@Anonymous wrote:
Ok, so to make a long story short about my current car, i had to replace the engine in an 06 suzuki with a used one. Turns out, im still having issues with it. So my plan is by the end of april to buy a brand new car. Now my question is do you think i will be approved?
The car i am looking to purchase is the 2011 Scion tc. The list price for the one im looking at is set at 19,232. I will be putting 3,400 down. I have been with my current job for a little over a year now and am making before taxes around 28,000, now i also need to factor in i work about 60 hours overtime each month so i do make more than 28.
I am still making payments on my current car and have already talked to the dealer about trading in and have stated that i will not be buying this car unless i am given what i owe for my current car, which is around 3000. Here is where i have doubt, i have no credit cards and the only account i have open on my credit is my auto loan. CreditReport.com shows that my credit score is a 700. I have never missed a payment and have always been early on my payments, in fact i double payed for last month.
So with my down payment i wound need to finance around 16,000. Do you think i will be able to do this? Please give me your insight, i am 20yo and am very responsible with my money. I currently still live at home while attending school and working nightshifts so i do not pay rent, the only things i pay for are my car payment 209 a month, insurance 260 a month, and cell phone 81 a month. Please help me
What you owe on your car vs what it is worth are two completely different numbers.
Sorry thats how life works.
you can put half down on a new car, but if you put 120,000 miles on it in year one you will be left owing more then the car is worth in year two.
You replaced the engine and the vehicle is still evidencing problems..Ok why do you think you are going to get $3000 for it? Lets say the dealership gives you the 3K, then they spend another 1500 getting it prepped for resale and fixing all the problems, are they going to be able to sell it for $6,000? $5000? $4500.
Dealerships do not enter transactions to lose money, and when you are trading a vehicle in you are getting the wholesale price, yes there is wiggle room, I have no idea what the particulars of your vehicle are but...you need to be realistic.
I have no idea if you can get the 3k for your car, I do not know enough about your car to speculate, but you need to accept the fact that assuming your car has in excess of 80K miles on it, shows any accidents or damage (including CARFAX), and is still evidencing mechanical problems, you probably are not going to get the the full pay off in trade. Quite simply there is a reason you are getting out of your car.
You are passing a problem on to someone else.
You will probably have to roll some negative equity into your new deal.
The fact that you already have a car loan should allow you to get into a new car loan, but your credit file is very thin. It will depend on exactly what your transaction amount is and what negative equity you roll in (if any) and your downpayment. ALso, you never stated your income. Conventional finance comapnies usually want to see a minimum $1800 a month gross income, even if you have no bills or major obligations. Did you get a co signer on your first loan?
