How should I go about this?

[Nenne]

Okay, I'm a recent college grad-23 years old. I have landed a job set to start the first week of August where I will earn $51900/year. My EQ Score is 571, my debt ratio is high but the amount of revolving debt I owe is only about $3500. I have a hospital bill and I bank fee in collections. (I know I can get the bank fee paid in July).

I have never been late on a payment. If I'm forgetting to let you know something please let me know. The thing is, the car I'm currently using my mom's and she's pushing me to see if I can get a car financed now so that she can have her car back since she needs it. Is there anyway I can be financed in July showing that I have a documented job offer? My mom claims that as a recent grad with a job lined up people will work with me, but I haven't heard anything about this before.

I can understand because of my score my rate will be high, but I can refinance in the future as I don't think it will be hard for me to pay of all of my accounts and bring my score up. I just need a car NOW. I also don't belong to a credit union.

Is there any advice you can offer me?
Thanks

Message Edited by Nenne on 06-27-2008 07:34 PM

[WhirledPeasPlease]

I have a hard time believing anyone will finance you until you start your job.  Of course I could be wrong since dealers have a lot of inventory, but lending practices have tightened a bit.

Have you considered getting a quote to rent a car until you start your job?  I know it's not as much fun, but it is one option.  You might want to check into a local dealership and let them know your situation.  Many of them have contracts with local rental companies and they might try to help you out if they know you'll come back and buy a car from them. 

Good luck with the job and the car search!

[Anonymous]

Hi Nenne,

I dealt with a similar situation upon graduating from college.  Most lenders like see that you have been on your job at least 6 months to a year.  Can your mom co-sign for you?  By the way I still haven't bought my 1st car and wouldn't you know it, I had pretty good credit graduating from college and a great job, but hard times fell on me and I did know how to rebound.  But, now I have another great job, and have been here for 2 years now, and i hope to purchase my 1st car in Nov. 

Do you have any type of down payment, that will usually help especially if you are a 1st time buyer with no co-signer and a fairly low score.  What price range are you looking for?

[Nenne]

I have no cosigner possibilities and am looking to put down 1500-3000 down payment. Even if it's not possible to get a vehicle before I start working, I'm wondering how feasible it would be when I first begin working perhaps. I think the programs my mom was speaking of where college graduate programs like these:
http://adamgoldfein.com/index.php/2008/06/28/special-incentives-for-college-graduates/

For the most part, you go there with your offer letter and proof of graduation and they work something out with you. Some incentives are no downpayment, low apr, no paymemt for 90 days etc. My dilemma is that most of them say "with approved credit" somewhere in tiny letters. And I'm pretty sure my 571 aint gonna cut it. Any ideas?

Message Edited by Nenne on 06-29-2008 02:42 PM

[Anonymous]

Tomorrow is the last day of the month so I would go to a Chrysler lot where they are bound to have Wranglers. With close to a 20% down I think their captive company would be interested. Just explain your situation to the F&I guy only after you agree on a price. Dealers have a lot of pull on their captive companies so being the last day of the month they would be interested in giving you a deal in my opinion. I used their new graduate program when I graduated from college. All I had to do for proof of employment was show them my offer for employment letter.

[Anonymous]

Most dealerships have special "Recent Graduate" programs that allow you to purchase right out of college with a job lined up....

[Schoolbuskid]

I know Nissan has the graduate program! May want to check them out!

[Nenne]

Well I know who's offering what because the blog article I posted lists everything. Those all say with approved credit which most likely isn't a 571.

I'm trying to figure out how I can get approved for a loan with a 571 in July or even in August when I'm first starting my job. If you get all of those benefits for recent grads only with approved credit then I may not even be qualified for it and that's fine. I just need someone to give me a car loan so I can get a car.