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It's time- new car.

The last post in this topic was posted 2763 days ago. 

 

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My current car is dying, I've graduated, I have some money saved up, and started a 2nd job- and so after my past posts inquiring, It's now time to seriously look at cars.

 

Current gross income: $2,054

----- Been at job #1 for 5 months, promoted to management level - $1092/mo

----- Been at job #2 for 1 month - $962/mo

 

Current Expenses

----- Town Auto/Property Tax: $10

----- Auto Insurance: $80

----- Gas: $200

----- Cell: $50

----- Gym: $10

Total monthly expenses: $350/mo

 

Car/ Loan Request Information

----- 2013 Ford Focus SE

----- MSRP: $24,120

----- Sale Price: $19,540

 

----- Tax, Tags: $1,000

-//-Cash Down Payment: $2,500

-//-Trade In Value: $2,500

----- Total Down: $5,000

 

Total Loan Requested: $15,540

LTV: 64.42%

 

I've been quoted a $110/mo increase in insurance and $40/mo increase in prop tax. Hoping payments to be about $275.

 

How am I looking in terms of approval? No credit, no cosigner. Ford dealer I talked to said I may even qualify for 0% APR with that LTV, but I wouldn't let him pull credit and run application just yet.

Thoughts?

Edited by The Car Kid

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Your Age? 18


Your Equifax Credit Score? 290 +/-
Your Experian Credit Score? 290 +/-
Your TransUnion Credit Score? 290 +/-

How many years have you been on file with Equifax? 1 month
How many years have you been on file with Experian? 1 month
How many years have you been on file with TransUnion? 1 month

YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY

none

YOUR REVOLVING CREDIT HISTORY

Total number of revolving account(s) you have? 0
Total percentage utilized overall? 0%
How many of your revolving accounts are store cards? 0
How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 0
How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) 0

YOUR PERSONAL INFORMATION

How long at your current residence? 13 years
Do you Rent or have a Mortgage, or Live w/Relative or Other? Live with Parents
Your Monthly Rent or Mortgage payment? $0
How long have you held your current job? Job 1, 5 months- already promoted. Job 2, 1 month.
Your total provable monthly gross income is? $2054
Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return) Paycheck Stub
Is there additional monthly income? What amount monthly? 200/mo not provable

YOUR DOWNPAYMENT
Please tell me your exact down payment in cash? 5,000
Does any credit repository contain any Public Record? No
Does any credit repository contain any Collection Account(s)? No


Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 10
Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 1 (No history...)
Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 1 (No history)

New or Used vehicle you are considering: Please very briefly describe.

New 2013 Ford Focus, moderately optioned, MSRP $24120, final negotiated price $19540

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I strongly recommend you hold off on getting a new car. If your current car is dying, consider getting a solid used car. You should focus on your future and building your credit responsibly before you take on such a large expense.

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Denied by FMC student program, reason being "Insufficient Time On Job".. Was told a higher DP would get an approval, but I didn't want the car bad enough to cough up another $3k of my savings. Maybe later.

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Looking at your nubmer you can not afford a NEW CAR go look for a 2010 or 2009 car that would cost you less every month. And did you know that all new cars depreciate 40% the second you drive it off the lot!! go USED!!

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Looking at your nubmer you can not afford a NEW CAR go look for a 2010 or 2009 car that would cost you less every month. And did you know that all new cars depreciate 40% the second you drive it off the lot!! go USED!!

 

Why don't you think he can afford a new car? He's DTI looks fine. The only think that looks bad is his length of employment and super low FICOs.... Which surprises me because I've never heard of FICOs that low.. I thought if there wasn't enough credit history, FICO wouldn't even score... Also I'm talking afford, but qualify for credit...

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