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New Contributor
Posts: 90
Registered: ‎11-06-2012
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co signer of own small business corparation first time car loan applicant

will i be approwed

 

credit scores 730 - 742 - 730

history 5 years

credit cards bofa master 5k bofa visa 5k flex

capitalone 750 canceled 2009 hsbc 1k canceled 2009 (funny limits)

all paid on time never goes more %50

last time at 2008 not approved for 30k car (put down 20k) and gone for all cash

the corporation is new for luxury limo company and applied to their financier who deduct from checks directly

 

car is Mercedes s350 its msrp 94.5k but my company has discount and its goes to 80.5k

down payment 20k will keep my 2006 r350

income is total about 100k annual but after all 40k for myself (approx)

bought to time in full cash cuz of stupid credit proccess and denial

 

will i be approved for loan or what to do after approval or denial

 thanks for all answers and helps

BOFA Master 5k# BOFA Visa 15k flex#Amex BCE 13.5k#chase freedom 5k#capital one $2000 2009#HSBC 1k closed 2009 (those guys kidding with limits)

FICO (lenders pull)scores 739 - 742 - 730 October 2012#length of history from Jan/2008
Business account###Capital one spark 2k
Regular Contributor
Posts: 226
Registered: ‎05-24-2012
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Re: co signer of own small business corparation first time car loan applicant

Im guessing you will have a hard time with the income being the issue. Seems like more car than what your income would support. Just my opinion though.

Established Contributor
Posts: 632
Registered: ‎08-30-2007
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Re: co signer of own small business corparation first time car loan applicant


indecison wrote:

Im guessing you will have a hard time with the income being the issue. Seems like more car than what your income would support. Just my opinion though.


+1


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Contributor
Posts: 139
Registered: ‎07-31-2012
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Re: co signer of own small business corparation first time car loan applicant

With your credit and the down payment you will eventually find someone that will finance you, specially if self-employed (in my area dealers like to deal with self-employed since it is easier to lie/justify inflated income). The question should be can you afford the car currently? You are looking at over $900 monthly on a 72 month loan not counting insurance, gas, maintenance, etc. This to me sounds like a free trip to bad credit land. I would buy a cheaper car if I were you.

As of Feb: AAoA 1 year, 10 months
CK TU: 740; Wal-Mart TU FICO: 721
CS EX: 715
8 CCs, 15 total accounts.
Negs on report: 1 30 day late aged 3 years
5 inquiries
New Contributor
Posts: 90
Registered: ‎11-06-2012
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Re: co signer of own small business corparation first time car loan applicant

[ Edited ]

Thanks for answers Croselx Indecision and Guydiver

 

I forgot to mention this car is for luxury limo for business purpose . I paid in cash 49k (some from friends) in cash just not to struggle with loan sharks Company i work has many loan deals with lender (new york city over 300 cars replaced every 3 years all luxury Cadillac BMW Mercedes)  yes its expensive but weekly payments are deduct from our check straight to lenders account.

My concern was i m a first time car buyer that's may be the primary issue finger crossed waiting for news

 

if they give high rates can i turned down and ask them for more down payment and new rates? I gues i have no chance from my own bank BOA' I m not loan person i dont buy even a laptop with credit dont like to be borrowed to some one thats why my score is good but no loan installments.

 

 

BOFA Master 5k# BOFA Visa 15k flex#Amex BCE 13.5k#chase freedom 5k#capital one $2000 2009#HSBC 1k closed 2009 (those guys kidding with limits)

FICO (lenders pull)scores 739 - 742 - 730 October 2012#length of history from Jan/2008
Business account###Capital one spark 2k
Contributor
Posts: 139
Registered: ‎07-31-2012
0

Re: co signer of own small business corparation first time car loan applicant

From what I understand what decides your APR is your credit score (they use a formula that is specific to car buying if using dealer), the lender and the dealer if using dealer financing. The dealer may add a percentage to the interest rate and they get a cut of the profit. I don't think a bank would lend you for a $80K car even with that down payment based on income and banks tend to be annoying to the self-employed, specially if the business is new. Your best bet is the dealer IMO. If you find unfavorable terms or something isn't as agreed on F&I you can still walk away. You are not obligated to buy from the dealer unless you sign the paperwork.

 

 

As of Feb: AAoA 1 year, 10 months
CK TU: 740; Wal-Mart TU FICO: 721
CS EX: 715
8 CCs, 15 total accounts.
Negs on report: 1 30 day late aged 3 years
5 inquiries
New Contributor
Posts: 90
Registered: ‎11-06-2012
0

Re: co signer of own small business corparation first time car loan applicant

[ Edited ]

Thank you crolselx wavv alot of bleeps :smileyhappy:

 

i ll waiting lenders decission . its awsome hope i ll be aprroved and will help my credit in **bleep**

 

BOFA Master 5k# BOFA Visa 15k flex#Amex BCE 13.5k#chase freedom 5k#capital one $2000 2009#HSBC 1k closed 2009 (those guys kidding with limits)

FICO (lenders pull)scores 739 - 742 - 730 October 2012#length of history from Jan/2008
Business account###Capital one spark 2k

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