Re: I can help, I manage a car dealership
02-22-2012 09:43 AM
Been a long time forum lurker and I thought this thread is amazing for information for new car buyers. I too am young, 22, with 2 credit cards, 1 from 4 years ago and one last spring. I wanted your opinion on my chances in buying a new model car around 25k with 8000$ down payment and with a credit score of TU 711 and EX 723 . No late payments, one collection from school which was payed of 2 years ago. I will try to get a loan on my own but I can get a cosigner with 823 credit score. I don't have any other loans because I worked part time to cover school and my employer gives reimbursement on tuition. My Debt to income ratio for the past 6 months always been less than 10%.
I have driven 2 used cars to death and put too much money in repairs, I was thinking that maybe I can purchase a new one now. Any advice will be helpful.
Congrats on your responsible use of credit
By the way, I love this thread too!
Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Silver Spade Garden Club Member: App Free since 1/1/13. No more apps til 2014
MyFICO Fitness Goal: 800s Club!
Take the myFICO Fitness Challenge