Tried to finance a car today declined with 10k down
03-07-2009, 07:32 PM
#22
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Could be lack of car credit or a long term credit history.
620 is not awful w/ 10 grand down if you ask me. As long as your income can support the loan and your other bills.
G/L with your purchase.
620 is not awful w/ 10 grand down if you ask me. As long as your income can support the loan and your other bills.
G/L with your purchase.
03-07-2009, 07:34 PM
#24
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Again its the fact that she is trying to finance another 20k on top of it. A 620 sucks.
03-07-2009, 07:44 PM
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lol.
sounds like the OP has insufficient credit history. if she's young and just got her credit started, this is probably a reason.
an older person with a credit history of 620 is pretty bad. It takes very little time for a person with new credit to get to 620 if they paid their bills on time.
Like another person said, 10k down when you have 15-20k more to finance a loan isn't going to work. maybe if the car was 15k and you had 10k to put down, it might work depending on income to debt ratio.
are you black?sounds like the OP has insufficient credit history. if she's young and just got her credit started, this is probably a reason.
an older person with a credit history of 620 is pretty bad. It takes very little time for a person with new credit to get to 620 if they paid their bills on time.
Like another person said, 10k down when you have 15-20k more to finance a loan isn't going to work. maybe if the car was 15k and you had 10k to put down, it might work depending on income to debt ratio.
03-07-2009, 07:44 PM
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Depends on what's making putting in the low 600's too. In this economy though, I can see not wanting to make any risky loans. I'm just shocked that the bank wouldn't accept the 10G.
OP. What did they say your note would be on the 20G? or did you get that far?
03-07-2009, 07:45 PM
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btw, with 10k down, decent income, prior car credit or sufficient high credit there are quite a few banks that would lend money to a 620 beacon. NMAC would usually make that loan
03-07-2009, 07:47 PM
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lol.
sounds like the OP has insufficient credit history. if she's young and just got her credit started, this is probably a reason.
an older person with a credit history of 620 is pretty bad. It takes very little time for a person with new credit to get to 620 if they paid their bills on time.
Like another person said, 10k down when you have 15-20k more to finance a loan isn't going to work. maybe if the car was 15k and you had 10k to put down, it might work depending on income to debt ratio.
sounds like the OP has insufficient credit history. if she's young and just got her credit started, this is probably a reason.
an older person with a credit history of 620 is pretty bad. It takes very little time for a person with new credit to get to 620 if they paid their bills on time.
Like another person said, 10k down when you have 15-20k more to finance a loan isn't going to work. maybe if the car was 15k and you had 10k to put down, it might work depending on income to debt ratio.
03-07-2009, 07:48 PM
#33
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lol.
sounds like the OP has insufficient credit history. if she's young and just got her credit started, this is probably a reason.
an older person with a credit history of 620 is pretty bad. It takes very little time for a person with new credit to get to 620 if they paid their bills on time.
Like another person said, 10k down when you have 15-20k more to finance a loan isn't going to work. maybe if the car was 15k and you had 10k to put down, it might work depending on income to debt ratio.
sounds like the OP has insufficient credit history. if she's young and just got her credit started, this is probably a reason.
an older person with a credit history of 620 is pretty bad. It takes very little time for a person with new credit to get to 620 if they paid their bills on time.
Like another person said, 10k down when you have 15-20k more to finance a loan isn't going to work. maybe if the car was 15k and you had 10k to put down, it might work depending on income to debt ratio.
03-07-2009, 07:53 PM
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we have given similar small loans at my previous dealership ranging from 3-7k loans. even though little interest earned, it has a very short financing term with lenders still making a bit profit. Probably in this economy right now, no lenders will bite. It suciks because dealerships needs to start pushing cars out.
03-07-2009, 07:56 PM
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If i was young, making the most out of my money would be buying a used car in full or buying a brand new car with a cosigner for the lowest rate possible. A used 2006-2007 350z with a credit score of 620 = high *** finance rates unless you have a good union bank.