What is the probablity that I can get a car loan for $28,000, if I am still in school. I graduate in June so my income will change drastically (hopefully soon). Right now I make $25k a year and my credit score is 712. I want to know if its even possible to me to get the loan by myself before I try.
Getting a Car loan
- Thread starter URDONE
- Start date
With a 712 score, you're probability is high. Your interest rate may vary depending on what the lending institution uses to gauge your risk. I would recommend going through a credit union as their guidelines are usually a little less stringent on loans.
VegasSVTWanted
Banned
No, it all depends on who you go through and what the loan will go too. I tried to get a auto loan through a private bank, through a couple lenders and no-one would touch me. Even though my co-signer had 858 credit. I finally just through a dealership and they GLADLY gave me the $31k needed for the truck! All depends on where and who you go through. Good luck.
URDONE said:
yes .. you have to be a memeber of a credit union to use them ... some have more strict membership rules than others ... I would suggest taking a look around and talk to your friends and family to see if they belong to one that will let you join.
My credit union allows members, their immediate family, and some parts of their extended family to join ...
Got5onIt said:
+1
I use my credit union and my interest is near 4.2%
When do you graduate? A payment for a 28k car is gonna be in the realm of $500 a month. Thats a huge chunk of your salary. I'd try to wait if you aren't too antsy, but God knows how bad ass these Terminators are!
I graduate on June 11th, and hope to have something else lined up workwise by then. I know that $500 a month is where I am going to be at. I don't think I'll be getting a Terminator though. 
My dad happens to be a member of a credit union, maybe I can get in on his?
My dad happens to be a member of a credit union, maybe I can get in on his?
Be careful about how much you borrow while still in school. Ive known several people close to me that took out money for a brand new car because they were 'going to get a good job' soon. They graduated..... and didnt get shit! ended up having to sell their cars and lost money!
I understand. I should be okay. I don't plan on leaving my current job until I have secured another one. I made $25K last year working Monday, Wednesday, and Friday only.
So you guys think I should be able to get a loan? If I can't get one through my dads credit union, what do you guys suggest? Go to a bank on my own, or go through the dealership?
So you guys think I should be able to get a loan? If I can't get one through my dads credit union, what do you guys suggest? Go to a bank on my own, or go through the dealership?
Depends on what you get...
I looked at a Ford F150 Lariat 4x4 loaded and they damn near wanted to give the car to me. I'm guessing my credit was decent that they brought the prices from 42 to 33 and my interest was dirt cheap.
This is something you want people competing for. Your credit is good and they like that 'cause they know you'll pay your bills.
See what the credit union will give you, and take it to the dealer and see if they'll compete. Make them earn your business.
What do you plan on getting? Why no Cobra?!?!?
I looked at a Ford F150 Lariat 4x4 loaded and they damn near wanted to give the car to me. I'm guessing my credit was decent that they brought the prices from 42 to 33 and my interest was dirt cheap.
This is something you want people competing for. Your credit is good and they like that 'cause they know you'll pay your bills.
See what the credit union will give you, and take it to the dealer and see if they'll compete. Make them earn your business.
What do you plan on getting? Why no Cobra?!?!?
cobraracer46
Banned
I'm surprised that schools don't teach anything about personal finance, because if they did, then people like your self just starting out in life would realize that putting hard earned money every mouth into an asset that rapidly goes down the toilet in value is an unwise financial decision.
DKS2814V said:
The only Cobra I really want is the Mystichrome, and they are pretty tough to come by in good shape. I REALLY need a daily driver and the Mystichrome for me would not be practical for a daily driver, so I decided to wait a few years before I get back into a sports car. Although! If I can find a clean notch, I might get one to offset my urge for a musclecar. I am currently looking at getting a Lexus GS 300, a Lincoln LS, or even a Caddilac CTS?
cobraracer46 said:
Thanks for your concern, and I understand what your talking about. But if this was the case, then damn near everyone would be riding bikes. Its too cold in Chicago for me to be riding a bike in the winter, and if I waited until I saved enough, then life might just pass me by. I'll be saving for a car, a home, retirement, kids college fund, etc.... Might as well enjoy myself, while I save for everything else.
Dont forget the insurance it may be high on a 03-04 cobra if you are under 25 male and un maried and in Chicago.
URDONE said:
I would have to agree with you there, i just graduated last may and got a job, 2 months later i bought an 03 DSG with 1,000 miles. I put down 12 grand though. I bought it because i love the car so much plus i figure i'm young now so it is the perfect time to do it because i may never have the opportunity later on in life with mortgage payments, kids, wife, etc.
i put 2k down and got a 28k loan for my cobra. i went through a credit union in E. TX that i had never heard of and all they required me to do was open a savings acc with $25 which they deducted off the loan amount they gave me. I was given 3.99% rate. I have decent credit but all this was just 4 months after i got out of a 4 yr prison sentence so i had no prior job history for that 4 yrs. i had only been working for the 4 months. no questions asked. loved it.
Coiled03 said:
HAHAHA :lol: debt how do you figure i owe like 10 grand on the car and i have 7 grand in the bank just started working and i am 24. That 7 grand is going towards a house and that's why i am saving, I pay 350 a month for my 4,000 mile 03 cobra. Wipe my a$$ with that, you have no clue about my financial situation
if you go through a dealer, most of them here in california and most states,
go through the cudl system (credit union direct lending)..its basically the same thing as if you went to the cu and applied in person only faster.. that way you know which cu or bank can offer the best rate and becoming a member is easy after that..sometimes the dealer can even open the account for you
some credit unions allow you to become a member as long as you
go to school, work, worship or have family in the area
go through the cudl system (credit union direct lending)..its basically the same thing as if you went to the cu and applied in person only faster.. that way you know which cu or bank can offer the best rate and becoming a member is easy after that..sometimes the dealer can even open the account for you
some credit unions allow you to become a member as long as you
go to school, work, worship or have family in the area
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