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Loan Help

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New Member

Loan Help

Hello Everyone,

 

I am looking at getting a new car tomorrow. Unfortunately, I am upside down on my current car by about $2700.00. Good news is the dealership has the car that I want for $3000.00 over the book value on it. (2011 STI). Im currently 20 and pull in about $3500.00 a month after taxes. I am looking at trading in my car, and then buying this new car. The BB value on the car I currently have is $16,500 and the loan payoff is $19,000.  Now the fun part. I have a perfect credit record. 795 credit score and 7% utilization with a stupid amount of credit availible. What are my chances getting a loan for the car I want? It is a $28,000 car, and the KBB on it is $25,500. If you need any other info, I will be happy to provide it! 

 

Thank you,

 

Message 1 of 3
2 REPLIES 2
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Community Leader
Super Contributor

Re: Loan Help

Bad news is buying a 5 year old vehicle $3k over its worth. Unless you're planning to put down a large down payment. Steer clear of doing this deal. Instead of $2700 in the hole you'll be $6000 in the hole or more.

Qualifying isn't an issue, getting ripped off is.
It would be more worth while to look at newer models of the sti. Take your time and save a sizeable amount for down payment. Do your best to never go into a vehicle upside down. Because once you do, you'll spend years trying to crawl out of that hole.

The salesmen will be licking their chops if you go in there willing to take whatever they give you. Before making a purchase, get your own financing and research the vehicle's heavily you're interested in. 



My most prized tradeline.
Message 2 of 3
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New Member

Re: Loan Help

Sorry, kinda phrased that the wrong way. I was saying that it was over $3000 blue book being favorable to me while negotiating. Worst comes to worst, I walk from the dealership. 

Message 3 of 3
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