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Contributor
choppa02
Posts: 115
Registered: ‎06-18-2013
0

Re: Odds of getting a 20k + auto loan?

Thanks blondy for the info I guess the odds are low. I'll probably look into getting a parent to co sign.
Regular Contributor
benandjerry
Posts: 110
Registered: ‎07-30-2013
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Re: Odds of getting a 20k + auto loan?


blondy250 wrote:
Don't take this the wrong way, but your looking to get a car that almost 100% of your annual income. You really shouldn't spend more then 20% of your net monthly income on a car. If your a follower of Dave Ramsey he and others believe it shouldn't be more then 50% of annual income meaning if you make 50k a year the max car your looking at is 25k. Just my 2cents, but shady dealers will approve almost anyone just expect to be paying 20% interest.

+1

 

There is a reason you were only approved for 14K and 15K, they think that is about the max financial load you can handle. Going beyond that is probably overextending yourself. Maybe not now, but a year down the line you may have way more bills for whatever reason....

 

You say you have a trade-in worth 3-5K? I assume it is still drivable then? I would suggest to keep this one for one more year, and set aside the payment you would be making if you would get the 20K financing. 2 advantages: you can see if you can handle the financial burden of that kind of loan, and after a year you will have a significant downpayment to make on your next car.

 

Anyway, just my 2cts.



$1250                $4000              $15,000            $11,000         $1000(secured)      CLOSED!                  $5000        2.65%:
Starting Score: 0 (03/01/13) &Current Score: TU FICO 791 CK755 CS747 QZ747 &Goal Score: 750 new goal:800 garden since 03/21/14
Contributor
choppa02
Posts: 115
Registered: ‎06-18-2013
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Re: Odds of getting a 20k + auto loan?

Yes the car is def still driveable there are just lingering problems I was trying to avoid fixing.
Contributor
choppa02
Posts: 115
Registered: ‎06-18-2013
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Re: Odds of getting a 20k + auto loan?

I tried roadloans and got approved for 19k at 11%apr for 72 months.
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Dustink
Posts: 2,980
Registered: ‎10-02-2012
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Re: Odds of getting a 20k + auto loan?


choppa02 wrote:
I tried roadloans and got approved for 19k at 11%apr for 72 months.

Yuck, what was the rate your CU offered?

 

With your downpayment and trade you would be up around the 20k mark with the CU loan. Plenty of great vehicles to be had for $20k.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Contributor
choppa02
Posts: 115
Registered: ‎06-18-2013
0

Re: Odds of getting a 20k + auto loan?

CU was at 8.9%... I think im going to take roadloan offer and refinance with my CU next december when my two paid ca and paid co come off my reports, hopefully I'll be knocking on 680-700 fico by then
Moderator
09Lexie
Posts: 24,903
Registered: ‎09-13-2012
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Re: Odds of getting a 20k + auto loan?

That's your choice but IMO a smarter choice is to go with the cu. Even paying the higher interest for a year is still money down the drain. Since you are a cash buyer, negotiate a better deal with the dealership. Make sure that they are not giving you sticker price.

As a pre-approved buyer, you are considered a cash buyer and you are in a stronger position to negotiate that $20 k down to $17k easy
Contributor
choppa02
Posts: 115
Registered: ‎06-18-2013
0

Re: Odds of getting a 20k + auto loan?

The car I really want carmax has it and they dont negotiate :smileysad:
Super Contributor
enharu
Posts: 6,889
Registered: ‎02-27-2013
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Re: Odds of getting a 20k + auto loan?

Given your circumstances, you should try to make some compromise on the car you want. Have you tried other dealers as well?
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Contributor
choppa02
Posts: 115
Registered: ‎06-18-2013
0

Re: Odds of getting a 20k + auto loan?

Yes I have but they are very few g37 sports in south florida it's weird, I only found two with very high mileage which is a no no. I found two that carmax has for sale that I like so its one or the other for me.

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