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)
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?
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.
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.
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.