First time Auto Buyer

Anonymous · ‎10-23-2009

I am in the market for a new car, currently 757 experian, 745 transunion. I have student loans, and one brand new credit card that I have not even used yet. I intend to put 6,000 down for a 27,000 car. I make $2750 per month and my calculated dti (depending on the rate they give) with the car payments and insurance will put my dti at %36. Question one: what rate will I likely get? And two: do you think I'll get approved?

I am a first time buyer from new York.

Anonymous · ‎10-24-2009

any thoughts whatsoever about an auto loan would be appreciated? Anything?

tonsers · ‎10-24-2009

Your scores are very good and would probably qualify for top tier financing rates. Do you know what kind of car you are going to buy? If so - you should check out their website or call the dealership for any special promotions.

Anonymous · ‎10-24-2009

2010 dodge challenger. Love that car!!!!

Uborrow-Upay · ‎10-25-2009

irish_guy, that's a nice ride, for sure!

Check into a local credit union for financing, your nice down payment on that auto definitely helps you when app'ing for a CU auto loan. And CU's are usually more willing to work with you if you've got limited credit history.

They'll also offer you much lower rates, and I think that if you take the credit union route, you will be approved, and at their best rate!

Make sure you post back here with a pic of your new baby!

Good Luck!!

Anonymous · ‎10-25-2009

I joined my local cu and their current rate is 4.49% but I have not begun discussions with them as of yet. I be ready in 3 months.

Uborrow-Upay · ‎10-25-2009

That's excellent, irish_guy! I think you'll find they will be easy to work with.

By the way, you might want to look around at some certified pre-owned vehicles, just for the heck of it.

If you see something you like, it's better than buying new, IMO. You don't lose value just by driving it off the lot, like you do when you buy new.

Plus, the price is obviously a lot lower, and at year end, you can count on a pretty good inventory to select from that have just come off lease. All the warranties are usually in place, too or extended as a part of the certified pre-owned plans.

With 6k to put down, and the rate you're probably going to get, and a reduced sales price, you might get a monthly payment far less than you're planning on.

Just a thought.

Anonymous · ‎11-15-2009

Ok so I just dicsovered the american recovery and reimbursment act of 2009. To qualfy, I am thinking i'll move my date up a ,month for the duduction. It;s worth about 2800 for my purchase. so the purchase(car) will be for 31,000 and the loan for 28,000. With my scores 745TU and 757eq what obstacles will i encounter, beside idiot an saleman. Present company excluded (if anyone is a car salesman

Anonymous · ‎11-27-2009

how does the american recovery and reimbursment act of 2009 save money on a car i was looking to buy a second one this month how will it save me money thanks

Anonymous · ‎11-28-2009

you can claim the taxes on purchase of a new car as long as you meet the income requirments.

check the IRS website