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Car loan

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Regular Contributor

Car loan

Hey everyone,

 

usually I'm hanging out in the credit cards forums Smiley Happy but now I'm "expanding" my area, lol.

I'm looking to purchase Camry 2015 in order to work for Uber. My updated scores are listed in my signature. I have 5 5-year old charge-offs that are due to fall off in 2 years. I got approved by Roadloans for $29k with a 13.84% APR, $0 down, 72 months (but I'm planning to finance for maybe 48 or 60). What should I do? I have a friend who's willing to co-sign with me when we go to a dealership. However, he has a 4-year old bankruptcy but his scores are now 690-705. I'm looking to put down $2.5k-$3k. 

 

What would be the best course of action here? I think that co-signer + a $3k down payment would be a good choice, but what rate could I get with that? BoA,Chase, and Cap1 have already declined ( I guess I can always add a co-signer or reapply with a co-signer)?

Discover IT $8500, Barclay Rewards $7300, Barclay Ring $5000, Cap1 QS (2) $7250 & $2500 Chase MWR $1800, PC Richards $6000, Amazon Store Card $8500, Paypal Extras MC $5000, CareCredit $4800, BP $6000, Best Buy Visa $6000, Bob' Furniture $3400
EQ 705
TU 700
EX 700
Message 1 of 6
5 REPLIES 5
Moderator Emerita

Re: Car loan


@abbafan wrote:

Hey everyone,

 

usually I'm hanging out in the credit cards forums Smiley Happy but now I'm "expanding" my area, lol.

I'm looking to purchase Camry 2015 in order to work for Uber. My updated scores are listed in my signature. I have 5 5-year old charge-offs that are due to fall off in 2 years. I got approved by Roadloans for $29k with a 13.84% APR, $0 down, 72 months (but I'm planning to finance for maybe 48 or 60). What should I do? I have a friend who's willing to co-sign with me when we go to a dealership. However, he has a 4-year old bankruptcy but his scores are now 690-705. I'm looking to put down $2.5k-$3k. 

 

What would be the best course of action here? I think that co-signer + a $3k down payment would be a good choice, but what rate could I get with that? BoA,Chase, and Cap1 have already declined ( I guess I can always add a co-signer or reapply with a co-signer)?


My suggestion:  don't have someone co-sign with you if you can do it without it.

 

Yes the rate is high without the co-signer. Did you also try to get financed through a CU to see what they have?  Have you checked the new scores here - auto enhanced scores that just came out on MyFICO last week?  http://www.myfico.com/Products/FICO-Score-3-Report-View/

Message 2 of 6
Regular Contributor

Re: Car loan


@StartingOver10 wrote:

@abbafan wrote:

Hey everyone,

 

usually I'm hanging out in the credit cards forums Smiley Happy but now I'm "expanding" my area, lol.

I'm looking to purchase Camry 2015 in order to work for Uber. My updated scores are listed in my signature. I have 5 5-year old charge-offs that are due to fall off in 2 years. I got approved by Roadloans for $29k with a 13.84% APR, $0 down, 72 months (but I'm planning to finance for maybe 48 or 60). What should I do? I have a friend who's willing to co-sign with me when we go to a dealership. However, he has a 4-year old bankruptcy but his scores are now 690-705. I'm looking to put down $2.5k-$3k. 

 

What would be the best course of action here? I think that co-signer + a $3k down payment would be a good choice, but what rate could I get with that? BoA,Chase, and Cap1 have already declined ( I guess I can always add a co-signer or reapply with a co-signer)?


My suggestion:  don't have someone co-sign with you if you can do it without it.

 

Yes the rate is high without the co-signer. Did you also try to get financed through a CU to see what they have?  Have you checked the new scores here - auto enhanced scores that just came out on MyFICO last week?  http://www.myfico.com/Products/FICO-Score-3-Report-View/


Thanks for your response. No I haven't. I'm not sure if it's worth paying $60 for it. What do you think?

Also, Roadloans wants employment verification. I'm unemployed as of January and I need a car to get employed, so an employed co-signer can really be helpful here.

Discover IT $8500, Barclay Rewards $7300, Barclay Ring $5000, Cap1 QS (2) $7250 & $2500 Chase MWR $1800, PC Richards $6000, Amazon Store Card $8500, Paypal Extras MC $5000, CareCredit $4800, BP $6000, Best Buy Visa $6000, Bob' Furniture $3400
EQ 705
TU 700
EX 700
Message 3 of 6
Moderator Emerita

Re: Car loan

Now I have a different suggestion: don't buy a vehicle on payments if you are unemployed. You are setting yourself up for failure. Can you make arrangements to borrow or rent a vehicle until you get employed and then once you are settled in your job purchase a vehicle you can afford?

 

Otherwise I see a very stressful situation developing between you and your friend and the car finance company. Smiley Sad

Message 4 of 6
Regular Contributor

Re: Car loan


@StartingOver10 wrote:

Now I have a different suggestion: don't buy a vehicle on payments if you are unemployed. You are setting yourself up for failure. Can you make arrangements to borrow or rent a vehicle until you get employed and then once you are settled in your job purchase a vehicle you can afford?

 

Otherwise I see a very stressful situation developing between you and your friend and the car finance company. Smiley Sad


I hear what you're saying. However, I need a vehicle in order to get employed. Once I get employed (which is practically immediately after buying a car) I'll be making a decent salary and will certainly be able to make payments. Dealer said that if I'm unemployed there's a way around it by providing bank statements for the last 3 months (which was when I had a steady income) and also a 1040, plus my co-signers income details. 

Discover IT $8500, Barclay Rewards $7300, Barclay Ring $5000, Cap1 QS (2) $7250 & $2500 Chase MWR $1800, PC Richards $6000, Amazon Store Card $8500, Paypal Extras MC $5000, CareCredit $4800, BP $6000, Best Buy Visa $6000, Bob' Furniture $3400
EQ 705
TU 700
EX 700
Message 5 of 6
Valued Contributor

Re: Car loan


@abbafan wrote:

@StartingOver10 wrote:

Now I have a different suggestion: don't buy a vehicle on payments if you are unemployed. You are setting yourself up for failure. Can you make arrangements to borrow or rent a vehicle until you get employed and then once you are settled in your job purchase a vehicle you can afford?

 

Otherwise I see a very stressful situation developing between you and your friend and the car finance company. Smiley Sad


I hear what you're saying. However, I need a vehicle in order to get employed. Once I get employed (which is practically immediately after buying a car) I'll be making a decent salary and will certainly be able to make payments. Dealer said that if I'm unemployed there's a way around it by providing bank statements for the last 3 months (which was when I had a steady income) and also a 1040, plus my co-signers income details. 


What the dealer is talking about is defrauding a lending institution.  Tread very very lightly here, what you are talking about is illegal.  

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Message 6 of 6
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