04-03-2013 04:14 PM
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)
04-05-2013 10:47 AM
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?
04-05-2013 01:48 PM
04-05-2013 02:04 PM
04-05-2013 09:24 PM - edited 04-05-2013 09:28 PM
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.
04-10-2013 07:40 PM
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.
04-10-2013 07:43 PM
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.
04-10-2013 09:05 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.