Reply
New Member
Posts: 2
Registered: ‎04-30-2008
0

Question

I'm sure alot of people do this, and I always love conforming to the masses. I have a fico of 666 (yea I know...) and I'm having trouble getting approved for a loan. I'm a first time buyer and I don't wanna file jointly. I can't find a place and I was wondering if anyone had some ideas/tips. The car I'm looking at is a 2000 Grand Cherokee with 77,453 miles, and it's gonna cost $7,643 (it was a really good deal).
New Member
Posts: 7
Registered: ‎03-19-2008
0

Re: Question

One, you're probably having a tough time getting financed b/c used cars are always harder to finance than new cars.  Two, it's not that great of a deal, in my opinion.  Sure blue book my say that it's on par, but I personally feel that a used car that's that close to the 100K mile marker for a brand that isn't known for reliability and durability is not something that I'd buy.  Three, it might be that you're disposable income is not high enough.  For example, if you make $1,000 per month, but spend $900 of it on fixed living expenses and credit cards, you don't have enough disposable income.
 
When I bought my first car w/ Toyota, I was also a first-time buyer.  My score was 680.  I bought a 2000 Toyota Camry w/ 34K miles in 2004 through their college grad program w/ no money down.  Although I was still in school, I was able to qualify b/c I was w/in 6 months of graduating.  Plus, I had decent enough income as a bank teller to cover it.
Valued Contributor
Posts: 1,060
Registered: ‎02-13-2008
0

Re: Question

A lot if not most lenders have maximum miles limits for financing. I am not aware of any that would finance a car with almost 80,000 miles on it. Most likely the loan on this car would outlive it (Jeep doesn't have a good reputation).
Mortgage Lenders Mid-Score 778 I AM A HOMEOWNER!!!!! 30 Year 5% Fixed Rate, closed on 3/18/09
New Member
Posts: 2
Registered: ‎04-30-2008
0

Re: Question

I'm a student now and I'll be leaving for college soon. I make about 12,000 a year and I dont have to worry about paying for housing and stuff like that so all my money can be spent on anything. Plus on most applications I apply for they don't even ask me all that. Should I try lenders other than banks?
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.