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First step to do in financing a car

By Souljerk , in Automotive Financing

The last post in this topic was posted 2738 days ago. 

 

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Souljerk   

Posted

Hello,

First off I'm glad I found this site.

I've been at my job for about 2months now. And I'm earning a steady income. I've been thinking of purchasing a new car (2011) or (2012). Depends if I get a good APR% and my loans stay between 300-400. What would ve the first step. My credit score is about 540-560 on all three Credit Bureaus. I know what car I want, and I know how much it costs. (Advertised price only) Can ve lower through the power of negotiation. Hopefully someone can really help me out. Thanks in advance.

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stroked89coupe   

Posted

I would try some non dealer associated financing first to see what kind of rate you can get. It's going to be hard to get an approval quickly with those scores. You may have to resort to the dealer to see if anyone he networks with would be willing to approve you. Which would not be a bad idea. If you are able to be approved, expect a higher interest rate. If you can afford the higher rate at first the likely hood of a refi in 6 months is always possible. But don't do anything rate wise that would put yourself in a bind money wise.

 

 

:)

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mk_378   

Posted (edited)

It doesn't work to shop for loans yourself without good credit. At the dealer, always negotiate and agree on the price of the car as a simple lump sum figure ("cash" price) before starting to talk about financing.

Edited by mk_378

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gamecockcountry   

Posted (edited)

With those scores I would go the the dealership and pick the car, negotiate the price, and let them see what they can do. Are you putting money down? That always helps.

 

If you have a good relationship with your bank you might ask them but other than that I wouldn't try to get the loan on my own.

 

I'd fill out Marv's app and let him give you his opinion.

Edited by gamecockcountry

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BRBiz   

Posted

Your best bet before the dealer would be a CU with those scores but chances are the dealer will be the best bet.

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