Curious, your thoughts.

[Dj4Money]

---

@Dustink wrote:

I think the bank asking for a down payment is completely understandable. You can get a free first ride https://www.uber.com/invite/uberdustink on uber using that link. Keep working on getting the score up and saving a down payment. You will have your own wheels in no time.

---

  I never thought or said I should get 110-120% from a bank for a car with my negative infomation. I wanted to see if it was possible; if not then why and what can I do about it.

 I was in the middle of something when I called SDFCU back, they sent an email and called the house. I will talk to them more in depth tomorrow, because like I said; neither the lates or all charge-offs will come off in six months.

 Naturally down payment would be needed, Logix said 15%, I am sure SDFCU is the same, but I want to confirm and I also want to know with the above in-mind, what does my score need to be? 

 EX is already 635 and will only go up once start reporting.

 The real issue is this -

 I didn't want a $300-$400 car payment. Of the cars I want, that will happen with 20-25% down and anything more than 1.49% interest. If I take it out to 72 months that would get my payments under $300 borrowing about $21K.

 Because of Logix's restrictions, I will try to work with SDFCU; if not then I will have to find somebody over the next six-nine months. The car(s) I want used simply aren't in this state.

 That will change over the course of the next six-nine months but that will still be the case.

 Thanks for the link, I will come back too it when I need to use it.

[Dustink]

1.49% for 72 month's is unheard of. WIth credit in the mid-700's 1.49% for 36 month's is possible.

In 6 month's, your APR will be around 10%. Unless you do some good negotiating.

[Dj4Money]

 SDFCU and DCU wil do low rates for up to 72 with a 670 or better score, not unheard of. 

 SDFCU 125% Financing, no down needed (confirmed) no other restrictions.

 Logix 15% down, 100% Financing with sub-prime scores. Used cars 85% only, franchise dealers, only in the state of California.

 Capital One, who knows; 700 scores will get you their lowest rate, but in the approvals thread, somebody got under 10% with 640+ scores from Cap One.

 Those are the ones I know of.

  SDFCU said I need to however show my collections and charge-offs as paid before they will consider extending an auto loan to me; that will cost $2904. On the flip of that is Logix requiring down which would force me into a new car. I could get a used car for $16,500 and paid the difference for 85% (Tax, License, etc) which comes out to about $27xx.

 I could get into a new car for less down possibly because of current rebates.

 I am trying to be careful with my IRQ's. I may try car finance.com, funding way and road loans. 

 I need a car sooner, rather than later to take advance of these gigs. I did a corp Christmas party for Ikea last Saturday ($700) (12/6) and I have another with a non-profit tomorow morning through the afternoon ($700). I may also do a set at a local spot not far from where I will be tomorrow. Calling Uber/Lyft constantly isn't going to be practical and after the 30 mile freebie runs out, it will cost just as much if not more to own a car.

 One gig can easily pay the payment, insurance and anything else having to do with the car and it's constant. 

 The only stipulation is that I have very narrow desires and a requirement for space. So on the used side of things, Caliber SRT-4 and Mazdaspeed3 (2010 and later).

 Cheapest MS3 I found at a franchise dealer was $16,500 (74K). A loaded Caliber SRT-4 with 86K is $13,390 but it's in MO at an area Chrysler-Dodge-Jeep-Ram dealer.

 New, Focus ST ST1 (base). 2013's aren't discounted that much, they are holding their value.

 New, Fiesta ST 400A (base). Again '14's are appearing used but they are holding their value as well.

 *New Kia Forte5 SX Manual, which are fairly hard to find. However I hestitate on this because for the price and performance, the Focus ST is a better value despite not being a wagon like the Forte5 is. 

 The ST getsbetter fuel economy; it has aftermarket support as well. 

 Anyway, I have a better idea where I stand but I still need some more data. 

[sccredit]

---

@Dj4Money wrote:

 SDFCU and DCU wil do low rates for up to 72 with a 670 or better score, not unheard of. 

 SDFCU 125% Financing, no down needed (confirmed) no other restrictions.

 Logix 15% down, 100% Financing with sub-prime scores. Used cars 85% only, franchise dealers, only in the state of California.

 Capital One, who knows; 700 scores will get you their lowest rate, but in the approvals thread, somebody got under 10% with 640+ scores from Cap One.

 Those are the ones I know of.

  SDFCU said I need to however show my collections and charge-offs as paid before they will consider extending an auto loan to me; that will cost $2904. On the flip of that is Logix requiring down which would force me into a new car. I could get a used car for $16,500 and paid the difference for 85% (Tax, License, etc) which comes out to about $27xx.

 I could get into a new car for less down possibly because of current rebates.

 I am trying to be careful with my IRQ's. I may try car finance.com, funding way and road loans. 

