I can't get financed, any suggestions??
08-06-2007, 03:51 PM
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I can't get financed, any suggestions??
found a killer deal on a z 04.5 enthusiast with a bunch of extras for 19k. gonna trade in my current car to try to get this one. problem is i can't get financed,
i want the car for 48 months, ( i'll pay it off in 2) my income is 800 a month before taxes and i make about 1-2k a month on ebay. problem is i haven't started making that till after the tax season so their no records of it.
my credit score is 690+ and i qualify for tier 1 but dealership says i need at least 1k income to afford the car.
i have no other expenses in my life except for gas. so i don't see the problem, i got a full ride scholarship so i don't have to worry about school.
any suggestions? lie on application?
i want the car for 48 months, ( i'll pay it off in 2) my income is 800 a month before taxes and i make about 1-2k a month on ebay. problem is i haven't started making that till after the tax season so their no records of it.
my credit score is 690+ and i qualify for tier 1 but dealership says i need at least 1k income to afford the car.
i have no other expenses in my life except for gas. so i don't see the problem, i got a full ride scholarship so i don't have to worry about school.
any suggestions? lie on application?
08-06-2007, 04:05 PM
#3
you also have to think about insurance.. and gas.. and maintenance.. it seems you would be living way above your means for this car.. i spend $271 on insurance a month on 2 cars... gas i spend $300 - $600 a month alone on the Z.. so $800 a month is not even close to enough
08-06-2007, 04:11 PM
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This is where a co signer comes in to play. If you only have records of you making 800 a month, it would still take a HUGE down payment to get the Z.
Kids at mcdonalds and fast food resaurants make more than 800 a month.
I work at a dealership and have worked with people with the same exact case as yours. They say they have no other expenses and say they live at home with their parents. It really doesn't work. We will not get you a loan if the car payments are higher than 20% of your income per month. It's a fact of life that other expenses can pop up and money loaners already thought of this and in the end, just want their money with no interference.
The hardest part is just getting the car. Since you make a good amount of money on ebay, it will be easy to pay off. That's why i'm paying 200 more per month for my car since i can lower the time and principal on my car.
Kids at mcdonalds and fast food resaurants make more than 800 a month.
I work at a dealership and have worked with people with the same exact case as yours. They say they have no other expenses and say they live at home with their parents. It really doesn't work. We will not get you a loan if the car payments are higher than 20% of your income per month. It's a fact of life that other expenses can pop up and money loaners already thought of this and in the end, just want their money with no interference.
The hardest part is just getting the car. Since you make a good amount of money on ebay, it will be easy to pay off. That's why i'm paying 200 more per month for my car since i can lower the time and principal on my car.
Last edited by SuperBlack350z; 08-06-2007 at 04:15 PM.
08-06-2007, 04:21 PM
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08-06-2007, 04:26 PM
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insurance is paid for by parents so don't have to worry about that.
i'm already paying my car payment but it's financed under mom's name doing 345 a month with no problem for past 2 years.
it will bring 2g extra to use as a down payment owe 4500 roughly and will bring about 6700-7k in trade in.
i'm putting in an additional 4k down if that helps, so with trade it will be 6k down more than 30% of car price...
i'm already paying my car payment but it's financed under mom's name doing 345 a month with no problem for past 2 years.
it will bring 2g extra to use as a down payment owe 4500 roughly and will bring about 6700-7k in trade in.
i'm putting in an additional 4k down if that helps, so with trade it will be 6k down more than 30% of car price...
08-06-2007, 04:38 PM
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$800/month? The dealership looked at me like an idiot when he thought I said I made $1310/month...I had to correct him and said "No, that's how much I made at my first job...I'm making $2300-$2500 at my current job."
$800 you won't even get financed for a cavalier.
I'm paying $660/month + $270 insurance that's already your whole months income right there...then there's gas...then if you live on your own (which i don't think you do or you wouldn't be making $800/month) you'd have to pay rent...I'm paying $400 for rent..then I gotta pay my cellphone bill and food and parking.
