of fun I can tell.

 

[Fox-4]

So did you try to get your loan with a co-signer? Yeah, I don't know if I want to start shopping for loans now or wait till this credit issue clears up. I think waiting would be best.

No, with out a co-signer

 

[DrZacharyus]

No, with out a co-signer

Hopefully mine should make this a little easier! :banana: Are you in the boat for an 03/04 as well?

 

[PonyFever]

Yeah, that's what I was told. Any reputable CU that you know of? I know I can google, I'd rather have intelligent insight that mechanical recommendations.

This time you're better off with google unless you know some locals. Most CU's were designed with a regional affinity. Since the membership requirements have been relaxed, it's still rare to find a CU with a very wide reaching footprint that isn't military. Good luck.

 

[Fox-4]

Hopefully mine should make this a little easier! :banana: Are you in the boat for an 03/04 as well?

l hope so too. I wish I could get my own 03/04, but Insurance and gas would rape me. I like more of the 96-01 range.

 

[DrZacharyus]

This time you're better off with google unless you know some locals. Most CU's were designed with a regional affinity. Since the membership requirements have been relaxed, it's still rare to find a CU with a very wide reaching footprint that isn't military. Good luck.

Most that I am coming up are federal or education related. Hear anything about FAIRWINDS? It seems like I am going to have a real tough time buying private sale

 

[Sonicblue8093]

Yep, I have good job history as in a year employment average. This process is going to be a lot of fun I can tell.

Well that will help, and your cosigner will be KEY. Whats going to be fun is your insurance payments...cause if you have a lien you have to have full coverage.