02-08-2009 01:46 PM
Monthly Gross 6000.00
DTI now at 33% (high figure, not counting child support)
UTL on revolving high @ 90%
First time buyer for auto - I've always paid cash with the occasioinal personal loan.
From what I can tell, FMC pulls Equifax in TX
Ford also has a First Time Buyer's program
22K is about what I'll need for the Escape I want.
I originally started looking at used vehicles and while I hate the thought of losing the value the minute I drive off the lot on a new vehicle, maybe it's not such a raw deal right now. I will have to look at both options and see which one costs less over the loan period, etc.
Does anyone here have any input on the FTB program or advice on my circumstances regarding applying for a loan?
Thanks in advance!
02-08-2009 08:56 PM
02-08-2009 10:07 PM
Thanks moondog... I will probably drop my UTL down by 4-5K (brings it to about 60%) before applying but that may be about it. I'll be better off using that 4-5K for that rather than a downpayment, correct?
I will also pay off the balance of an installment loan and although I know that won't do much, if anything, for my score, it's peace of mind and another 150.00/month cut out of the outgoing monies.
I'm still a little confused about which way to go on Used or New, but I'll figure it out before then. I've spent so much time on Edmunds and other sites that I have a chair shaped behind today.. lol
02-09-2009 06:06 AM
02-09-2009 06:19 AM
02-09-2009 07:09 AM
I say go used you may find something better than a Ford Escape for under 22k, i think you should check out www.texasdirectauto.com they normally have some pretty good deals, this is in Houston, TX , so dont know how far that is from you...But good luck!
02-09-2009 01:42 PM
Seriously, I agree with schoolbus, you can get a "used" (Certified Pre-Owned) Mercedes C-class for under 20k. Almost every dealer here in California has them for around 18k in fact. No offense to Ford but back in the 90's I owned a Taurus, it was the worst piece of junk I have ever owned.
Check out some other dealers and see what they have as a certified pre-owned cars. You would be surprised how good of a deal you can get.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO