chances of getting approved

[Anonymous]

Hello I am in the market for a car but I am hesistant to apply for a loan. I just got my credit out of being in the low 500s about a year ago. My credit is now fair. My EQ is 676 and TU is 673 per creditkarma. I have about 3500 in student loans which are in good standing other than that i have no debt. Im looking at a loan for 10 or 11k for an 03 or newer infiniti G35 or nissan 350z. Im hoping to be around 250 a month in payments or under. I dont make much money, i believe around 33k last year. Im looking at going through penfed or possibly centris credit union for the loan. Are my chances of being approved fairly good or not?

[gibeon]

Other than the age of the cars youte looking at, your chqnces should be fine. You're going to need to look at much newer cars if you are financing.

Most often the limit is 5 years old and 100k miles. Some will go out to 8-10 years depending on length of loan.

You may want to call and chat with the reps at your CUs about how old a car they will finance.

[Anonymous]

Ik penfed will do any year as what you are asking to loan doesnt exceed nada value. I called a rep and she confirmed that any year is okay so i want to go w penfed but i have heard they are a little more difficult to get financing w than some others

[Anonymous]

One reason i want an older vehicle is because im looking at keeping my payments under 250 a month but that wont happen with a g35 or 350z unless its cheap enough

[sccredit]

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@Anonymous wrote:
One reason i want an older vehicle is because im looking at keeping my payments under 250 a month but that wont happen with a g35 or 350z unless its cheap enough

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That may be a sign you are looking for too much vehicle for your budget.  How much are you looking to put down?

[Anonymous]

Im looking to put down between 1 and 2 thousand. The cars im looking at getting they do not make anymore. I would not say its too much car for my budget. You can find a 350z or g35 coupe for under 6 thousand but has realy high miles. The 350z is now the 370z. The g35 is now the g37. I just want a good quality sportscar for 10-12k. I bought a 2009 g6 when it was only 2 years old and it has depreciated way way faster than could pay it down. And my cheap crappy g6 was 320 a month!! A lot of the new cars in my budget are cheap cars that are slow and will depreicate very quickly and i will be upside down right away. Its not really a matter of affording the car it is just finding a lender to loan on a 2005 or older.

[sccredit]

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@Anonymous wrote:
Im looking to put down between 1 and 2 thousand. The cars im looking at getting they do not make anymore. I would not say its too much car for my budget. You can find a 350z or g35 coupe for under 6 thousand but has realy high miles. The 350z is now the 370z. The g35 is now the g37. I just want a good quality sportscar for 10-12k. I bought a 2009 g6 when it was only 2 years old and it has depreciated way way faster than could pay it down. And my cheap crappy g6 was 320 a month!! A lot of the new cars in my budget are cheap cars that are slow and will depreicate very quickly and i will be upside down right away. Its not really a matter of affording the car it is just finding a lender to loan on a 2005 or older.

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The problem is that you are looking at cars that you are going to have very limited financing options on, if any.  You are very likely to find a 2004 Infiniti G35 coupe in your price range that will have over 100k miles on it.  If you were a finance company and someone came to you and said "I want to borrow money from you to buy a 10 year old car with more than 100k miles on it"  In the even they have to repo that car and sell it at auction it is worth $6k but you owe them $12k.  Its not a good bet for them.  Thats the problem with financing cars that old.  Most credit unions want the car paid off BEFORE it is 10 years old as statistically the value diminishes dramatically.