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Valued Contributor
usmc58555
Posts: 1,673
Registered: ‎02-18-2009
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Re: Denied... FICO's are all over 680 No negatives

Wow, Mustang GT. 

 

Have you actually checked with your insurance company yet? cause I think full coverage will be about an additional 3/4 the actual car payment each month....

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toytoy
Posts: 155
Registered: ‎03-12-2010
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Re: Denied... FICO's are all over 680 No negatives

[ Edited ]

I have been reading this forum and it makes me SMH bc so many people are trying to be helpful to no avail. I looked up what my insurance would be for the car you picked out and its a whopping 226. I am 29 years old, own house, masters degree, etc... I currently bought a 2007 GMC acadia and pay 120 a month for insurance. So then I decided to change my birth year to reflect me being 22 (I dont know if that is what the op's age is but I just threw in a number), insurance is 400.00 a month on that and with lowest coverage it is still 336. Now you make 30,000 a year which is about 2500 a year. You talked them down to 36000 out the door and ur balance would be 33000. You said your payment would be around 519-551 plus gas would be 167 a month. So lets add this up. Thats an estimate of about 1100. Can you survice on $1398? Rent? Food? Maintenance? Entertainment? Utilities? Student loans? Yes you will have a nice little ride but can't afford to take it anywhere. Listen I feel bad you can't have ur dream car but just bc u believe you should get it does not mean they are obligated to work with you. I don't know why ur fascinated or stuck on this car but shop around. You said you just got a 20000 loan a few months ago which is confusing bc where is that car? My advice is to walk away, find a better paying job or get a part time job as well, and save and maybe then u can afford this. 


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andyaycw
Posts: 298
Registered: ‎07-25-2007
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Re: Denied... FICO's are all over 680 No negatives

Not to mention that the 2500 might be the gross income - after taxes and other deductions, OP might be looking at a much smaller take-home paycheck

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Kika
Posts: 1
Registered: ‎10-05-2010
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Re: Denied... FICO's are all over 680 No negatives

I'm probably extremeely late on replaying to this and who knows.. you might have already bought a car by now.  However, what comes to mind right now is if BOTH your parents make six figures or close two.. why can't they just buy you a car OR if you're trying to build credit.. give you say $10,000 to put down on it and you finance the rest in your name.. which would be more feasible for the your current yearly income.  My thoughts are.. why finance something if you can buy it seeing that cars depreciate and to take out a SIX-year loan is a tragedy!  By the end of that loan your car will be worth a heck of a lot less than what you'd still be paying on it.

 

Hope it worked out for you!

New Visitor
icebergmikey
Posts: 2
Registered: ‎10-05-2010
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Re: Denied... FICO's are all over 680 No negatives

If your trying to buy a car and you only make 30k annually....one word.... AUCTION.....and if this is 30k gross.....Save money and ride mass transit or save your money and hit a AUCTION!

New Member
drnesting
Posts: 6
Registered: ‎04-10-2008
0

Re: Denied... FICO's are all over 680 No negatives


Kika wrote:

.. why can't they just buy you a car OR if you're trying to build credit.. give you say $10,000 to put down on it and you finance the rest in your name..


 

Because they need to stand on their own two feet.  Perhaps to establish credit they shouldn't be BORROWING 30K for a car as a "First major purchase"

 

Sure a Mustang is a nice car, but their parents got to be 6 figure earners by making good choices, and probably think a new Mustang is as good an idea as bungee lessons in Peru.   Junior should put 3-4K down on a $20K car so that there is only a 350 payment (18K loan)rather than a RAPIDLY depreciating performance car that will be only worth 10 grand in 3 years (assuming no wreck).  Which at 6% interest a 30K 5 year loan is 600 a month!

 

I am a big fan of the tough love approach and with my own kids they can buy whatever they want if they can afford it.  If they want my help they need to convince me this is a good idea, before I would ENABLE reckless behaviour!
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New Member
WA
Posts: 5
Registered: ‎10-27-2009
0

Re: Denied... FICO's are all over 680 No negatives

I went to Captal One and so had a pre-approval.  I told the dealer I already had financing so didn't need any from them.

Since thew dealer is paid a commission on financing they sell, they were able to come up with a better deal so they could get their commission...

Valued Member
janesmith1979
Posts: 27
Registered: ‎10-08-2010
0

Re: Denied... FICO's are all over 680 No negatives

[ Edited ]

Hi, how do you look up insurance rates for a specific car?? Was there a specific website that you used? Thanks!

 

Oops! This message was intended as a reply to toytoy's post.

Regular Contributor
toytoy
Posts: 155
Registered: ‎03-12-2010
0

Re: Denied... FICO's are all over 680 No negatives

I used Liberty Mutual. I didn't sign in and just put guesstimates about the car. I believe all online quotes do this but I could be wrong but thats what site I used to come up with the quote I received the the mustang. 


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Watchmann
Posts: 985
Registered: ‎05-14-2008
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Re: Denied... FICO's are all over 680 No negatives


toytoy wrote:

I used Liberty Mutual. I didn't sign in and just put guesstimates about the car. I believe all online quotes do this but I could be wrong but thats what site I used to come up with the quote I received the the mustang. 


I'm already a Progressive Insurance customer and on their site you can get firm quotes for any vehicle you are think of adding/replacing, I suppose because they already know about your particulars and driving record.  It's a good system as it allows you to play 'what if' games with different deductibles or coverage.  I've found it very useful and the quote they give you is the one they use if you take the coverage.  No funny games.


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