You need to make ATLEAST $1850/month to get ANY kind of finance..that's the MINIMUM income you need to make to finance a new car over $20,000.
You also need to be at a job for atleast a year or had a job in the past for at least a year. In my case, the dealership lied for me and said I worked at my new job for 2 years...I made the income, I make more than enough..but they want to see you're steady. My advice, get a new job that pays $13.50/month (minimum) work there for atleast 3 months, and then find a small private dealership that has a few Z's on their lot. They will pull so many strings because all they want is there money, they don't care who they get it from.
$800 you won't even get financed for a cavalier.
I'm paying $660/month + $270 insurance that's already your whole months income right there...then there's gas...then if you live on your own (which i don't think you do or you wouldn't be making $800/month) you'd have to pay rent...I'm paying $400 for rent..then I gotta pay my cellphone bill and food and parking.
You need to make ATLEAST $1850/month to get ANY kind of finance..that's the MINIMUM income you need to make to finance a new car over $20,000.
You also need to be at a job for atleast a year or had a job in the past for at least a year. In my case, the dealership lied for me and said I worked at my new job for 2 years...I made the income, I make more than enough..but they want to see you're steady. My advice, get a new job that pays $13.50/month (minimum) work there for atleast 3 months, and then find a small private dealership that has a few Z's on their lot. They will pull so many strings because all they want is there money, they don't care who they get it from.
08-06-2007, 04:44 PM
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Originally Posted by AlmostJesus
$800/month? The dealership looked at me like an idiot when he thought I said I made $1310/month...I had to correct him and said "No, that's how much I made at my first job...I'm making $2300-$2500 at my current job."
$800 you won't even get financed for a cavalier.
I'm paying $660/month + $270 insurance that's already your whole months income right there...then there's gas...then if you live on your own (which i don't think you do or you wouldn't be making $800/month) you'd have to pay rent...I'm paying $400 for rent..then I gotta pay my cellphone bill and food and parking.
You need to make ATLEAST $1850/month to get ANY kind of finance..that's the MINIMUM income you need to make to finance a new car over $20,000.
You also need to be at a job for atleast a year or had a job in the past for at least a year. In my case, the dealership lied for me and said I worked at my new job for 2 years...I made the income, I make more than enough..but they want to see you're steady. My advice, get a new job that pays $13.50/month (minimum) work there for atleast 3 months, and then find a small private dealership that has a few Z's on their lot. They will pull so many strings because all they want is there money, they don't care who they get it from.
$800 you won't even get financed for a cavalier.
I'm paying $660/month + $270 insurance that's already your whole months income right there...then there's gas...then if you live on your own (which i don't think you do or you wouldn't be making $800/month) you'd have to pay rent...I'm paying $400 for rent..then I gotta pay my cellphone bill and food and parking.
You need to make ATLEAST $1850/month to get ANY kind of finance..that's the MINIMUM income you need to make to finance a new car over $20,000.
You also need to be at a job for atleast a year or had a job in the past for at least a year. In my case, the dealership lied for me and said I worked at my new job for 2 years...I made the income, I make more than enough..but they want to see you're steady. My advice, get a new job that pays $13.50/month (minimum) work there for atleast 3 months, and then find a small private dealership that has a few Z's on their lot. They will pull so many strings because all they want is there money, they don't care who they get it from.
LOL, 13.50 wont' get you anything as well. They start out at 18 per dollar salary for a good car but we rather finance people that make salary than dollar per hour.
Also, if you work for any small business (large business as well) and can get a notorized statement saying that you will be working for them for the entire term of the years you will be paying for the car. I have financed this guy and it was a miracle. The company he was working for got him a note so if somehow this guy missed a car payment and blamed he got fired or whatever from teh company, the company would have to be tehre to pay.
08-06-2007, 05:07 PM
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Originally Posted by SuperBlack350
LOL, 13.50 wont' get you anything as well. They start out at 18 per dollar salary for a good car but we rather finance people that make salary than dollar per hour.
Also, if you work for any small business (large business as well) and can get a notorized statement saying that you will be working for them for the entire term of the years you will be paying for the car. I have financed this guy and it was a miracle. The company he was working for got him a note so if somehow this guy missed a car payment and blamed he got fired or whatever from teh company, the company would have to be tehre to pay.
