4 Comments

1. Visualize Whirled Peas says:
   May 7, 2010 at 3:14 am

   If you have $10,000 to put down, just buy a $10,000 car. Debt is dumb.
2. SPIFIMAN1 says:
   May 7, 2010 at 4:00 am

   Auto finance is what I do for a living and the only problem I see is your income. $15,000.00 a year is only $1,250.00 a month and no lenders will finance people that make that little amount of money not even first time buyer programs go that low..

   Your score is fine I’m sure it’s a very thin file because of your age so that will be another problem.

   And finally even if you could get approved you would not budget for the payment on a $15,000.00 loan. Auto lenders don’t care if you live at home and pay no rent, they are going to factor in at least $300.00 to $400.00 a month for that and another $100.00 for rent so that right there is puts you debt to income at 40% so there would be no money left over for a car payment.

   You really need to get one of your parents or a Aunt, Uncle, Grandfather, Grandmother or some other relative with some good solid credit history to co-sign with you.

   Good luck.
3. Jon says:
   May 7, 2010 at 4:25 am

   There are a huge number of banks that deal with auto loans for people with challenge credit. The two best choices are:
   1. Go to a very large dealership that advertises that they help people with credit problems. A large dealership will normally have more banks they work with, more talented leading specialist on staff, and stronger relationships with the banks. (There are exceptions to this rule of thumb.)
   2. Put down a large down payment. The more money you put down, the more likely the bank is to give you the loan.

   Also, note two additional things:
   1. Depending on current rebate offers, a new car may be easier to finance with a lower payment and lower down payment for you.
   2. Some credit unions are wonderful for people with credit issues.

   My advice is to find a dealer you feel comfortable doing business with. Believe it or not, there are honest auto dealers and honest car salespeople. Try to find one you instinctively feel good about. Generally, you will get the best deal from a “good person”.
   For car loan quote

   —————————————–
   http://www.loansandinsurances.com/
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   May 7, 2010 at 5:03 am

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