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Established Member
Posts: 31
Registered: ‎05-07-2012
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Help figure downpayment.pls

Ok. So its been about a year I have been working towards a new car. I applied and the credit union.offered me up to 10k with 2k down. My score was a 607 then. thats when I started working on bringing my.score up. During the process figuring out how to rebuild I did damage to myself apply for credit.cards I was denied for bc I didn't know much.and as I researched and learned which cards were for.rebuilding. Finally gout approved for.something and been working on getting my score up. Keep in mind all the inquireies ran.my score diem to the 520ish range after I tried for the car the first time. So now its up to a 631. It had came up to a 644 but me and my.husband got married abd had to charge a bit so my.score went back down. Anyways as soon as I pay the.debt back off its new car time. I imagine my score will raise to anywhere between 650 and 675ish....once again.with.a 607 I needed 2k down on a vehicle....with the new score how much will I probably.need down? 2k is alot.for someone like me....plus tag and insurance
Established Contributor
Posts: 817
Registered: ‎10-15-2012
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Re: Help figure downpayment.pls

The downpayment is typically a percentage of the price of the car, 20% is what most suggest you aim for. If you don't have such a great score, your lender may require you put a certain amount down in order to give you a loan. Luckily, there are many other lenders around. Shop around for your car loan. You may be able to find one who doesn't require you put anything down (not a smart financial move IMO). You can apply for numerous auto loans in a short period of time (14-45 days depending on credit model) and they will be scored as only one inquiry.


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Established Member
Posts: 31
Registered: ‎05-07-2012
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Re: Help figure downpayment.pls

I'm thinking I will be able to put about $500 down. Do you know any lenders that may go with that with about a 650 fico?
New Contributor
Posts: 72
Registered: ‎11-19-2012
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Re: Help figure downpayment.pls

Dcu will offer 5.9 with a 650 auto enhanced eq fico. 1.9 with a 675. No money down needed, they will just give you a dollar amount you are able to spend. Super easy process with them.
Frequent Contributor
Posts: 437
Registered: ‎03-19-2010

Re: Help figure downpayment.pls

Why are they only offering you $10K? All i see you posting is about your score. Score doesn't mean much if you have high DTI and low income. If your not able to save up the needed $2k down payment the CU is requesting maybe it's not a good idea to get this loan.

Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012

Re: Help figure downpayment.pls


Mike360 wrote:

Why are they only offering you $10K? All i see you posting is about your score. Score doesn't mean much if you have high DTI and low income. If your not able to save up the needed $2k down payment the CU is requesting maybe it's not a good idea to get this loan.


+1

 

If you cant afford 20% down. You likely can't afford the vehicle.

 

Try going 6 months putting at least the amount of your payment in savings. If this is a challenge, then you can't afford the loan. If this is not a problem, then you can use the money you saved as the down payment.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Established Member
Posts: 31
Registered: ‎05-07-2012
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Re: Help figure downpayment.pls

I can afford the notes. I believe I was only.approved for 10k bc I have a past repo from about 4-5 years ago. I was a senior in high schol. Made a poor choice and bought a lemon. The engine blew 6 weeks after I bought it. I played hell with the dealership trying to get them to fix it. It was only a one month warranty so technically warranty was up when engine blew but the key was the car ran hot two days after I bought it causing the heads to warp and the engine to eventually blow. So the initial problem did happen under warranty. To this day I still think I was just a young girl that the dealer took advantage of. Maybe . maybe not. But I still tried to save my credit. Took out additional loan to fix the car and my not anymore mechanic fuxed it and it broke again. I paid that lian back I'm full kept notes up for over a year and finally had to let it go back. Just count afford a car a couldn't drive. And I really did try to do the right thing. But now its in the past. Its still there but my credit rating is beginning to move past it thankfully.
But anyways. I can afford a note. As soon as all credit card debt is, paid in full. Plus i
Established Member
Posts: 31
Registered: ‎05-07-2012
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Re: Help figure downpayment.pls

It wilk give me the opportunity to let my credit report live to its ful potential when it comes time to finance. I'm being patient and working hard on this. My vehicle has no ac and in mississippi it will drive a woman mad. After 3 years of this any vehicle eith ac is wyeth 20g. Not rally but what I'm saying is I need a new ride as soon as I can realistically afford it and before the summer really sets in
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Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
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Re: Help figure downpayment.pls

[ Edited ]

What would you do if the same thing happened to the vehicle you are looking at purchasing?

 

Do you have money saved up to cover the costs of repairs? What if you lost your job, do you have savings set asside to cover the payments for awhile?

 

I would recommened that you save money and let your credit build a bit longer before you buy. Get your credit card debt down, then get some money in savings. You will need to wait for the new credit card blances to report anyways. So, that will give you some time to save.

 

If the CU gave you a good rate, you might want to reapply with them after the credit report has updated. Then go to a dealer and tell them your CU offered you x%. Ask them to beat it, you don't need to give them the details of the approval. Details being the amount of the approval or the amount of the down payment. Just tell the dealer how much you want to put down and the vehicle you want. $500 plus tax, tags, and fees would be a fine down payment if that is all you are comfortable with.

 

What kind of car are you looking to get? I would recommend you get something new, yet affordable, such as the Nissan Versa.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Established Member
Posts: 31
Registered: ‎05-07-2012
0

Re: Help figure downpayment.pls

I know this post is really old. Good possibility no one will ever read this but I cancelled myfico for about a year. I have now resubscribed and was looking through my old posts and was reading thiis one. I just wanted to let everyone know my credit is still only like 20 points higher and I've had two decent cars since this.....you guys were negative as crap to me.Thanks you guys!

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