How and where to get approved?

Anonymous · ‎07-03-2011

1-Age 19

2-income, gross monthly 1760

3-Time with current employer 1 Year

4-miles put on car each month/week 150

5-expenses, rent etc monthly 0

I have 1 car that held a balance of 6000 that was paid off in one month

The car I currently hold I have been paying on since December.

And a Capital one credit card that I pay off each month Twice

My TU is 661

My EQ is 641

I have nothing negative

1 Year credit history and 6months of revolving accounts.

I want to get a loan for 7000

My dealer is willing to let my take away all debit with my car when getting a new car.

I currently owe 4800 I owed 5800.

Any ideas where to get a loan.

Thanks!

Anonymous · ‎07-04-2011

@Anonymous wrote:
1-Age 19
2-income, gross monthly 1760
3-Time with current employer 1 Year
4-miles put on car each month/week 150
5-expenses, rent etc monthly 0

I have 1 car that held a balance of 6000 that was paid off in one month
The car I currently hold I have been paying on since December.
And a Capital one credit card that I pay off each month Twice

My TU is 661
My EQ is 641

I have nothing negative
1 Year credit history and 6months of revolving accounts.

I want to get a loan for 7000

My dealer is willing to let my take away all debit with my car when getting a new car.
I currently owe 4800 I owed 5800.

Any ideas where to get a loan.

Honestly, no. Maybe a local credit union. Your monthly income is lower then most conventional places like to loan at. The fact that you do not have rent is not really a plus. What has the dealership suggested?

Thanks!

Anonymous · ‎07-04-2011

Dealer says ill need a cosigner and with one I can ask for any amount requested. I'm struggling right now with my current car falling apart. If I had something more reliable I'd have more money each month.

203bravo · ‎07-05-2011

Oh hard lesson for a 19 yo.

If you are wanting a 7k car.. and they are willing to finance the 4800 you currently owe.. then you are essentially asking for a 11,800$ loan (of course this would be reduced by the trade in value of your current car.) SO --- are you ready to make payments on a 11k loan to drive a 7k car????

Anonymous · ‎07-05-2011

Sorry, when I bought the car I have now I did a buy here pay here kinda. The dealer will clear amount owed when purchasing a new car. So I will only owe what the new cars worth.

Anonymous · ‎07-05-2011

I think there is some confusion on your old car...no dealer is going to pay off a $4800 loan and let you walk away free and clear. What they will do is pay off the $4800 and add it to the amount of your new loan, so your $7000 car is now a $11,800 loan.

Edited to add: Unless the value of your trade in is worth $4800 then it would be a wash.

203bravo · ‎07-05-2011

@Anonymous wrote:
I think there is some confusion on your old car...no dealer is going to pay off a $4800 loan and let you walk away free and clear. What they will do is pay off the $4800 and add it to the amount of your new loan, so your $7000 car is now a $11,800 loan.

+1 Thanks

p- · ‎07-05-2011

@Anonymous wrote:
1-Age 19
2-income, gross monthly 1760
3-Time with current employer 1 Year
4-miles put on car each month/week 150
5-expenses, rent etc monthly 0

I have 1 car that held a balance of 6000 that was paid off in one month
The car I currently hold I have been paying on since December.
And a Capital one credit card that I pay off each month Twice

My TU is 661
My EQ is 641

I have nothing negative
1 Year credit history and 6months of revolving accounts.

I want to get a loan for 7000

My dealer is willing to let my take away all debit with my car when getting a new car.
I currently owe 4800 I owed 5800.

Any ideas where to get a loan.

Thanks!

What did they offer you for a trade? Will it cover what you owe on your car, and how does the price look on the car you're buying? I would caution you not to over extend yourself on the car loan. Your income or rent situation could change, better not to be extended too far.

I agree with the Marine. Try your bank or credit union for a pre-approved loan.

Good luck!

Anonymous · ‎07-05-2011

Well I'm working with the same dealer I got my car from.

Sales manger says he will make my current car look like the trade in was worth what I owe, since he won't be losing any money since its finance through them.

And I'm trying to get the current car financed at a bank. So like I said I'll only owe what the new car is worth. I'm currently looking at a 04 tibby for 5k. Thanks for peoples help and I have tried my bank but its chase and there very strict. Most credit unions are saying I have limited credit history. So i'm kinda in a bind.

203bravo · ‎07-06-2011

@Anonymous wrote:
Dealer says ill need a cosigner and with one I can ask for any amount requested. I'm struggling right now with my current car falling apart. If I had something more reliable I'd have more money each month.

You bought your current car at a "buy here pay here" place without a co-signer // now the exact same dealer is demanding a co-signer.

The dealer is willing to give you full price on your current trade in and in your words "the current car is falling apart"?

Sorry - there are very conflicting parts to all your posts. It's difficult to offer advice when the story changes.