You answered your question in your post. Also, do you have mortgage or other payments? If so your income probably isn't high enough for a 50k car.
Big Pay Back,
Thanks For the advice,
also I hope your wife is doing ok and I am teribbly sorry to hear that, hopefully she beats cancer.
My guess is that they are slow pays, rolling 30 day lates every month. That is what happened to me, I made my payment monthly but always behind 30 days. This went on for like 2 years.
My last late was in May 2011 and I bought a new car that summer. Interest rate was like 16 percent.
I had a crap load of inquires too.
Then later that fall I bought a second car, score was better and got a good rate. Had about 70k total in auto loans with the second car. But the bank required my Wife be on the loan too because they wouldn't give me 2 auto loans.
Moving_Forward thanks again, I am listening to your advice, read my mortgage post again, and tell me what you suggest.
Infiniti is pretty easy to garner an approval, so if you are being declined through them for lease or purchase you have NO reason to shop the loan around (At least when it comes to Brand New) in my opinion. it's one thing if you have a Credit Union Pre-Approval for 10% and want dealership to beat the rate or something but otherwise if you have no options and don't get dealer brand financing you know you are stepping out of "Prime" auto financing... take yourself to CarMax and find soething for under $20k and you can probably walk out with a $600 payment at 23%... yes that's awful but that's what you have to do with 21 lates and maxed out credit cards, trust me... I have done it with BK's and actually with CarMax and Infiniti!
Thanks, sorry for the late response Im trying to read all of my posts,
I have a half decent approval with cap1 and about 6 months ago I had one with infiniti at 4.something percent but after 30 days it expired, but I need to focus on paying my cards down right now.
Thanks for The reply thou,
Hi everyone. I am new..been lurking for a while. Also looking for a car loan. Certified used $ 2K down, possible trade (if my car isnt laughed off the lot). looking for 20K but will take up to 16-18 and up my down payment. (FICO 602 dec-walmart, high util, & collections, couple lates). Student loans 90K in deferrement, Chase SL are reporting higher than initially borrowed.
I am sending out GW & PFD tomorrow. I have been denied by Honda Financial, Chase, Cap1, & MCU. My car is on deaths door-not worth repairing...need to replace before it truly craps out. Can I recon an auto loan app?
possible trade maybe 1500
What can I do?
Thanks so much for your replies
Thank for replying. I took your advice and started a new thread. Also i applied with road loans last night and they appoved me for up to 31,000 @ 16 %. Interest is ridiculous.