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Recommendation - First Time Buyer

Regular Contributor

Recommendation - First Time Buyer

Read and have re-read the article at the sticky.

i love it!!

 

unfortunately due to a situation with my current vehicle, i must purchase a new vehicle.

i have put myself in a bad situation as i recently put a large purchase that reported on my credit card so i know my d-i ratio is poor

i would like you alls input in this auto forum before i go out and make a rash decision.

 

what all information should i give to get feedback on this situation

Starting Score: 635 Current Score: 686 Citi Pull
Goal Score:720s
Tried to use Images but it was all Wibbly, Wobbly, and Timey-Wimey.
Cap One Quicksilver $1,300 Wal-Mart $1,000 Best Buy $1.5K DiscoverIT $2.5K Chase Freedom $3K AMEX BCE $2K
Chase Slate - $1,000 AMEX Everyday - $4,000 Sallie Mae - $2,500
New!! Citi Double Cash - 1K
17 REPLIES
Valued Contributor

Re: Recommendation - First Time Buyer

Are you able to pay off the large purchase? if so pay it off and wait for it to report and then go purchase the new vehicle
CHASE FREEDOM | AMEX BCE | | BOFA REWARDS | CITI TYP | Quicksilver | DISCOVER IT | Sallie Mae | CHASE CSP
--------$32,000-------------$30,000-----------$30,000-----------$30,000-----$13,000---------$18,200----------$15,000---------$6,500----

FICO - TU: 780 EX: 784 EQ: 781
Regular Contributor

Re: Recommendation - First Time Buyer

It unfortunately won't be completely paid for 2 months, and in the situation I have it is unfortunate that I am almost unable to wait THAT long.

Possibly a month or less

Starting Score: 635 Current Score: 686 Citi Pull
Goal Score:720s
Tried to use Images but it was all Wibbly, Wobbly, and Timey-Wimey.
Cap One Quicksilver $1,300 Wal-Mart $1,000 Best Buy $1.5K DiscoverIT $2.5K Chase Freedom $3K AMEX BCE $2K
Chase Slate - $1,000 AMEX Everyday - $4,000 Sallie Mae - $2,500
New!! Citi Double Cash - 1K
Moderator

Re: Recommendation - First Time Buyer

Why? If it is an auto repair, can you find a way to bandaid it together short term until you get your credit in order?

 

The reason I say the above is taking on a vehicle loan is a long term proposition, generally 36 mths or more. If you put yourself in the best possible financial condition before you attempt to finance a vehicle you will get the best possible terms and rate given your score and income at the time of application. You can see where this can really help you long term if there is a substantial difference in your score between now and two months from now when the large debt is paid off.

Regular Contributor

Re: Recommendation - First Time Buyer

Full Transmission Failure.

6K fix it..

only paid 5k for car originally a few years back

 

I would much rather be in a better position and understand that it puts me in a greater bargaining tool for financing.

 

I am possibly going to be able to go a month with a borrowed car, but it is still MUCH sooner than I'd originally anticipated.

Starting Score: 635 Current Score: 686 Citi Pull
Goal Score:720s
Tried to use Images but it was all Wibbly, Wobbly, and Timey-Wimey.
Cap One Quicksilver $1,300 Wal-Mart $1,000 Best Buy $1.5K DiscoverIT $2.5K Chase Freedom $3K AMEX BCE $2K
Chase Slate - $1,000 AMEX Everyday - $4,000 Sallie Mae - $2,500
New!! Citi Double Cash - 1K
Epic Contributor

Re: Recommendation - First Time Buyer

What are you looking to buy?

have you gone anywhere and applied?

 

Regular Contributor

Re: Recommendation - First Time Buyer

Have not yet applied due to aforementioned situation as well I don't have as much as if like to put down.
Plus wanting input from the great forum

I'm looking at possibly a civic LS or Mazda 3 sprinkle in other little favorites but those have caught my eye for my budget and needs
Starting Score: 635 Current Score: 686 Citi Pull
Goal Score:720s
Tried to use Images but it was all Wibbly, Wobbly, and Timey-Wimey.
Cap One Quicksilver $1,300 Wal-Mart $1,000 Best Buy $1.5K DiscoverIT $2.5K Chase Freedom $3K AMEX BCE $2K
Chase Slate - $1,000 AMEX Everyday - $4,000 Sallie Mae - $2,500
New!! Citi Double Cash - 1K
Epic Contributor

Re: Recommendation - First Time Buyer


angelcred10 wrote:
Have not yet applied due to aforementioned situation as well I don't have as much as if like to put down.
Plus wanting input from the great forum

I'm looking at possibly a civic LS or Mazda 3 sprinkle in other little favorites but those have caught my eye for my budget and needs

I think Mazda will be more credit challenge friendly.

Regular Contributor

Re: Recommendation - First Time Buyer

Still recommend Credit Unions/banks etc.
Starting Score: 635 Current Score: 686 Citi Pull
Goal Score:720s
Tried to use Images but it was all Wibbly, Wobbly, and Timey-Wimey.
Cap One Quicksilver $1,300 Wal-Mart $1,000 Best Buy $1.5K DiscoverIT $2.5K Chase Freedom $3K AMEX BCE $2K
Chase Slate - $1,000 AMEX Everyday - $4,000 Sallie Mae - $2,500
New!! Citi Double Cash - 1K
Regular Contributor

Re: Recommendation - First Time Buyer

so unfortunately or fortunately, I went into a credit union today and started a connection with them.
It is Southwest Federal and went and talked with a nice young woman who happened to tell me where I stand and ask me where I want to go.
Very helpful I felt
The big news was my credit score currently and she said basically pay my credit cards down a little (duh) to improve it

But she says what she pulled up was 695 (through application to join the credit union)

Much better than I thought it was at.
Basically she told me if I pay down my CC it's possible I'll be above 700 and qualify for a sub 2.5% Auto Loan through them and even 0% through a dealership
I was sitting here thinking it would be worse in qualifying for a good percentage

now knowing where that stands, what do you guys suggest is my main goal for now, finding out the costs on the vehicle(s) Ive narrowed it to?

Or should I worry about paying those down and waiting until next month when pricings will adjust because of 2014?

Is now really the best time to be shopping/buying or is there something I'm not aware of?
Starting Score: 635 Current Score: 686 Citi Pull
Goal Score:720s
Tried to use Images but it was all Wibbly, Wobbly, and Timey-Wimey.
Cap One Quicksilver $1,300 Wal-Mart $1,000 Best Buy $1.5K DiscoverIT $2.5K Chase Freedom $3K AMEX BCE $2K
Chase Slate - $1,000 AMEX Everyday - $4,000 Sallie Mae - $2,500
New!! Citi Double Cash - 1K