topic Re: co signer of own small business corparation first time car loan applicant in Auto Loans

co signer of own small business corparation first time car loan applicant

mustangy — Wed, 07 Nov 2012 06:50:16 GMT

will i be approwed

credit scores 730 - 742 - 730

history 5 years

credit cards bofa master 5k bofa visa 5k flex

capitalone 750 canceled 2009 hsbc 1k canceled 2009 (funny limits)

all paid on time never goes more %50

last time at 2008 not approved for 30k car (put down 20k) and gone for all cash

the corporation is new for luxury limo company and applied to their financier who deduct from checks directly

car is Mercedes s350 its msrp 94.5k but my company has discount and its goes to 80.5k

down payment 20k will keep my 2006 r350

income is total about 100k annual but after all 40k for myself (approx)

bought to time in full cash cuz of stupid credit proccess and denial

will i be approved for loan or what to do after approval or denial

thanks for all answers and helps

Re: co signer of own small business corparation first time car loan applicant

indecison — Wed, 07 Nov 2012 16:59:00 GMT

Im guessing you will have a hard time with the income being the issue. Seems like more car than what your income would support. Just my opinion though.

Re: co signer of own small business corparation first time car loan applicant

guydiver — Wed, 07 Nov 2012 17:36:07 GMT

indecison wrote:
Im guessing you will have a hard time with the income being the issue. Seems like more car than what your income would support. Just my opinion though.

Re: co signer of own small business corparation first time car loan applicant

Croselx — Wed, 07 Nov 2012 23:23:46 GMT

With your credit and the down payment you will eventually find someone that will finance you, specially if self-employed (in my area dealers like to deal with self-employed since it is easier to lie/justify inflated income). The question should be can you afford the car currently? You are looking at over $900 monthly on a 72 month loan not counting insurance, gas, maintenance, etc. This to me sounds like a free trip to bad credit land. I would buy a cheaper car if I were you.

Re: co signer of own small business corparation first time car loan applicant

mustangy — Wed, 07 Nov 2012 23:53:28 GMT

Thanks for answers Croselx Indecision and Guydiver

I forgot to mention this car is for luxury limo for business purpose . I paid in cash 49k (some from friends) in cash just not to struggle with loan sharks Company i work has many loan deals with lender (new york city over 300 cars replaced every 3 years all luxury Cadillac BMW Mercedes) yes its expensive but weekly payments are deduct from our check straight to lenders account.

My concern was i m a first time car buyer that's may be the primary issue finger crossed waiting for news

if they give high rates can i turned down and ask them for more down payment and new rates? I gues i have no chance from my own bank BOA' I m not loan person i dont buy even a laptop with credit dont like to be borrowed to some one thats why my score is good but no loan installments.

Re: co signer of own small business corparation first time car loan applicant

Croselx — Thu, 08 Nov 2012 01:43:52 GMT

From what I understand what decides your APR is your credit score (they use a formula that is specific to car buying if using dealer), the lender and the dealer if using dealer financing. The dealer may add a percentage to the interest rate and they get a cut of the profit. I don't think a bank would lend you for a $80K car even with that down payment based on income and banks tend to be annoying to the self-employed, specially if the business is new. Your best bet is the dealer IMO. If you find unfavorable terms or something isn't as agreed on F&I you can still walk away. You are not obligated to buy from the dealer unless you sign the paperwork.

Re: co signer of own small business corparation first time car loan applicant

mustangy — Wed, 28 Nov 2012 21:54:44 GMT

Thank you crolselx wavv alot of bleeps :)

i ll waiting lenders decission . its awsome hope i ll be aprroved and will help my credit in **bleep**