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Credit Score: 623 FICO
AAoA: 2 years 9 months
# of positive trade lines:2
# of negative trade lines:1 account in collections for a disputed student charge
Income: $2,050 a month
Lenght of Employment:1 year 10 months
Previous Loan Experience: none
Debt-to-Income (DTI):12%
Year of Car: 2012 chevy volt
Miles:48,070
Purchase/Refinance: Purchase 12,000
Requested loan term (XX Months): 60-72
Down payment amount: 1200
Co-borrower/Co-Signer: none
on time payment: 95.5% - 97.5% ( having 1 missed payment removed, 2 total in past 3 years total)
Yes you will qualify. Your rate would be around 7%-7.5%. You might find a credit union that gives you 6.5% or so if you look hard. I'm a fan of leasing or buying NEW hybrids ($7,500 tax credit) but not used ones unless they have a significant warranty and excellent price.
With a 7% apr, down payment of $1200 and 60 month term on a purchase price of $12,000 the monthly payment would be around $250.
If I pulled the trigger on this deal myslef I would need that Volt talked down in price to $10,000 with a down payment of $1000 and would not budge too much from there. There is comfortable wiggle room for used hybrids especially considering the dealer probably paid less than $8000 for that specific vehicle. That would put your monthly payment around $200 which is far more palatable for you.
Well, be interesting to pull the carfax and see if it's 1 or 2 owners. It would be assumed that a 2012 model year car would be bought in late 2011 so it could be a one owner 5-6 year loan or a car that was leased twice at 36 months each...or neither lol. Going rate for that vehicle with 50k miles in my experience is about $12.5k which i would not spend. Trade in value is about $9k to a dealer but trade in is more profitable than an outright sale to the dealer which would be about $8k (assuming good condition). A new 2016 in the state of Califonia can be had for $24,900 after all their tax credits!
Hybrid/electric space is competitive now with huge lease and buying incentives because of the $7.5k federal tax credit ($9.5k if you live in California and add the state tax credit). Add in the macro trend (because of depressed gas prices, fuel efficiency and millenials entering space) that 8 out of 10 vehicles sold are suv/trucks and you see why dealers have a hard time moving cars let alone used hybrids (even luxury brands) - which is good for buyers. That car can be had for $10k-$10.5k tops; just negotiate. Start at $10k with the offer and don't budge too much.
never owned a hybrid myself (soon) but hear that once you get a car that is averaging over 50mpg+ you will never go back. Add in a cc that offers 3%+ back at gas stations and you can save thousands quickly.
assuming you drive 15k miles a year and take that 5 year loan that car will have around 120k miles on it by the time the financing ends and you could probably trade it in for $3k or sell it outright for $2k so driving it for 5 years will essentially cost you around $7k or $1.4k yearly (after subtracting trade in or sell). Maxing out that 15k miles at the cars 92mpg rating you end up spending $410 in gasoline (89 octane at $2.6/gal) yearly. Add in insurance and incidentals (brakes, tires, minor repairs) at $1.1k yearly and the total cost should be somewhere around $2.9k yearly after trade in is factored and $3.5k yearly up until then. That is pretty good considering some jacka**es on these boards take out $40k loans at 10% interest.
take that above paragraph with a grain of salt because i have no idea how you drive or your plans. I was just throwing out a cookie cutter average.