I found a good deal on the car of my choise. I have never financed a vehicle and don't have a lot of credit history. On top of that I have had my identity stolen and I have about 7 collection items on my credit report that I am still fighting, however my credit cards show a continuous ON TIME payment, every month for the last couple of years with a low balance. I think my score is 500 give or take a few points. Now the car I want to finance is roughly $20000. I have $5000 cash on hand to put down as a downpayment. Is that sufficient enough to get the car financed??? Also do I need to bring my pay stubs or can I just fill in my job title and companies name ON THE application and can they just go with that without verification of my job status? I really want this car and like I said I have $5000 as a downpayment which is 25%(before APR) but I just though I would get an outside opinion. I don't want to go in the dealership and embarras myself (credit score is embarrassing enough) and get declined. I think $5000 is a good downpayment to get approved on the spot or do I need more???
Thank You in advance for any inputs.

Is this your car??
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start Wrote:
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> Now the car I want to finance is roughly $20000.

as con-artists would say, "there's a sucker born everyday."


"the wisdom of the wise will perish, the intelligence of the intelligent will vanish."

Get the cash you need in a flash at gun point

yes what is the matter of fact , that IS the car.

You do not have cash "on-hand" if it's @ 25% APR. Instead, try opening a brokerage account and make your money work for you rather than putting into a depreciating asset you cannot afford in the first place. -§

yes thats enough money....no you wont embarrass yourself...they can and will finance you with less money down...

§ Wrote:
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> You do not have cash "on-hand" if it's @ 25% APR.
> Instead, try opening a brokerage account and make
> your money work for you rather than putting into a
> depreciating asset you cannot afford in the first
> place. -§

I need a car and I am not settling for $5000 cash cars anymore. I had one and it's been nothing but pain. I can afford monthly payments. The car still has roughly 50000 miles on the warranty. I have two jobs and I go to school, I need a reliable vehicle. -

even with a score of 500 I think I can find a bettera rate the 25%APR, lol

go to Eastern Motors, Where your Job IS your Credit.

and with 2 jobs, you can probably get 2 cars for the price of 1!!!

start Wrote:
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> I need a car and I am not settling for $5000 cash
> cars anymore. I had one and it's been nothing but
> pain. I can afford monthly payments. The car still
> has roughly 50000 miles on the warranty. I have
> two jobs and I go to school, I need a reliable
> vehicle. -

I had a civic in college- they are the best, most affordable car in my opinion (and affordable insurance wise also). Or- go to Carmax, they are awesome.

25% is very, very high.

Shop around. Credit unions, etc.

25% is unsecured retail credit territory. A secured car loan should be in the neighborhood of 4-8%, depending on your FICO and income/debt ratio. -§

ferfux Wrote:
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> go to Eastern Motors, Where your Job IS your
> Credit.


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The owner of EM went BIG TIME right about the time he partnered with credit lenders. Hmmmm, is there a connection?

It was also about the same time he moved from a comfortable ome in Fairfax Station, to a HUGE home in Great Falls.

I'm sure he's fully leveraged. He had to have securitized his auto loan portfolio from credit receivables taken out during the housing boom in exchange for cash to collateralize his expansion efforts (and those cheesy commercials). -§