Auto loan big down payment?

[rane2016]

Looking to get a 2012 Explorer. About 32,000 out the door. I have 15k to put down and a trade in worth about 5k. Problem is my credit is at 580...owe on student loans. My fiancé can co-sign but her credit is barely better than mine. Do I have a chance of getting a loan?

[guydiver]

With that much down I would be shocked if the dealer can't get you financed.  Probably double digit interest, but maybe not??

[rane2016]

Yea I hope that is the case. I just paid off a car loan with Santander just a few months ago, not sure if I should finance with them again. Had a bunch of lates when I was with them though. Have a much better salary now so I'm in a good place right now. 

[Anonymous]

I am in the same boat. I have a loan with Santander that I will be paying off but I want to buy a new car in Feb - March. I will be putting down about 1/2. I would love to know your outcome.

[Anonymous]

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rane2016 wrote:

Looking to get a 2012 Explorer. About 32,000 out the door. I have 15k to put down and a trade in worth about 5k. Problem is my credit is at 580...owe on student loans. My fiancé can co-sign but her credit is barely better than mine. Do I have a chance of getting a loan?

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Unless you really want to put down $15k, you shouldn't be required to do so.  It all depends on the current status of those student loans and how recent the delenquency is.  In this case, dealer financing might be better since they would be able to locate decent terms for you.  A Credit Union might turn up their nose at you depending on the rancidness of your student loan situation.   This looks like a deal that can be done....consider paying down those student loans though. 

[Creditaddict]

If you are looking to pull the trigger soon I would hit Capital One and see what they offer.

Who do you bank with? Local Credit Union Available also?

and as other poster asked, unless you really WANT to put $20k down you probably don't have too. unless it's a payment thing also... $32k, put $12k down... Finance $20k for 60 months and you should be in the LOW $400's.

If you go do Capital One I would submit it for $25k, you can come back later if approved and use less.

Once you have at least 1 approval and a rate you can hit up the dealership and don't put it out there what you have in your pocket, see what they get, if not better... push them and i have said in 2 posts now I think, I would not take it if they just match it unless it's with Ford itself vs. you in santander or something again.... but if they are throwing out a santander and you have capital one, Id be using yours! practically same but why let the dealership earn ANYTHING on your loan if they can't beat it by 1%+