Credit Card Center Advertiser Disclosure†
02-20-2013 02:15 PM
02-20-2013 02:17 PM
02-20-2013 04:44 PM
One year's salary as a down payment?? Yikes. At 17K a year, unless you live at home and this isn't your "real job" (aka: you're just making some side cash while going to college) don't buy a 24K car.
02-20-2013 05:11 PM
02-20-2013 05:41 PM
Calm down, no one is judging you. I didn't see that you were a college student - saving up 16K as a student is great and getting a car for 24K is fine. I thought you were a post-college adult making 17K per year and wanted to use 16K as a down payment - that seemed like a bad idea to me. In this community, if you posted information and want answers you should expect members to sometimes ask more questions or give advice. Don't get so riled up when we do.
To answer your question, you don't need to specifically go to a first time buyer program. I just applied with BoA as a first time auto buyer, no mortgage, etc. and was approved with their best rate online instantly. Try your local credit union too.
02-20-2013 08:14 PM
02-20-2013 09:48 PM
I recommend a trying your local credit union. Or even trying to join one like DCU. They may be more lient that tradition venues.
02-20-2013 10:49 PM
USAA just approved me at a great rate as a first time buyer.
Subaru thinks they can offer me their 0% rate, and they did not mention the 50% income restriction.
The NIssan dealer by me was offering a Leaf for $129/month lease.
That might be something for you to look at. You would get to keep that money you have saved up, plus you would save money on gas. As long as you don't have to drive long distances then it could work well for you. Keep the Camry around for road trips and use the Leaf as a daily driver.
02-21-2013 06:13 PM
I can not see why you won't get approved. Over 50% down, the finance companies will love you. Don't extend the repayment to long, but not too short either. You can always prepay your loan if you have extra money. Good luck, time is your best friend. You are just beginning your credit journey and doing very well. P.S. you did not mention if you still had emergency reserves. Probably not good to empty the savings with the current low interest rates. Also be sure to have enough cash to pay for sales taxes, licenses, and one year of vehicle insurance.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† 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.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
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.