Fiirst time buyer

[Anonymous]

Hi,

I have been checking out this sight for atleast a month now, and I have learned so much just by looking at different responses.  In about 3 or 4 months from now I am going to try and purchace my 1st vehicle.  When I checked my fico scores on myfico.com a month ago my scores were as follows.

ex=541, eq=510, and tu=524.  I have 3 credit cards that are current and I have never been late on them, but I am trying to get the util % down.  I have 4 COs that are about three years old, 3 medical collections, and 1 student loan that I have been paying on time for more than a year, but it is still reporting 120 late from a period last year.  My question is since this will be my 1st time purchancing, will I have trouble securing a loan on my own, or will I need a co-signer.  I currently have a great job that I have been on for two years, and the car that I am pursuing is an 05" Lincoln LS, price 13,985.00.  Can someone please help me with this? 

[Schoolbuskid]

What exactly are you asking ?...you want to know whether you will get approved or not based on those scores?  I would say it approvable but as you  may know you will certainly have high interest rates!

Message Edited by Schoolbuskid on 05-16-2008 09:00 PM

[Anonymous]

My question is, will it be hard for me to get financing for this price range with it being my 1st time?  I have accepted the fact that I will have to deal with high interest rates, I have even calculated it in with my budget, using finance calculators.  This is just an issue I will have to deal with until my scores and my report improve.

[Anonymous]

You should have no problem qualifying for that much...just stick to that price range because the dealership will try to put you in a much more expensive car on top of the high interest and then you would be sunk.

When I went to buy my first car I went to look at a used vehicle, they got me in to a brand new one for A LOT more money and I was totally hosed (they actually wouldn't even let me see the used car I came to look at). They will use the fact that you can get a lower interest rate on a new car verses used and try to get you that way. Stick to your guns!

[Anonymous]

Thanks,  These responses are really helpful, I was once told that since this would be my first time buying a vehicle that I would have a problem securing a loan, unless I had a co-signer.  I am already planning to to put at least 1500 to 2500 down, but hearing these responses have given me a lot more confidence...

Thanks a whole lot.......