topic Re: Is it possible???? in Auto Loans

Is it possible????

army88m — Mon, 17 Jan 2011 18:31:37 GMT

I have recently been repairing my credit and am now in the 600's. I am wanting to get a new 2011 Kia Sportage EX for $29,765.00. I make 49K per year between my lawn business and my part-time job at walmart. I have 2 credit cards 1 Cap one secured with $1200 limit $25 bablance one First Premier 4 years old with $1500 limit $0 balance. I also have a student loan with a balance of $7650. I own my home outright so no mortgage. Do any of you think it is possible to get financed for 60 mo's and $3500 down? my TU is 639 my eq is 618 thanks for the responses ahead of time.

Donald

Re: Is it possible????

Creditaddict — Mon, 17 Jan 2011 19:15:11 GMT

Have you ever had a car loan before? closed in good standing? That would probably help you greatly if so.

I'm unsure of Kia's Tiers, have not heard anyone applying with them recently.

I would check with a local credit union before you go and maybe get a pre-approval if possible then let Kia try to beat the rate

Re: Is it possible????

army88m — Mon, 17 Jan 2011 20:41:41 GMT

No, I've never had a conventional car loan before. I did buy a 2002 Mercury Sable for $9995 back in 06 and never missed a payment. I bank with citi and a crdit union and thought about my CU. I spoke with the loan manager and she said once I got my scores above 605 they would most likely be able to finance me using the paperwork from the unconventional car note. Although she says my APR would be above 10%.

Re: Is it possible????

Anonymous — Mon, 17 Jan 2011 21:24:00 GMT

You could, if you qualify, take out a home equity loan and purchase a car with the proceeds. That way you will likely receive a lower interest rate, as compared to an auto loan from the bank, and the interest is tax deductible.

Re: Is it possible????

MarineVietVet — Mon, 17 Jan 2011 21:58:00 GMT

@Anonymous wrote:
You could, if you qualify, take out a home equity loan and purchase a car with the proceeds. That way you will likely receive a lower interest rate, as compared to an auto loan from the bank, and the interest is tax deductible.

IMO this is not a good idea. One reason people get in trouble is they think of their house as a branch of the local bank instead of a place to live.

Look at your house as a home and not as an investment and you'll be much better off.

Just my 2 cents.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Is it possible????

Anonymous — Mon, 17 Jan 2011 22:33:30 GMT

You should save up more money for a downpayment or cut the term of the auto loan down from 60 months anything over 36 months you really can't afford it. You should do this because Kia's depreciate very fast and you would be severely upside down. But I don't see a problem with you getting approved if you apply a dealer because kia is very lenient on lending

Re: Is it possible????

Cloudlb — Mon, 17 Jan 2011 22:41:46 GMT

re: the 2011 Kia Sportage. Good luck finding the darn thing. It's one thing to drool over new cars on the internet, but quite another to find one on the lots. I waited and waited for months for the Nissan Juke, and it's still not here; and my local Kia dealers haven't had a single Sportage to even look at. Maybe you live in a bigger metro area than I do and won't have that problem.

Re: Is it possible????

army88m — Tue, 18 Jan 2011 11:02:52 GMT

I agree, I just paid my house off last year in August. I'd rather pay a higher interest rate on the car and make an extra 100 to pay down the principal. I have seen too many stories on here of people using their house as collateral and then losing everything.

Re: Is it possible????

army88m — Tue, 18 Jan 2011 11:05:14 GMT

I live in the Country, but my closest Kia dealer is about 50 mins away in Parkersburg, W.Va and they have 6 different models. I am hoping they still have them or get more when I go to buy in February.

Re: Is it possible????

Anonymous — Tue, 18 Jan 2011 13:36:35 GMT

a KIA for $29,000??????? Am I reading that right? Seriously?

Re: Is it possible????

llecs — Tue, 18 Jan 2011 14:14:56 GMT

@Anonymous wrote:
a KIA for $29,000??????? Am I reading that right? Seriously?

I know. When I first saw it I had to check on Kia's site for myself. It can run just over $30k fully loaded. Their minivan for even more.

Re: Is it possible????

army88m — Tue, 18 Jan 2011 22:41:28 GMT

Yes, 29K it is the EX model with AWD and in comparison to the Ford Escape or CHEVY EQUINOX in the same price range it has more options and a great safety rating as well as better fuel economy by far. It also comes with a 100k mile warranty. We're not talking about a little rio here.

Re: Is it possible????

Anonymous — Wed, 19 Jan 2011 05:08:30 GMT

Its that Sticker price? never pay sticker price