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Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

Valued Contributor

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

On a $30k car with a very short credit history you should be looking much larger in down payment.  I would be looking at $10k or so down

 

To give you an example, my very first new car I financed was in 2003, it was a 2003 Ford Ranger, financed it with $3500 down, price of truck was $12k (about 30% down)

Ch 7 Discharge 3/12/2018
Credit One $500, Wayfair $3,500

AU Cards: CSP $34.2k; Chase Marriott $20k; Citi TY $8.5k; Barclays Arrival+ $15k
Message 11 of 25
New Member

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

The finance guy just called. 

 

He says he can get me approved for a loan with 11 to 12% APR and he will get it refinanced with the credit union after 8 months. 

 

Does this seem legit or should I check with other dealerships? 

Message 12 of 25
Valued Contributor

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

You will need to make large payments to get the refi later on.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 13 of 25
New Member

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

I am planning on making 2k payment each month until I can get it refinanced.
Message 14 of 25
Valued Contributor

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

Good plan.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 15 of 25
New Member

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

Thank you for all the help! 

Message 16 of 25
Highlighted
Member

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

your talking about financing $28K, putting $5K down, and paying $2K a month for 8 months. for around $20K paid out and $8K to refi.

 

Just a heads up, In the past my experience has been many banks refuse to refi less than $10K.

 

As for it being legit, I wouldn't be one bit surprised if the dealership was fronting the loan themselves for the 8 months, Keep a close eye on that contract.

Message 17 of 25
Regular Contributor

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

Hi 

 

You can try DCU  (digital federal credit union).  Who ever came from  other countries working on visas. It is so generous.  by your annual salary, you can easily get it. Don't put so many apps ...all will show inquiries on your credit file. Once talk to dcu and go head. they will give you for 6 or 7 percent. later if ur payments history is good... they will later decrease interest rate also.

 

Thanks.

Message 18 of 25
Regular Contributor

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

hi ..

 

Open a checking account with them and do direct deposit of your 1/4 salary or what ever you like. Instantly they will approve. My friend took as soon as he came from india. with no history.

Message 19 of 25
New Member

Re: Auto Loan $28000 Short Credit History (1 yr 7 mn) Decent Credit Score (680)

Wont the checking account and loan options vary with the location, especially with credit unions. I thought they prefer for people who are either live in the same county or my employer must have some kind of relationship with the credit union or something like that?

I know this because i tried to get a loan from technology credit union which is there in california but i live in new york.
Message 20 of 25