Established Contributor
Posts: 684
Registered: ‎05-02-2008
Re: I can help, I manage a car dealership.

Prac wrote:

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.


Well Prac, your collection takes you out of a lot of first time buyer programs.  VW requires no blemishes in your past.  However, with a cosigner you're in just fine.  The problem is most lenders want to see like credit before investing in you.  That's why most of us start out with cosigners.  There are some manufacturers that have some pretty lenient programs though.  Honda and Hyundai come to mind as more lenient with first time buyers.

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Scores: Equ Fico 715 ~ Exp 724 ~ TU Fico 682