low rates

[Anonymous]

I am going to be puurchasing my first new car. A litte over 2 years ago I started with no credit. Now my fico is 775 and my vantage is 743. I have never had a late or missed payment and have no negative marks on my credit report.

I am going to be puttin about 8000 down on a 24,000 car and financing the rest.

I have 3 credit cards and but I pay them off as soon as I get a balance.

I was wondering what are the lowest rates I qualify for. I'm in PA if that matters.

[azguy13]

You should qualify for any tier 1 rate. DCU has rates as low as 1.24% or if you can find any current 0% manufacturer promos, you should qualify for those also. 

[Anonymous]

Thanks. Unfortunately I can't find a subaru dealer that does 0 percent financing.

[Remember0]

It's quite possible subaru doesn't do 0% promos on most models. I'm generally seeing 1.9% on my 2 second quick research.

In that case, try DCU. You should be able to get their 1.24% (with direct deposit) as previously stated.

[Anonymous]

I am selling my car to get a down payment for the subaru. Should I apply for financing while I still have the loan for the car I have now?

[Remember0]

Depends.

Pre-tax monthly income?

Rent/mortgage?

Aggregate minimum payments across all credit cards?

Current car loan payment?

New car loan estimated amount?

Any loans other than the rent/mort, credit cards, and car loan discussed above?

And finally how fast do you think you'll sell the thing? Aka by when will you definitely be buying the new car?

[Anonymous]

Pre-tax monthly income?   I don't make a lot. 700 a month. Plus some extra from pet sitting and dog walking

Rent/mortgage?   No rent or mortgage, live with my mom currently.  Only bills are car, car insurance and cell phone.

Aggregate minimum payments across all credit cards?  3 cards each with a minimum payment of 25. I pay off in full every month

Current car loan payment?  I owe 5100. Pay 170 a month

New car loan estimated amount?   New loan will be about 18,000 and I will put about 8,000 down. Car is about 26,000 after taxes

Any loans other than the rent/mort, credit cards, and car loan discussed above?   No loans, just the 3 credit cards.

And finally how fast do you think you'll sell the thing? Aka by when will you definitely be buying the new car?  I am thinking of doing everyything next month.

I also have a fair bit in savings and my checking.

[Anonymous]

Pre-tax monthly income?   I don't make a lot. 700 a month. Plus some extra from pet sitting and dog walking

Rent/mortgage?   No rent or mortgage, live with my mom currently.  Only bills are car, car insurance and cell phone.

Aggregate minimum payments across all credit cards?  3 cards each with a minimum payment of 25. I pay off in full every month

Current car loan payment?  I owe 5100. Pay 170 a month

New car loan estimated amount?   New loan will be about 18,000 and I will put about 8,000 down. Car is about 26,000 after taxes

Any loans other than the rent/mort, credit cards, and car loan discussed above?   No loans, just the 3 credit cards.

And finally how fast do you think you'll sell the thing? Aka by when will you definitely be buying the new car?  I am thinking of doing everyything next month.

I also have a fair bit in savings and my checking.

[Remember0]

Then we have a problem to be honest. No lender is going to do this loan with $700 in income. I'm not even sure how you got approved on your current car loan. Who financed your current car and did you have a higher income/apply with a cosigner?

I really think you're going to need a higher income or a cosigner to get this through. If you put $700 as your monthly income on an financing application, I honestly know of NO lender that would give you a loan of $18k.

And think about it...you are planning to buy a 26k car on a yearly salary that is rougly 8.4k BEFORE taxes. Have you budgeted for insurance (which will be higher on a new car), gas, maintainence, food, etc?

I'm not so sure what you're planning to do is wise at all...unless you have some kind of income or assets you aren't telling us about.

[Anonymous]

I did have a huge down payment with the car I have now. So I didn't finance that much. I used wells Fargo dealer services.

I did get a quote and my insurance would only go up around 12 dollars a month.

With my side job all in all I make more like 12.5k a year. I know it's still not much.

I do have this in my budget, but I'm glad I came here first. This info it's why I'm here.

I could get a co signer if I had to. I hadn't thought of that.

[Remember0]

What do you do with the side job income? In other words does it show up on your taxes or do you at least deposit the earnings into a checking account before spending it?

You do have a large dp again. So I suppose you could try by starting at the dealer. But if you have a co-signer it wouldn't hurt to get approved online applying w/ cosigner first, and then go to the dealer and try to get approved by yourself frist and bring the cosigner into the picture if they can't initially approve you.