Jump to content

Please consider disabling your adblocker for CreditBoards if you have not already done so.  This site depends on advertising revenue to stay online.


Sign in to follow this  

First step to do in financing a car

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

 

We strongly encourage you to start a new post instead of replying to this one.

Recommended Posts

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.

Share this post


Link to post
Share on other sites

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.

 

 

:)

Share this post


Link to post
Share on other sites

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

Share this post


Link to post
Share on other sites

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

Share this post


Link to post
Share on other sites

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

Share this post


Link to post
Share on other sites

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

 

We strongly encourage you to start a new post instead of replying to this one.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Similar Content

    • By MarvBear
      http://www.autodealermonthly.com/channel/dps-office/news/story/2018/10/edmunds-auto-loan-interest-rates-climb-back-to-pre-recession-levels.aspx?utm_source=email&utm_medium=enewsletter&utm_campaign=20181006-NL-ADT-Enews-BOBCD180930003&omdt=NL-ADT-Enews&omid=1000693576&ajs_uid=7122G8705801J8B&oly_enc_id=7122G8705801J8B&ajs_trait_oebid=3671F9146356B0M
       
       No Paywall.  Auto finance/purchase related.
    • By MarvBear
      http://www.autodealermonthly.com/channel/dps-office/news/story/2018/09/fed-reserve-approves-third-rate-hike-of-2018.aspx?utm_source=email&utm_medium=enewsletter&utm_campaign=20181006-NL-ADT-Enews-BOBCD180930003&omdt=NL-ADT-Enews&omid=1000693576&ajs_uid=7122G8705801J8B&oly_enc_id=7122G8705801J8B&ajs_trait_oebid=3671F9146356B0M
       
      No paywall.  Automobile purchase/finance related.
    • By 720lady
      I have a total of three (3) State Tax Liens on 2 or more of my credit reports. This information is killing my score and any chances of getting my APRs reduced or credit limits and or new approvals. (Still in review process - things still murky). Trying to clean up as much as possible without causing any inquiries and would like to raise my score within the next 30 days as much as possible. My overall status is a high debt ratio. However, I am under the 45% mark with my part-time income. Each week, I will get the majority of my credit cards to 30% availability on cards with a lower balance. Which leaves the larger cc accounts with high balances.
       
      1 - States that it has been Satisfied - However, it was an error. I never did owe. I had moved from the state and wasn't required to file. However, they keep giving me the generic response when I request removal due to error. That don't seem to be reviewing at all. Just the same response. It has "BEEN SATISFIED".
       
      Any recommendations
       
      2 - States that it has been Satisfied - It was paid in FULL, SATISFIED.
       
      One credit bureau will not investigate any more. Or, later they will let me know that there has been no change.
       
       
      Any recommendations. I am trying to increase my credit score. I will be applying for a mortgage within the next 30 days.
       
       
      3 - States an incorrect amount due because I am currently making monthly payments.
       
       
      Any recommendations. I am trying to increase my credit score. I will be applying for a mortgage within the next 30 days.
       
       
      Thanks!
    • By Daphne954
      In 12/2011, I received an auto loan from Santander. Long story short, the dealership falsified documents to get me the loan. After speaking with a friend, I decided to get another car and got approved for another auto loan with Honda Financial with a lower payment, which I have made all my payments on time. I later received claim documents from my insurance company at the time about an accident on 5/22/2013, that I know never took place. I called my insurance company and they told me Santander filed the claim. I called Santander, and found out Santander for some reason, called my insurance company and filed a "loan servicer claim" on 5/22/2013 for damages on the car. The catch is... the car was still in my possession until 6/2/2013, which was a week after I called to surrender the car. I was so confused and they couldn't give me an answer as to why they did it, and I kept getting the run around from Santander and my insurance company. Just a big hot diddly mess.
       
      I want to dispute it because it is the biggest factor affecting my reports. They are showing in the report as a default on auto loan and not a voluntary surrender or repossession. The account was charged-off 6/2013. The TL is still fresh, but I'm think with all the inconsistencies and things that have happened while I had this car, that I might somehow have a case. I live in Florida, and if I can recall the SOL is 5 years for written contracts.
       
      Should I start a dispute, do a PFD or just hire a lawyer to help solve this? I'm not looking for any settlement from this issue. I just want it off my credit reports.
    • By lhdez1984
      If anyone can help me with advice, that would be great! So here's my story:
       
      I have been working my tail off for the last year to rebuild my credit. I really screwed it up in my teens/early 20's and I'm finally on the right path. It has been over 4 years since my last baddie and I have had a 15 month streak of on time payments. I have acquired quite a few credit/retail cards in the last year that have helped me bring up my score. (started with a CapOne secured card/ now have Nordstrom, Kohls, Kay's, VS, Express and recently a Barclay's card.) Anyhoo, I just had a baby and my employer switched health insurance providers when I was 7 months pregnant. My copays were through the roof and my out of pocket medical bills now = $4500.00. I have about 7 different creditors coming after me, now of which have hit my credit report and I am running out of time. I don't have the money to pay them right now. What can I do to save my report??? Any suggestions??
       
      Please Help!



  • Member Statistics

    • Total Members
      179,892
    • Most Online
      2,046

    Newest Member
    WTAYVONNE
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines