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where to look for financing in advance?

rakuin79
Established Member

where to look for financing in advance?

ok so im looking to buy a new car in the next 3-6months. my credit scores are 609/588/621 on here. I am looking to get a loan from about 22,000 to 27,000. I make 39,000 a year and could afford 3-4000 on a down payment in that time frame maybe more if i wait later but my job requires me to drive alot and im wanting a new car mostly to have a new warranty. I can also improve my scores according to score watch in that time by continuing payments on time and paying down my balances which is easy since its under 900 now. So i was wondering first what can i expect to be approved for and where i should begin searching gathering that it is better to try and shop around before you go to the dealership. also wondering if you guys think i would even be approved for a loan in that range?
thanks
may 6th 2008
TU 609/ EQ 588/ EXP 621
july 25th 2008
TU 607/ EQ 617/ EXP 627
Message 1 of 11
10 REPLIES 10
MattH
Senior Contributor

Re: where to look for financing in advance?



@rakuin79 wrote:
ok so im looking to buy a new car in the next 3-6months. my credit scores are 609/588/621 on here. I am looking to get a loan from about 22,000 to 27,000. I make 39,000 a year and could afford 3-4000 on a down payment in that time frame maybe more if i wait later but my job requires me to drive a lot and i'm wanting a new car mostly to have a new warranty. I can also improve my scores according to score watch in that time by continuing payments on time and paying down my balances which is easy since its under 900 now. So i was wondering first what can i expect to be approved for and where i should begin searching gathering that it is better to try and shop around before you go to the dealership. also wondering if you guys think i would even be approved for a loan in that range?
thanks





Does your workplace have a credit union? If so, they are certainly one place you should inquire.

Also, inquire at any banks with which you already do business.

Beyond that, try other local banks, etc.

An alternative to a new car might be a "certified pre-owned" used car, which may come with a warranty.
TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Message 2 of 11
rakuin79
Established Member

Re: where to look for financing in advance?

nope, i work for edy's ice cream lol they dont have anything like that im sure. im just wondering if im at the level where i can get that kind of loan? my previous loan was in 2005 and i financed 19000 when i was making 26000 a year. my credit score may have been a bit higher but i have no idea. that was my first car loan as the primary and i had no co signer. i know my score couldnt have been great because the rate was 13% over 72months. suprisingly i dont have much negative equity left in may current car and could probably make a profit selling it outright
may 6th 2008
TU 609/ EQ 588/ EXP 621
july 25th 2008
TU 607/ EQ 617/ EXP 627
Message 3 of 11
InfinitiG35
Contributor

Re: where to look for financing in advance?

bump

I am in pretty much the same situation. I want to buy a car by the end of the month and am looking at financing between $23-27,000 with $3K down. I'm wondering if I will get approved for that much seeing that I make $40K a year.

Message Edited by InfinitiG35 on 05-07-2008 08:56 AM
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Message 4 of 11
rakuin79
Established Member

Re: where to look for financing in advance?

bump
 
 
anyone with any help here?
may 6th 2008
TU 609/ EQ 588/ EXP 621
july 25th 2008
TU 607/ EQ 617/ EXP 627
Message 5 of 11
Takunda1
Established Contributor

Re: where to look for financing in advance?



rakuin79 wrote:
ok so im looking to buy a new car in the next 3-6months. my credit scores are 609/588/621 on here. I am looking to get a loan from about 22,000 to 27,000. I make 39,000 a year and could afford 3-4000 on a down payment in that time frame maybe more if i wait later but my job requires me to drive alot and im wanting a new car mostly to have a new warranty. I can also improve my scores according to score watch in that time by continuing payments on time and paying down my balances which is easy since its under 900 now. So i was wondering first what can i expect to be approved for and where i should begin searching gathering that it is better to try and shop around before you go to the dealership. also wondering if you guys think i would even be approved for a loan in that range?
thanks


 
If you are going to drive a lot and use this car mostly for work, why buy a brand new car. If its for warranty, I recommed you go to CARMAX, they have a bumper to bumper warranty on all vehicles they sell. If yo were buying the car for your use on wknds I could see brand new.

Message 6 of 11
rakuin79
Established Member

Re: where to look for financing in advance?

just call it personal preference. I want a new car not a used car. had two used cars and had bad luck with them. This however was not what i asked although i appreciate opinions i was asking what i can expect to get approved for in my situation. i have certain cars in mind which is why im not looking into a used car.
may 6th 2008
TU 609/ EQ 588/ EXP 621
july 25th 2008
TU 607/ EQ 617/ EXP 627
Message 7 of 11
edrenjr
Established Member

Re: where to look for financing in advance?

Carmax is very overpriced - don't even bother with them.
3/5/08 EX 542 - EQ 587 - TU 589
Message 8 of 11
rakuin79
Established Member

Re: where to look for financing in advance?

Lol yes i know....i have no intention on going to Carmax or any other used car dealer. I like my car now but want a new one. if i cant get a new one ill keep MY USED car lol
may 6th 2008
TU 609/ EQ 588/ EXP 621
july 25th 2008
TU 607/ EQ 617/ EXP 627
Message 9 of 11
Moldbuster
New Member

Re: where to look for financing in advance?

You could get approved, get a new car and spend most of your free income on car payments and increased insurance...or you could keep your current vehicle, spend $1K to upgrade it (nicer stereo, etc.), put the other $3K into savings/paydown loans/etc. and be WAY further ahead in the future. If you HAVE to buy another car, buying used is definitely the preferable way to go. You could have a new Honda Accord, or a 2 year old Certified Pre-owned Lexus or Infinity for the same price...I know which way I would go...and did very recently. I reduced my payments from $400 a month to $145 and with the money I'm saving, I'm doing all sorts of kick ass performance and audio upgrades to the new car (Golf TDi).
Message 10 of 11
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