HSBC auto loan terms

[Anonymous]

That's one of the problems. None only 1 dealer found a better rate. But that was the one who suggested the P&L. Plus they didn't wanna come down on the price of the car. My loan w/ HSBC is for $18.8K and the car that I wanted was $20K. Most of them want my trade, that would be a huge f-up on my part if did trade my car. I hate that I found the "perfect" car, but can't get it. AHHHHHHHHHH!!!!!! I trust me I have done A LOT of homework. I think I might wind up putting money w/my Turbo Check, in order to get what I want. I won't settle for less than what I want, as they keep trying to make me do. They make it seem as if Im asking for too much. I keep 2nd guessing myself, like maybe I am asking for too much. Then I re-think to myself...NOT!!!!

[Anonymous]

Message Edited by digitu on 08-25-2007 09:57 PM

[Clyons0203]

If they approved you for 18.8k then (if you dont mind me asking) what is your gross income?

From what I have been told, your credit gets you approved, and your salary is what determines the loan amount.  And I was also told if you make 40k a year, expect your max loan amount to be half that (20k)

Anybody else heard something similar?

[Anonymous]

While gross salary is important, it is debt to income ratio that tells them what kind of payment you can swing. In other words if you gross $10,000 a month and your total monthly credit obligations are $9000 per month you won't even get a loan. They like 30% ratio or less. Over 50% and you would be hard pressed to get a loan at all, although it is possible.

[Anonymous]

Not sure why you're asking. But I gross between $2600-$2800/month. I found another car, I scheduled a test drive for Friday morning. I hope I like it. It's missing 3 things I wanted: Fog lights, lower miles, 06' instead of 07'. My goal was an 07' Malibu LTZ w/10,000 miles or less, it has 19,000. But other than that it's everything I want. I figured I could save a few thousand $ by opting for the LT instead of the LTZ. I hope I like it, because Im excited!!!!