Should I apply?

[Anonymous]

Hey everyone,

I was wondering if I have a good chance of getting approved.

I applied for an auto loan in April and got denied without a cosigner and no "real job".  Here are a few things about my current situation

1. I am 19 years old, credit for about 1.5 years.
2. 671 equifax score
3. $1400 debt
4. Currently work at Autozone, just promoted to manager.  Working there for 4 months
5. Now going to be making about $1600 a month
6. Live with my parents, so no rent.  Just help out with some bills 

I want to apply for Volkswagen credit or Mitsubishi.  What are my chances for a good rate?

[Anonymous]

If you get approved your Apr shouldn't be too bad. Also i would pay off most of that $1,400 debt before going to buy a car. Good luck with everything.

[Anonymous]

Good luck with Volkswagen. It's funny you should mention them. I tried for approval last night with them on a $30,000 price tag with 20% down ($6,000) with scores in the range of 609-665. $3300 monthly income and uti of around 18%. Quess what a big fat NO! Maybe the repo from 2005 did it, that's why I offered 20% down, oh well, can't win 'em all.

So maybe if you don't have a repo on your reports you might be ok, who really knows these days. Hope I helped, and again good luck.Keep us updated.

[Anonymous]

Really, what car did u want to get?

I want to apply for a GTI, so I would probably be in the $25k range. 

[Anonymous]

We have like minds, my original intentions was the (candy white) GTI too! It was priced at $27,115 and (both cars) included a $600-$800 tax credit on my 2010 Federal Returns and a 37" flat screen TV (not sure which brand though). Once I got to the dealer's lot I saw this metallic island grey  VW CC for $30,200 that REALLY caught my eyes(simply beautiful!!!), so I figured what the heck, I have my checkbook ready to write for $6,000.

Went in to do the application, and 10 minutes DENIED. In my head I was kinda shocked, but also figured if they WON"T accept my $6,000, I'm sure there are plenty of other dealers that will. In an auto economy like this I thought who wouldn't take 6 grand up front, I thought wrong I quess. Either way no big deal. Since I started rebuilding my credit in 04/08 my scores were 485-502. I know I've come a long way, but this isn't the end.

I'll do more car shopping this weekend!

[Anonymous]

On a better note, I applied with my credit union today in which I should've done from the beginning and was approved for $25,000 and a 6% apr. If i took that approval and added about $1600 more to my $6,000 down payment, I COULD go back to Volksgagen laughing in their faces, but I don't even want any of their business now! So, abw11 if you do belong to a credit union (in which you should - if you can) you could pull off the 2010 GTI! Plus your scores are higher than mine. As I said before, I'LL DO MORE CAR SHOPPING THIS WEEKEND, BUT NOT AT VOLKSWAGEN!  Credit Union's are the best way to go!

Message Edited by brownfox79 on 12-16-2009 05:48 PM

Message Edited by brownfox79 on 12-16-2009 05:50 PM

[Anonymous]

If the GTI is the car you love and turly want then get the GTI. Don't let the reason for not getting it be becuase you didn't like the fact that VW turned you down for a loan. On a side note if your looking for a fast car why not the 2010 mazdaspeed 3. It's cheaper and faster. Good luck car shopping and let us know what you ended up getting.

[Anonymous]

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@Anonymous wrote:
On a better note, I applied with my credit union today in which I should've done from the beginning and was approved for $25,000 and a 6% apr. If i took that approval and added about $1600 more to my $6,000 down payment, I COULD go back to Volksgagen laughing in their faces, but I don't even want any of their business now! So, abw11 if you do belong to a credit union (in which you should - if you can) you could pull off the 2010 GTI! Plus your scores are higher than mine. As I said before, I'LL DO MORE CAR SHOPPING THIS WEEKEND, BUT NOT AT VOLKSWAGEN!  Credit Union's are the best way to go!

Message Edited by brownfox79 on 12-16-2009 05:48 PM

Message Edited by brownfox79 on 12-16-2009 05:50 PM

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You are confusing the VW fianance arm with the Dealership. they are two seperate entities.

Quite SImply you are lucky you have a credit union willing to finance you as less then 1800-2000 a month gross income is usually a deal breaker for most banks and seen as not viable for the loan.

Its nothing personal, the dealership did not do the paperwork to waste your time.

Your advice is incorrect. Different credit unions have different lending standards, just because someone is a member does not mean they will get approved, Penfed vs NFCU can plainly show that.

You should be happy you got financing and go get the car you want.

Your anger is miss placed and like being mad at your cable company Time Warner Cable that HBO cancelled your favorite show, or that Fox cancelled Dollhouse.

Message Edited by usmc58555 on 12-17-2009 07:25 AM

[Anonymous]

Well, I do see your point usmc. I was a little mad at first but moreso frustrated, I've calmed down already. I just may go and checkout the Mazda3.

Thanks for your post.

[Anonymous]

A word of advice about that Mazdaspeed 3. I was recently looking at buying one so i should know about about that car deal. They will they to give you the old it's a limited production car Becuase they don't want to take anything off the window sticker. After fighting with a local mazda dealer i got them to go down to $22,000 keep in mind the MSRP is starting at $23,945 which is what they most are becuase there's not many things to put in the car. Don't take anything over $22,200 for that car. When they give you the limited production talk just laugh in their face and tell them that's great, it drops value just like everything else. I hope that helps you at all with that car. They love trying to sell that car at MSRP and most people do it!!!

Also their best APR on that car is 4.9% and their are no rebates. Good luck and tell me how it goes.