 I need a car sooner, rather than later to take advance of these gigs. I did a corp Christmas party for Ikea last Saturday ($700) (12/6) and I have another with a non-profit tomorow morning through the afternoon ($700). I may also do a set at a local spot not far from where I will be tomorrow. Calling Uber/Lyft constantly isn't going to be practical and after the 30 mile freebie runs out, it will cost just as much if not more to own a car.

 One gig can easily pay the payment, insurance and anything else having to do with the car and it's constant. 

 The only stipulation is that I have very narrow desires and a requirement for space. So on the used side of things, Caliber SRT-4 and Mazdaspeed3 (2010 and later).

 Cheapest MS3 I found at a franchise dealer was $16,500 (74K). A loaded Caliber SRT-4 with 86K is $13,390 but it's in MO at an area Chrysler-Dodge-Jeep-Ram dealer.

 New, Focus ST ST1 (base). 2013's aren't discounted that much, they are holding their value.

 New, Fiesta ST 400A (base). Again '14's are appearing used but they are holding their value as well.

 *New Kia Forte5 SX Manual, which are fairly hard to find. However I hestitate on this because for the price and performance, the Focus ST is a better value despite not being a wagon like the Forte5 is. 

 The ST getsbetter fuel economy; it has aftermarket support as well. 

 Anyway, I have a better idea where I stand but I still need some more data. 

---

You didn't come here for opinions, unless they matched what you wanted to hear.  Having financed a car with Logix I can tell you that even with a score over 700 they do not have 1.49% for 72 months.  DCU's best rate (over 675) is 1.49% up to 65 months, with relationship checking.  I am a member of both by the way, and looked at them before I purchased my truck.

I just boght my truck, financed for 72 months at 2% with PenFed, with a 732 FICO score (NOT-auto enhanced and NOT PenFed's next-gen score)  You are trying to justify a financial decision TODAY with estimates of your earnings in the future.  

The Mazdaspeed 3 and SRT4 you are looking at are both going to be tough to finance with the mileage and with your credit.

I wish you the best of luck but if you want to buy a car sooner you are going to have to prove income and take a higher rate than you want.

[Anonymous]

I'll add my thoughts to what others have said.  You are setting yourself up for disappointment and/or financial disaster.  Whatever you do don't base your potential income off of DJ jobs you're getting two weeks before Christmas.  I'm willing to bet the number of and profit from that iwork will fall off quite a bit come January 2nd.  I really think you should heed some of the advice you've been given even if you appear not to want it.

[Dj4Money]

---

@Anonymous wrote:

I'll add my thoughts to what others have said.  You are setting yourself up for disappointment and/or financial disaster.  Whatever you do don't base your potential income off of DJ jobs you're getting two weeks before Christmas.  I'm willing to bet the number of and profit from that iwork will fall off quite a bit come January 2nd.  I really think you should heed some of the advice you've been given even if you appear not to want it.

---

  Okay, I have been a DJ since 1986. Now with that said, how can you say "based on Christmas gigs" is a setup for financial disaster? Based one what? Being a person of color, I can get gigs you likely will never get and 3-4-5 a month paying at least $500 in the dead of winter. I live in Los Angeles, not fly over country. I know some members of this forum are SoCal residents and weddings can happen year-round.

 You can bet all you want, I bet on College and Pro Football and winning % is 62% so if you wanna take that chance, we can put down a few dead presidents if you like via Paypal.

 I have several income sources, all with a paper trail, that hasn't been the issue here. I was curious what my EX score would get me. I found I have to cure the problems with my credit with one or take higher rates with another.

 I said I would like to get a car (not just any) to take advantage of increased business as a friend is focusing on music production, getting into the European festival scene and wants to cut back on non-formal events. That would mean at least two things, these are often return customers or references. Top guy on Thumbtack as well, so before you start making assumptions about potential income; don't base it on your small time career as a band member or a DJ who plays more like a jukebox.

 If the compromise is driving a Versa or some other turd, I'll continue to walk/bus and work on my credit file.

[Anonymous]

Wow.  Good luck.

[Dj4Money]

---

@sccredit wrote:

---

@Dj4Money wrote:

 SDFCU and DCU wil do low rates for up to 72 with a 670 or better score, not unheard of. 

 SDFCU 125% Financing, no down needed (confirmed) no other restrictions.

 Logix 15% down, 100% Financing with sub-prime scores. Used cars 85% only, franchise dealers, only in the state of California.

 Capital One, who knows; 700 scores will get you their lowest rate, but in the approvals thread, somebody got under 10% with 640+ scores from Cap One.

 Those are the ones I know of.

  SDFCU said I need to however show my collections and charge-offs as paid before they will consider extending an auto loan to me; that will cost $2904. On the flip of that is Logix requiring down which would force me into a new car. I could get a used car for $16,500 and paid the difference for 85% (Tax, License, etc) which comes out to about $27xx.

