topic Re: I NEED SOME ADVICE ANYTHING PLEASE HELP in Auto Loans

I NEED SOME ADVICE ANYTHING PLEASE HELP

bsal — Sat, 07 Mar 2009 01:20:51 GMT

Ok guys and gals here is my situation it looks like i need a new car A.S.A.P my transunion is 699 my equifax= 709 last time i checked and my expeion is who knows now since myfico wont let u pull it but when i went to the expriean site they told me it was 719. I have short credit history I have a 8 year school loan that i have been paying ontime no lates at 60 dollars a month well now its 25.01 a month cause the balance left on my loan is 1,014.00 i have one revoling macys's card 200.00 limit with a bal of 4 dollars thats it nothing else, what do you think my chances on apr would be on a 2006 used vehical infintie M35 20K CAR BUT TRYIN TO TALK THEM DOWN TO 18 OR MAYBE LOWER what do you guys think are my chances on being approved wit a low intrest rate?

Re: I NEED SOME ADVICE ANYTHING PLEASE HELP

Anonymous — Sat, 07 Mar 2009 02:22:27 GMT

else, what do you think my chances on apr would be on a 2006 used vehical infintie M35 20K CAR BUT TRYIN TO TALK THEM DOWN TO 18 OR MAYBE LOWER what do you guys think are my chances on being approved wit a low intrest rate?

First

VERY FEW CAR DEALERSHIPS HAVE THOUSANDS AND THOUSANDS OF DOLLARS IN MARK UP IN THEIR USED CARS. Their goal is to sell them ASAP as they are depreciating every minute they sit on the lot. Most dealerships have between 2K-3k in mark up on a used vehicle and where your vehicle is priced may already be marked down to move. So the flexibility of the delaership matters in how much they have in the car already to what they are going to mark it down as.

never get your hopes up you can negotiate down thousands on a used car.

In regards to you getting financing We would need to know many additional facts:

1-Do you have a down payment?

2-have you ever had any other car loan credit?

3-Have you ever had any other credit mix?

4-Are you employed?

5-Do you make at least 2000 a month gross

6 Do you clear enough each month to pay your current obligation including rent and taking on a car payment and car insurance?

7- What is your job history?

What is your idea of a "good" used car interest rate? have you seen what other banks and credit unions are offering.

if you have very little actual credit in 1-3 of my points, but have a job where you make good money you should not have a huge problem, you may not qualify for the best rate though.

Re: I NEED SOME ADVICE ANYTHING PLEASE HELP

bsal — Sat, 07 Mar 2009 05:02:07 GMT

1-Do you have a down payment? I was going to try to see what i get for my trade in 96 cadallic sevile 176kmiles

2-have you ever had any other car loan credit? No this is my very first Car Loan

3-Have you ever had any other credit mix? Nope only thing i have is my installment loan with 1,000 bal 25.01 a month

4-Are you employed? Yea i been at my job for 2 yrs

5-Do you make at least 2000 a month gross I make a lil over 50k a year with no debt but reg rent,and utiliy bills

6 Do you clear enough each month to pay your current obligation including rent and taking on a car payment and car insurance?

7- What is your job history?

What is your idea of a "good" used car interest rate? have you seen what other banks and credit unions are offering.

Re: I NEED SOME ADVICE ANYTHING PLEASE HELP

Anonymous — Sat, 07 Mar 2009 05:45:38 GMT

You will get a loan. You will get a better then average loan

Your lack of a credit mix or involved credit history may preclude preclude you from getting the best possble rate that exists.

Your trade in has no value, you will get a token amount for the car from $50-$250. Your car is over 12 model years old and close to 200K miles. No matter what you think you should be happy to get $50.00.

You may wish to consider taking a more active involvement in the world of credit to help create and establish well maintained accounts with a mix of credit items.

Re: I NEED SOME ADVICE ANYTHING PLEASE HELP

bsal — Sat, 07 Mar 2009 06:13:24 GMT

well what rate do you think i would get with my situation? i hope not double diget and i'm not tryin to put anything down my credit is not the best but it not bad any advice?

Re: I NEED SOME ADVICE ANYTHING PLEASE HELP

Anonymous — Sat, 07 Mar 2009 06:20:16 GMT

Assuming your lack of huge credit history is not a problem:

You will not get double digit. You may need to put something down.

I am not involved with this transaction so all of my advice is general assumptions made with what you have established as facts.

Your score is fine, it is the other information in the loan that will make or break it.

Re: I NEED SOME ADVICE ANYTHING PLEASE HELP

moondog7324 — Sat, 07 Mar 2009 18:05:53 GMT

Have you considered a new car? in today's economy for 20g's you can get a pretty good nissan- fresh warranty- great rebates and a better interest rate