Also, if you work for any small business (large business as well) and can get a notorized statement saying that you will be working for them for the entire term of the years you will be paying for the car. I have financed this guy and it was a miracle. The company he was working for got him a note so if somehow this guy missed a car payment and blamed he got fired or whatever from teh company, the company would have to be tehre to pay.
$13.50 would be ideal if you were living at home with your parents or if you have cheap rent.
08-06-2007, 05:20 PM
#13
To make matters worse, considering your financial status, if you do find a loan, it will be at an interest rate so high it will make a credit card look good. You're going to have to establish a decent income before you're going to be able to finance a Z.
08-06-2007, 05:32 PM
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Originally Posted by AlmostJesus
I know a guy that is financing a solstice and he's only making $10/hr..mind you he's living at home with no bills to pay. $18/hr would be the IDEAL wage so you're not working for your car mostly. At $13.50/hr you're basically working 55% for your car..5% for insurance..and then the rest. I'm making $14/hr - $15/hr (I get paid for different times of the day) and can afford all my bills and my Z perfectly fine.
$13.50 would be ideal if you were living at home with your parents or if you have cheap rent.
$13.50 would be ideal if you were living at home with your parents or if you have cheap rent.
08-06-2007, 05:34 PM
#15
Originally Posted by dudegetalife
insurance is paid for by parents so don't have to worry about that.
i'm already paying my car payment but it's financed under mom's name doing 345 a month with no problem for past 2 years.
it will bring 2g extra to use as a down payment owe 4500 roughly and will bring about 6700-7k in trade in.
i'm putting in an additional 4k down if that helps, so with trade it will be 6k down more than 30% of car price...
i'm already paying my car payment but it's financed under mom's name doing 345 a month with no problem for past 2 years.
it will bring 2g extra to use as a down payment owe 4500 roughly and will bring about 6700-7k in trade in.
i'm putting in an additional 4k down if that helps, so with trade it will be 6k down more than 30% of car price...
if the rents are paying everything.. have them co-sign
/thread
08-06-2007, 07:02 PM
#16
Originally Posted by dudegetalife
insurance is paid for by parents so don't have to worry about that.
i'm already paying my car payment but it's financed under mom's name doing 345 a month with no problem for past 2 years.
it will bring 2g extra to use as a down payment owe 4500 roughly and will bring about 6700-7k in trade in.
i'm putting in an additional 4k down if that helps, so with trade it will be 6k down more than 30% of car price...
i'm already paying my car payment but it's financed under mom's name doing 345 a month with no problem for past 2 years.
it will bring 2g extra to use as a down payment owe 4500 roughly and will bring about 6700-7k in trade in.
i'm putting in an additional 4k down if that helps, so with trade it will be 6k down more than 30% of car price...
08-11-2007, 01:48 AM
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Originally Posted by black06z
I don't understand why your parents didn't try to co-sign on the Z if they have it under their name on your current car.
I don't understand why some people are giving him a hard time. He's in college with a full scholarship and has a job. The whole point of going to college is making more money after college. Sure he could suck it up and drive a civic but it doesn't hurt to get a helping hand especially if he's still paying for the car himself.
08-11-2007, 04:49 AM
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Originally Posted by dudegetalife
insurance is paid for by parents so don't have to worry about that.
i'm already paying my car payment but it's financed under mom's name doing 345 a month with no problem for past 2 years.
it will bring 2g extra to use as a down payment owe 4500 roughly and will bring about 6700-7k in trade in.
i'm putting in an additional 4k down if that helps, so with trade it will be 6k down more than 30% of car price...
i'm already paying my car payment but it's financed under mom's name doing 345 a month with no problem for past 2 years.
it will bring 2g extra to use as a down payment owe 4500 roughly and will bring about 6700-7k in trade in.
i'm putting in an additional 4k down if that helps, so with trade it will be 6k down more than 30% of car price...
Ask mommy and daddy to help you like they are already doing!