 I could get into a new car for less down possibly because of current rebates.

 I am trying to be careful with my IRQ's. I may try car finance.com, funding way and road loans. 

 I need a car sooner, rather than later to take advance of these gigs. I did a corp Christmas party for Ikea last Saturday ($700) (12/6) and I have another with a non-profit tomorow morning through the afternoon ($700). I may also do a set at a local spot not far from where I will be tomorrow. Calling Uber/Lyft constantly isn't going to be practical and after the 30 mile freebie runs out, it will cost just as much if not more to own a car.

 One gig can easily pay the payment, insurance and anything else having to do with the car and it's constant. 

 The only stipulation is that I have very narrow desires and a requirement for space. So on the used side of things, Caliber SRT-4 and Mazdaspeed3 (2010 and later).

 Cheapest MS3 I found at a franchise dealer was $16,500 (74K). A loaded Caliber SRT-4 with 86K is $13,390 but it's in MO at an area Chrysler-Dodge-Jeep-Ram dealer.

 New, Focus ST ST1 (base). 2013's aren't discounted that much, they are holding their value.

 New, Fiesta ST 400A (base). Again '14's are appearing used but they are holding their value as well.

 *New Kia Forte5 SX Manual, which are fairly hard to find. However I hestitate on this because for the price and performance, the Focus ST is a better value despite not being a wagon like the Forte5 is. 

 The ST getsbetter fuel economy; it has aftermarket support as well. 

 Anyway, I have a better idea where I stand but I still need some more data. 

---

You didn't come here for opinions, unless they matched what you wanted to hear.  Having financed a car with Logix I can tell you that even with a score over 700 they do not have 1.49% for 72 months.  DCU's best rate (over 675) is 1.49% up to 65 months, with relationship checking.  I am a member of both by the way, and looked at them before I purchased my truck.

I just boght my truck, financed for 72 months at 2% with PenFed, with a 732 FICO score (NOT-auto enhanced and NOT PenFed's next-gen score)  You are trying to justify a financial decision TODAY with estimates of your earnings in the future.  

The Mazdaspeed 3 and SRT4 you are looking at are both going to be tough to finance with the mileage and with your credit.

I wish you the best of luck but if you want to buy a car sooner you are going to have to prove income and take a higher rate than you want.

---

 Of course I seek opinions -

 However the last two replies are off-topic. Income keeps being stated because, well neither of you consider "DJ" as legitmate income and if you do believe weather becomes a factory, seemingly forgetting I live in sunny socal.

 I never said that was my sole source of income, pending finacial distaser nonsense, now it's just hyperboly. The payment I want is based on my unearned income, but that still has a paper trail, again this hasn't been questioned by anybody just the last two replies, interesting.

 Maybe your seeking for me to agree with you instead of the other way around.

 I stand corrected about DCU, but I never said Logix would do 1.49% for 72. They would do 1.49% for 36 months, goes up to I want to say 2.49% for up to 60 months with a score better than 670. 

 I said I was offered 8.99% up to five years for 639 and below and 5.99% for five years for 640 and above.

 My EX score after SDFCU pull is 635 (was 639)

 With that it comes with stipulations -

 1) 15% Down

 2) Franchsie Dealers Only

 3) Used only 85%, nothining was ever mentioned about age or mileage

 Cap One sent me a LETTER and on the back it says -

 1) No negative data peratining to Capital One

 2) Interest 18-25% based on my EQ score, ummm I found a INQ before I re-appled for the secured card (Miller Nissan) 

  There was no discussion of income, sources of income or how much money I happen to have in my pocket. That is starting to derail this thread, let's keep it on-topic shall we?

 Also you actually don't wish me the best of luck, that classic passive-aggressive behavior.

 I would accept you saying I was delusional, no need to give me false/fake concern.

[sccredit]

---

@Dj4Money wrote:

---

@sccredit wrote:

---

@Dj4Money wrote:

 SDFCU and DCU wil do low rates for up to 72 with a 670 or better score, not unheard of. 

 SDFCU 125% Financing, no down needed (confirmed) no other restrictions.

 Logix 15% down, 100% Financing with sub-prime scores. Used cars 85% only, franchise dealers, only in the state of California.

 Capital One, who knows; 700 scores will get you their lowest rate, but in the approvals thread, somebody got under 10% with 640+ scores from Cap One.

 Those are the ones I know of.

  SDFCU said I need to however show my collections and charge-offs as paid before they will consider extending an auto loan to me; that will cost $2904. On the flip of that is Logix requiring down which would force me into a new car. I could get a used car for $16,500 and paid the difference for 85% (Tax, License, etc) which comes out to about $27xx.

