Can I get approved for used car loan?

[akaniks]

If they deny you then you should find a new bank. 

When I bought my first car BofA required a cosigner at 12.75 interest. I refinanced it with a local credit union soon after that did not require a cosigner and offered me a 5.75 rate. I wish I would have went to the credit union first. :/ 

[Anonymous]

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@akaniks wrote:

If they deny you then you should find a new bank. 

When I bought my first car BofA required a cosigner at 12.75 interest. I refinanced it with a local credit union soon after that did not require a cosigner and offered me a 5.75 rate. I wish I would have went to the credit union first. :/ 

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+1 

Credit Unions will work with you a lot better and MOST of the time offer a better rate. 

[Anonymous]

So, I'm coming in from another direction.  It looks like your annual income is about 36 grand, and you're looking at a 30 grand car.  Your current monthly expenses are low because you're living at home, but you're engaged so it's likely that will change soon.

Don't throw tomatoes or anything mushy at me.  I would just pull up some "How much auto can you afford calculators" and put in what your monthly expenses WILL be and see how it all shakes out.  You really don't want to start out married life overextended in any way.  And that new car is going to be upside down immediately and for a long while if you're not putting a downpayment in the mix, and are including registration et al, AND looking at 72 month terms.

Here's a great reference: http://financialplan.about.com/od/mortgagesandloans/a/CarMistakes.htm - "Five Greatest Money Mistakes to Avoid When Buying a Car."  The example at the end of the article speaks pretty closely to your income and recommends a car about half the price of the one you're looking at.

Best of wishes to you and your fiancee in setting up house together!  Such a fun and wonderful time of life. 
(And, to be truthful, it's even more fun and wonderful if you're financially savvy --rather than showy).

Good luck!!!

**Stepping down sheepishly from potential soapbox** 

[monkeywre]

Beammeup's post is spot on. Have you discussed this purchase with your fiance? With the kind of payments you will have on this car you will be most of the way to a reasonable mortgage. As someone who bought too much car at age 20 let me tell you its no picnic. Just think in 3 years you probably will owe $10k more than what your car is worth and still have 4 more years of huge payments which you cant refi. A new car is fun, but it wears off quick no matter what you do I would advise you to wait until you get married before making this purchase. Your new car isn't going anywhere and with a huge change like a marriage in your life you will have a fresher start if you make this decsion with your wife very soon and even if you buy the car anyway. (I would encourage you not to just me) Just keep in mind what a huge change getting married is, and once you and your fiance's finances are combined your persepctive will change. (Hopefully for the better)

[markymark313]

Thanks for the advice guys but we do not plan on getting married until she graduates from college which is in two years. And I have talked it over with her, she told me it can wait but I was going to buy it anyways but then after thinking about it some more it most definitely can wait. So I'm putting it off. Thanks for the help and advice though!

[monkeywre]

Very smart move my friend, new cars are fun, but you will thank yourself later. If you still really want this type of car in the near future you might consider opening up a new savings account and putting what your estimated payment would be in that account automattically each month for the next little while. That way when you do go buy your new car your payments will be lower because you will have a nice down payment, and you know what to expect in terms having money to spend before your make the commitment to buy, and this way if you decide that this car costs to much you can take the money you saved and go on a vacation, blow the money on something else or whatever. Good luck to you

[Anonymous]

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@monkeywre wrote:
Very smart move my friend, new cars are fun, but you will thank yourself later. If you still really want this type of car in the near future you might consider opening up a new savings account and putting what your estimated payment would be in that account automattically each month for the next little while. That way when you do go buy your new car your payments will be lower because you will have a nice down payment, and you know what to expect in terms having money to spend before your make the commitment to buy,...Good luck to you

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+1

Best wishes OP!!