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Financing a Car
Posted by: start ()
Date: December 17, 2007 02:22AM

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.

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Re: Financing a Car
Posted by: WHAT????? ()
Date: December 17, 2007 06:50AM

Is this your car??
Attachments:
brooke_sports_car-700.jpg

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Re: Financing a Car
Posted by: Gravis ()
Date: December 17, 2007 08:38AM

start Wrote:
-------------------------------------------------------
> 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."095042938540

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Re: Financing a Car
Posted by: OJ ()
Date: December 17, 2007 08:58AM

Get the cash you need in a flash at gun point

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Re: Financing a Car
Posted by: start ()
Date: December 17, 2007 12:06PM

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

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Re: Financing a Car
Posted by: § ()
Date: December 17, 2007 12:27PM

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. -§

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Re: Financing a Car
Posted by: SE ()
Date: December 17, 2007 12:37PM

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

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Re: Financing a Car
Posted by: bdimag ()
Date: December 17, 2007 12:45PM

§ Wrote:
-------------------------------------------------------
> 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. -§

emthup.gif

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Re: Financing a Car
Posted by: start ()
Date: December 17, 2007 01:03PM

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. -

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Re: Financing a Car
Posted by: start ()
Date: December 17, 2007 01:04PM

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

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Re: Financing a Car
Posted by: ferfux ()
Date: December 17, 2007 01:20PM

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

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Re: Financing a Car
Posted by: bdimag ()
Date: December 17, 2007 01:22PM

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

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Re: Financing a Car
Posted by: SE ()
Date: December 17, 2007 01:53PM

start Wrote:
-------------------------------------------------------
> 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.

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Re: Financing a Car
Posted by: Kiev ()
Date: December 17, 2007 01:53PM

25% is very, very high.

Shop around. Credit unions, etc.

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Re: Financing a Car
Posted by: § ()
Date: December 17, 2007 04:48PM

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. -§

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Re: Financing a Car
Posted by: ffxn8v ()
Date: December 17, 2007 05:19PM

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


______________________________________________________________


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.

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Re: Financing a Car
Posted by: § ()
Date: December 17, 2007 05:48PM

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). -§

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Re: Financing a Car
Posted by: The Economist ()
Date: December 19, 2007 09:16PM

Marx-Big-Wheel.jpg

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