 I could get into a new car for less down possibly because of current rebates.

 I am trying to be careful with my IRQ's. I may try car finance.com, funding way and road loans. 

 I need a car sooner, rather than later to take advance of these gigs. I did a corp Christmas party for Ikea last Saturday ($700) (12/6) and I have another with a non-profit tomorow morning through the afternoon ($700). I may also do a set at a local spot not far from where I will be tomorrow. Calling Uber/Lyft constantly isn't going to be practical and after the 30 mile freebie runs out, it will cost just as much if not more to own a car.

 One gig can easily pay the payment, insurance and anything else having to do with the car and it's constant. 

 The only stipulation is that I have very narrow desires and a requirement for space. So on the used side of things, Caliber SRT-4 and Mazdaspeed3 (2010 and later).

 Cheapest MS3 I found at a franchise dealer was $16,500 (74K). A loaded Caliber SRT-4 with 86K is $13,390 but it's in MO at an area Chrysler-Dodge-Jeep-Ram dealer.

 New, Focus ST ST1 (base). 2013's aren't discounted that much, they are holding their value.

 New, Fiesta ST 400A (base). Again '14's are appearing used but they are holding their value as well.

 *New Kia Forte5 SX Manual, which are fairly hard to find. However I hestitate on this because for the price and performance, the Focus ST is a better value despite not being a wagon like the Forte5 is. 

 The ST getsbetter fuel economy; it has aftermarket support as well. 

 Anyway, I have a better idea where I stand but I still need some more data. 

---

You didn't come here for opinions, unless they matched what you wanted to hear.  Having financed a car with Logix I can tell you that even with a score over 700 they do not have 1.49% for 72 months.  DCU's best rate (over 675) is 1.49% up to 65 months, with relationship checking.  I am a member of both by the way, and looked at them before I purchased my truck.

I just boght my truck, financed for 72 months at 2% with PenFed, with a 732 FICO score (NOT-auto enhanced and NOT PenFed's next-gen score)  You are trying to justify a financial decision TODAY with estimates of your earnings in the future.  

The Mazdaspeed 3 and SRT4 you are looking at are both going to be tough to finance with the mileage and with your credit.

I wish you the best of luck but if you want to buy a car sooner you are going to have to prove income and take a higher rate than you want.

---

 Of course I seek opinions -

 However the last two replies are off-topic. Income keeps being stated because, well neither of you consider "DJ" as legitmate income and if you do believe weather becomes a factory, seemingly forgetting I live in sunny socal.

 I never said that was my sole source of income, pending finacial distaser nonsense, now it's just hyperboly. The payment I want is based on my unearned income, but that still has a paper trail, again this hasn't been questioned by anybody just the last two replies, interesting.

 Maybe your seeking for me to agree with you instead of the other way around.

 I stand corrected about DCU, but I never said Logix would do 1.49% for 72. They would do 1.49% for 36 months, goes up to I want to say 2.49% for up to 60 months with a score better than 670. 

 I said I was offered 8.99% up to five years for 639 and below and 5.99% for five years for 640 and above.

 My EX score after SDFCU pull is 635 (was 639)

 With that it comes with stipulations -

 1) 15% Down

 2) Franchsie Dealers Only

 3) Used only 85%, nothining was ever mentioned about age or mileage

 Cap One sent me a LETTER and on the back it says -

 1) No negative data peratining to Capital One

 2) Interest 18-25% based on my EQ score, ummm I found a INQ before I re-appled for the secured card (Miller Nissan) 

  There was no discussion of income, sources of income or how much money I happen to have in my pocket. That is starting to derail this thread, let's keep it on-topic shall we?

 Also you actually don't wish me the best of luck, that classic passive-aggressive behavior.

 I would accept you saying I was delusional, no need to give me false/fake concern.

---

You are completely missing the point and neither post is off topic.  In your first post " Now with all that said, I do have income both earned and unearned; totalling $755 a month" 

Nobody said DJing wasn't legitimate income, documenting that income is the key part.  As someone who has spent the better part of my career self employed I have forgotten more about documentation of income than you'll ever learn.  And, by the way I live in sunny SoCal and I know exactly what the weather is like.

Let me put this as plainly as possible - You won't listen to anyone and are setting yourself up for another repo.  Either that or you are a troll.  

If you are incapable of figuring out that you have not earned an interest rate lower than 5%-6% you have no business buying a car.  

I understand being an "enthusiast", I have owned more than 20 cars, including a BoxsterS, an M3 and a Saleen S281.  

You are delusional but I'll still wish you the best of luck

[Dustink]

I applaud that you are at least on a forum discussing the purchase, rather than going out and getting a Versa at 150% LTV and a 20% APR. When you end up with a loan, I wish your bank well.