What should i aim for?

[simplegirl]

I need a car because right now I'm driving my moms car but she is close to needing her vehicle back. so my question is what would be the best time to purchase what i want? What credit score would get me the best rate and what down payment is ideal? I have no monthly bills because i do stay with my mom. I do have a lot of negative accounts but none with balances including collections that I am currently working on. So I'm just wondering what score do i go for to apply.

My Stats: 

Experian- 598

Equifax- 539

Transunion- 574

Yearly Salary: 38667

Car I Want: Mazda CX-9

The vehicle is up to 50,000

They usually have 0% financing so I'm aiming for that.

If i can't get the financing rate the other companies i would like to finance through is USAA & PenFed.

[Girlzilla88]

With that information likely you will need a Cosigner.    Do you have one in mind you can use?!

[Girlzilla88]

And are you planning to put a Down Payment?!

[sccredit]

OK - where do we start?

First - no matter the interest rate a $50k car on a $38k income is financial suicide.

Second - In order to get 0% with Mazda (Chase) you are going to have to be mid 700's. Your rate will be much higher than that.

Third - What is holding your scores down?

Fourth - What down payment?  

Frankly, if you MUST finance a car I reccomend finding a CPO car that meets your minimum needs.  The WANT is going to have to wait until you have your financial house in order.  You need to get your scores up, which means addressing your reports and the negative items.  

[CYBERSAM]

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@simplegirl wrote:

I need a car because right now I'm driving my moms car but she is close to needing her vehicle back. so my question is what would be the best time to purchase what i want? What credit score would get me the best rate and what down payment is ideal? I have no monthly bills because i do stay with my mom. I do have a lot of negative accounts but none with balances including collections that I am currently working on. So I'm just wondering what score do i go for to apply.

My Stats: 

Experian- 598

Equifax- 539

Transunion- 574

Yearly Salary: 38667

Car I Want: Mazda CX-9

The vehicle is up to 50,000

They usually have 0% financing so I'm aiming for that.

If i can't get the financing rate the other companies i would like to finance through is USAA & PenFed.

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With out a cosigner it'll be a very high interest rate!

Also 50K is that price of the car?

[Girlzilla88]

Not to sound harsh but I doubt they would get an approval for a 50k without a cosigner especially if they are trying to finance through the company.      Something you can see about doing is seeing if your Bank/CU that you have a good relationship with would be willing to do a car loan up to X amount and possibly a lower rate and then go vehicle searching based off that      Food for thought

[simplegirl]

The car isn't 50k It is actually 46225 with TTL and I won't have anyone to co-sign on the loan but I will be putting down at least 9,000 up to 12,000 down so the actual loan of the car will be less. I am fixing my credit now but I was trying to see if I should try when my scores hit low 600s or high 600s. I have maybe up to 3 years to keep using my mom vehicle so my aim is 1-3 years to try and get this car. I've already looked at many vehicles and have had 3 previous vehicles that unfortunately got totaled out so I don't want to get anymore cars I don't want and thats why i wanted to see how to get approved for this car. The only credit union i have a membership with is penfed & my banks are USAA & Chase. 

[ldkcivilservant]

There is no chance you'll get 0%, wvwn if your score marinates up to 650. It just isn't anywhere near Tier 1.

The LTV will look better if you put down $12k, but even then it's pretty much 100% loan to income - which is not exactly something a lender will just at in todays world. Hell, my wife and I make over double what you make, have 770+ scores, and still wouldn't try for a $50k vehicle.

I would recommend you keep your purchase at or below 50% of income at the most so that you don't live to regret it.

[sccredit]

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@ldkcivilservant wrote:

There is no chance you'll get 0%, wvwn if your score marinates up to 650. It just isn't anywhere near Tier 1.

The LTV will look better if you put down $12k, but even then it's pretty much 100% loan to income - which is not exactly something a lender will just at in todays world. Hell, my wife and I make over double what you make, have 770+ scores, and still wouldn't try for a $50k vehicle.

I would recommend you keep your purchase at or below 50% of income at the most so that you don't live to regret it.

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Completely agree with this.  We have two cars and combined they are less than 50% of annual income.  

[simplegirl]

Okay thanks for the replies.