Ok here is everything in a nutshell. I need any finance managers or gurus with numbers to figure out what kind of a shot I have. I went to the Nissan dealership to buy a 350Z enthu. for 28,000. I am 27 y/o in the military and make about 45,000 a year. The problem is my credit rating is mot that good. It is about 565. The dealer said they usually like someone with a rating of 700. I am wondering what are my chances of getting financed. Anyone know. (AND PLEASE NO FLAMING OR HARSH REMARKES)

Nick

 

i wouldnt worry. can u get loans through the government for car loans??? have u been approved through nissan? if not apply at a few banks and see whats going on that way. 45,000 should make them look your way. good luck!

 

Do you know why your credit rating is so low? Get a copy of credit report and see if there's anything you can fix. You might be able to consolidate your debts with a home equity loan - sometimes that can raise your score significantly. Then you could apply for auto financing with a better credit score. Just an idea.

 

youll probably get approved but you will most likely get a very high interest rate 15-20%. Annual salary doesnt really matter when you buy a car! as long as you make over 1500 a month thats all they care about, its the creditworthiness that banks are most concerned about!Good Luck, try A CREDIT UNION!
Cheers

03 350z enthu auto s/b
96 acura nsx red auto
00 mercedes CL500

ps. I used to be a finance manager at a dealership

 

I went there on Friday and they told me that they would have an answer for me by Monday. Well thatday came and went so I called them and he told me to be patient and give it a couple of more days. The thing is that I don't have a car to drive period and I really need one. So I guess another question that I have is how many more days should I give them?


Nick

 

Nickedamus what i am abought to tell you might make you sad!
but when i used to work at a car dealership, when the closer or salesmanager says,"We will give you a call" that means, sorry we couldnt finance you about 95% of the time! When a dealership checks out your credit and sees your income etc.... they enter it into a computer program that tells them which lender would approve you given your personal criteria. Dealerships usually have many banks they can deal with, some are either prime or sub-prime lenders. I hope the dealership can get you financed!
If not try asking them if they deal with Americredit, this is a sub-prime (higher apr) lender, these people are pretty good at giving people a second shot at financing!
good luck!

 

Who Me? Thanks for your advice and for your time. I am hoping that they wil call me in the next day or two. Otherwise I am going to be up the creek. I think if this falls through I will jus try and go with my second choice car. Oh well we will see.

Nick

 

I don't know much about credit at all. I dont' have any credit, I guess that would make my credit rating a 0. I can't even get a cell phone b/c of this. But when I went to Nissan to look into a Z, the dealer was willing to finance me at 4.09% because of what he said was a first time buyers program. I had another Nissan dealer try to finance me at 18%. Try alot of different dealers. Ones in bigger cities might have a better chance of financing you b/c they have more banks to go to.

 

Look at the prefinance thread that I started several days ago.

Try eloan.com, they approve alot of people, but you have to purchase at an approved dealership. Also, try other dealerships...that one that won't call you isn't going to get you any financing. Also, try your personal bank/credit union...sit down and talk with a loan officer. Be sure not to fart or anything while you are in their office.

 

If the dealer haven't call you , that means they haven't come out with a financing for you. That is not good at all! If you try different lenders, banks, etc... and they keep on pulling out your credit, the credit score is gonna keep lowering by the minute!

Have you had any repo in the past? Why is your credit score so low? It might be that you don't use your credit that much or a past problem.

BTW, never go to dealership empty handed. They get some money out of you if you get to finance with them! (they do that by giving you the highest possible rate) As a matter of fact, don't even believe a dealer when they tell what your credit score is! Find out for yourself in advance or ask them to show you the credit report.

Anyways, you could get approved with any reputable bank over the net in a matter of minutes:

www.eloan.com
www.lendingtree.com
etc...

Good luck!!!

 

Can't you go to credit union on your base/post and apply for a loan to be repaid through monthly allotments(where the govt. sends them a check taken from your pay)?.This guarantees that you're good for the money.

 

Actually it does take points off your beacon score to get slapped down by a lender...however, it is a good idea to do all of your shopping at one time. When lenders look and see that your score lost some points, they consider a few denials in a short time to look like one denial because you were shopping for the same loan. If you space it out...it looks worse.