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New to this--NEED Advice!!

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Anonymous
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New to this--NEED Advice!!

My fiance needs a new car badly (He's driving a robin's egg blue '94 Chrysler Lebaron with gorgeous pink/white polka dots) We're in our early 20s, but have a joint income of $70k.

Don't have a single clue about financing a car, what we can expect in the way of APR, or who should finance it so I'll give you the background and maybe someone can help us get a better picture of what's affordable and in our range. I just don't trust the dealerships because they wanna run your credit 14 times and put you in a car you can't afford.

He's looking at the $20k range and hopefully a $300-ish monthly payment (any lower would be wonderful). Haven't totally pinpointed the car itself, though.

 

 

Me: 6 month AAoA--16 month oldest account. 700+ scores across the board. 7 cards and 1 student loan. Quite a few inquiries and new accounts, but 100% positive payment history and 1% UTIL. 3 paid medical collections all under $100 on EQ and EX.

Him: Mid/upper 600 scores. Was an AU for 5+ years, but has since removed himself. 2 yr 2 month AAoA. Very thin file.. has been rejected for cards due to lack of history. Student loans aged a few years. 3 new accounts in the last 2 months. Inquiries, but not as many as me. 100% positive payment history and 1% UTIL. No baddies whatsoever.

 

 

Basically... do we have a shot whatsoever at lower interest rates? Or is our credit too new/shotty for those 1.9/2.9 rates? Will we have to lower our cars to the $15k range to get the monthly payment where we'd like? Who's name would be the safer one to finance it under? Or is it a good option for him to finance and me to co-sign in order to help both of our credit profile?

Our finances are totally tied together, we have a joint checking, live together, split the bills and have a child together so, although I know people here frown on co-signing, it's totally an option for us.

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Anonymous
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Re: New to this--NEED Advice!!

I think you have a good chance at qualifying for a top shelf interest rate loan.

 

Ask your sales consultant if they deal with Chase.  If they do, be sure to negotiate 1.99% APR thru Chase.  If not, tell the sales consultant you'll be back and pre-approve with Penfed or DCU.

 

$20,000 OTD with zero down and 1.99% APR at 60mo would net $350/mo

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