App'ing for a car....HELP???

[fishbjc]

My boss has a leased camry.  His score is 795.  Car cost $29k, he put down no additional funds, 15,000 miles, 3 year lease...459/month including tax.  That's just something for you to go on.

[danikasmom]

Good luck in trying to find a car.  One thing you need to think about as far as leasing goes is how much driving do you do?  That will have a factor on how much you pay a month.  The lower the mileage restriction you take, the lower your payment.  I leased a car for a little over 3 years.  At first it was fine because I only drove 12-14 miles a day.  But then, I changed jobs, which I didn't take into consideration when I got the car.  I couldn't take road trips very often at all.  I just hope you think about that first, it is hard but you need to think about it.  You might be surprised at what you can get for a payment if you buy.  And, another thing to think about is the pay off at the end.  I can't remember what it is called but after your lease is over, there is something at the end that may bite you. 

[Anonymous]

Hi everyone,

Just to give an update I am leaning more towards buying was initially offered a 08 Altima at$390 a month@ 11% for 72 months...When it came down to the approval it was changed too $499 a month @ 15% for 2 months. Something about they searched all these banks and that was the best they could do...blah..blah Well I checked into Cap 1 and was offered $26K @13.00%. Of course do not need to use all.

So I plan on buying. My goal is to re-finance w/ Cap 1 in about 8 months to a year. Has anyone had difficulty re-financing w/ Cap 1??

ohh buying a car is so much work when credit isn't ko...hope to reach 700 soon!!!

[kball64]

I refinanced my car last August with Citifinancial Auto.  My fico's are in the low 500's so I was shocked.  They gave refi'd me at 11.65% which was substantially lower than what I was paying.  Dropped my payment by almost $100 a month.

[fishbjc]

I'd advise looking into a slightly used corolla or camry or honda or vw.  Let someone take the first big hit.    We saved about 8k by buying a car with 15k miles on it.  For my dh who drives a lot, I doubt we'll ever purchase new again. 

Make 12 ontime payments, then do a refi., or sooner when your fico raises a bit more.  How about a credit union?

[Anonymous]

UPDATE!!!!

Got a car...yeah!! I'm sorry guys couldn't pass up the deal w/ NIssan. Got approved last night for a 07 Altima @13.25%....definitely high but again hoping to refinance as soon as possible. Definitely feels good not to be paying for a rental car. In normal cases I wouldn't have brought new but got the car at invoice, with rebates, etc. Thank you all for your advice and help. The dealer what like "What do you do for a living?" Trying to see where I got all this info about financing. Let him on a little secret its called researching...and he didn't need to know it came mostly from MYFICO Forums. Good luck to all as you re-build and maintain your credit.

Be on the look-out for next post..."Time to re-finance???" Have a good one!!

[Schoolbuskid]

Great Job! Thats Good News! What is your monthly payment gonna be?