Need some advices before I start making mistakes !

[Anonymous]

Hi,

I have a 680 score, 1 secured credit card from Wells Fargo with 1.5K limit. I'm was an international student and just got my SSN, so I have a thin file. I'm 20. I'm looking to buy a 45k car and I'm willing to put $15k down. I'm being sponsored by my parents who live outside the US.

I don't know what to do, I don't wanna start applying everywhere and get declined.. Also, should I start applying for new credit cards with other banks ?

Btw, I'm a green card holder, I don't know if that changes anything to the situation

Thanks !!

[Anonymous]

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@Anonymous wrote:

Hi,

I have a 680 score, 1 secured credit card from Wells Fargo with 1.5K limit. I'm was an international student and just got my SSN, so I have a thin file. I'm 20. I'm looking to buy a 45k car and I'm willing to put $15k down. I'm being sponsored by my parents who live outside the US.

I don't know what to do, I don't wanna start applying everywhere and get declined.. Also, should I start applying for new credit cards with other banks ?

Btw, I'm a green card holder, I don't know if that changes anything to the situation

Thanks !!

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It looks difficult with your thin file and without a cosigner otherwise you were all set with that big down payment.

Why don't you look somehting cheaper around 25000? With that DP you should definately qualify without a cosigner and that will also help in future

[Anonymous]

Well, I was interested in buying a 2009 C63 AMG. I was saving for it the past few months but you're right, it will be hard for me to get a financing with my current situation.  There is absolutely no way for me to get a cosigner, since I'm a foreign and I don't really have any relatives here. I'm willing to buy a BMW 335ci around 34k, would my down payment work ? Or should I save more money before I apply ? If I get the one at 34k, I'm probably gonna pay it off in less than 6 months, sell it, and use the money as a down payment for the car that I wanted to buy in first place. Would that work ? If I pay it off in 6 months, is it gonna have a positive impact on my credit history ?

Thanks a lot for your answer, and sorry for all theses question. I'm relatively new to this !

[Chris123nTx]

Holy moly, 20 and the income to support a 45,000 car? I dont even know what to say about that. How long have you been with your employer? Is all of your income documented?

[Anonymous]

I said that I'm being sponsored by my parents.

[FrugalRican]

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@Anonymous wrote:

I said that I'm being sponsored by my parents.

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You might want to ask UpNComing to see if that kind of thing flies at a car dealership.

I have no experience with it, but having a thin credit file and no income might look a little iffy to a car salesman.

[Jake0215]

I would think even with a thin file that large down payment will overcome a lot. youre paying off 1/3 of the car... the bank will realize that they wont lose money. Hell, if I had the money I would loan it to you. I would know that if worst thing happens and you stop paying and i take the car back, sell it, and at the bare minimum make my money back. YMMV but I would think you could get financed. Maybe not at the best rate but there is always refi options. Good luck!

[Anonymous]

Thank you Jake for your answer. I'm actually thinking about buying a 25-30K C350 2009 directly from Mercedes, pay it off less than a year. I'll have then some credit history and I'll try to trade in the car and get the car I want. Does this sound like a good plan to you ? I don't wanna be raped with the interests...

Thanks

[Anonymous]

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@Anonymous wrote:

Thank you Jake for your answer. I'm actually thinking about buying a 25-30K C350 2009 directly from Mercedes, pay it off less than a year. I'll have then some credit history and I'll try to trade in the car and get the car I want. Does this sound like a good plan to you ? I don't wanna be raped with the interests...

Thanks

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I just realised about sponsorship. I don't know how auto loan works in absence of income. May be someone else has some experience here.

[FrugalRican]

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@Anonymous wrote:

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@Anonymous wrote:

Thank you Jake for your answer. I'm actually thinking about buying a 25-30K C350 2009 directly from Mercedes, pay it off less than a year. I'll have then some credit history and I'll try to trade in the car and get the car I want. Does this sound like a good plan to you ? I don't wanna be raped with the interests...

Thanks

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I just realised about sponsorship. I don't know how auto loan works in absence of income. May be someone else has some experience here.

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That's why I figured he should probably PM UpNComing. He'd probably have the best answer for him about that.