@Anonymous wrote:
Looking to purchase the new Nissan Cube for 15K. I plan on either trading in my car(I owe nothing on my 1999 VW Beetle) and putting $1,000 down. Either way all I want to finance is 10K. My credit score is 653 due to past delinquencies. (I now pay everything on time.) I take home before takes between $2,220 and &2,500 depending on how much I work. I have only been at the new job for 7 months. Before that I was at a steady job for over two years before I got laid off. Do you think I will get approved? Or have any ideas about finance companies who would work with me. I reside in TN. Thanks!
I think your biggest issue is going to be financing only 10K.
If you say that the car you wants costs 15K, Ok thats 15K+ say $400 Title/fees and $1125 in taxes (assuming 7.75 for sales tax but whatever your states tax rate is. You are at almost $17K
if you are only putting down 1K i just find it unrealistic to think your 1999 Beetle is going to be worth 6K- I just do not see that on the trade in.
How long were you between jobs? if it was any great length of time between your last job and you rcurrent one (and I mean longer then a month) I would wait until you get to the 1 year mark at the current job.
Honestly: I think you arent going to see any greater depreciation on your beetle trading it in now or waiting 5-9 months, if it is a mechanically sound vehicle, I would keep driving it, make car payments to yourself of $300 a month hit the one year mark at your current job and have more money to put down.
if your beetle is not mechanically sound...well we know that the 6K is something we should not expect.
Regardless I just do not see getting 6 K for a ten year old beetle.
Message Edited by usmc58555 on 08-17-2009 05:30 PM
