gOOters July 19, 2003 Share gOOters Member July 19, 2003 I just graduated about 7 months ago from a great University with a B.S. in Engineering. I also just got a job with a prestegious furtune 50 company. I am 26 years old and have been biding my time to pay down my debts a little before I buy my Z. Well, the time has finally come, I have found the Z I want...and I can't get financing!?!? I got beat down by the credit union my family uses. Is this why I busted my a$$ for years in college? I can afford the car, I just can't get a lender to approve me at a halfway reasonable rate! What the heck am I supposed to do? My beacon score is around 700-730, not that shabby. I do have some debt, but when I sell my old pickup truck it will clear up... Is a co-signer the only way to buy your first car? I was supposed to go pick up my car tomorrow! I have about 4 years of credit card history, all very good. Link to comment Share on other sites More sharing options...
[VI]ROosTEr July 19, 2003 Share [VI]ROosTEr Member July 19, 2003 wow man, with that Beacon you should be able to not only get a loan or financing, but get it at a fairly decent rate. There has to be some reason though, and you may want to talk to a financial officer at a bank or financing company about it. Link to comment Share on other sites More sharing options...
Mad Bean July 19, 2003 Share Mad Bean Member July 19, 2003 If you are trying to let the dealership get the loan for you, they might be trying to get you to put a down payment or a larger one if you already did. That is how they make money. Try different banks. With a good credit history and lower beacon score, you should be able to get a loan by yourself. If this is your first car loan, they might want a co-signer for that reason. Link to comment Share on other sites More sharing options...
SwOOp July 19, 2003 Share SwOOp Member July 19, 2003 Do you have very many bills, or of a rather large amount. A person can have a good credit rating, but still be denied due to income to debt ratio. Link to comment Share on other sites More sharing options...
yErMoTH3r July 19, 2003 Share yErMoTH3r GC Founder July 19, 2003 its only a matter of time... be patient and save that cash. i heard Z, is that new, if that is new WHAT ARE U NUTZ!!!! you buy cars 1year old, end of story, 2years if its a little outa yer price range (ie 32k vs 40 or 45) never lease unless you work 10mins from home. 12k miles (hahhahahaha) is 1/2 my driving distance per year. buy a house, see your bank and/or credit union. your credit union is set up just for this kind of thing. Link to comment Share on other sites More sharing options...
gOOters July 19, 2003 Author Share gOOters Member July 19, 2003 yeah, bean and swoop...lack of history and some debt, I want to sell my truck AFTER I buy my new car. I cant be carless for long! Mom, c'mon now...gimme some credit! I found an 03' with 8K miles on it and talked him $4K below blue book. He took the hit on the value, and I was ready to scoop it up! Link to comment Share on other sites More sharing options...
StepBack July 19, 2003 Share StepBack Member July 19, 2003 Time to build more credit will help...young people don't get the best deals...don't worry keep up the good credit history and soon they will want to give u everything. Link to comment Share on other sites More sharing options...
yErMoTH3r July 19, 2003 Share yErMoTH3r GC Founder July 19, 2003 Mom, c'mon now...gimme some credit! I found an 03' with 8K miles on it and talked him $4K below blue book. He took the hit on the value, and I was ready to scoop it up! so its been wrecked by some dum blonde?!? ;-) Link to comment Share on other sites More sharing options...
gOOters July 19, 2003 Author Share gOOters Member July 19, 2003 nope...clean VIN Link to comment Share on other sites More sharing options...
[Mmmm]Homer July 20, 2003 Share [Mmmm]Homer Member July 20, 2003 Get out of debt => Save some money => THEN, go look at cars Link to comment Share on other sites More sharing options...
gOOters July 20, 2003 Author Share gOOters Member July 20, 2003 Oh please...the lectures. I started this thread in a 350Z forum and this one guy keeps going on. I think he is just bitter or something. I agree Homey...good philosophy, and I support that position. But, trust me. Its time for a new car, Ive been driving this truck for 10 years. Plus, its within my means, I have NO intention of being car poor, Ive seen friends do that and its no fun! My research has shown that Nissan offers some really good financing so maybe I will just buy through a dealership...r get pops to cosign Link to comment Share on other sites More sharing options...
[Mmmm]Homer July 20, 2003 Share [Mmmm]Homer Member July 20, 2003 http://www.fightingchance.com/ I've used these guys for info the last 2 times I've bought cars. Is it possible that you are overextending yourself and that's what the bank is trying to tell your ego? Link to comment Share on other sites More sharing options...
Mmmm Sanders July 20, 2003 Share Mmmm Sanders Member July 20, 2003 You should be able to get a car loan if you have some kind of work history. How long have you had your job? If i was you i would take advantage of the 0% financing for up to 60 months. They also look at your dti. ( debt to income ratio) Link to comment Share on other sites More sharing options...
DJ Premier July 20, 2003 Share DJ Premier Member July 20, 2003 Factors like...you being fresh out of college and are still in the "probationary" period of your new job might be a factor. In this economy, a person with no skills is not the best asset, and if yur that early out of school. I don't mean to be mean, it's a great achievement getting that first job out of college, especially in a prestigious firm, but job stability seems to be a big factor to paranoid banks who got crushed in the past 3 years to defaulted loans. But, shop around, being that you have little job history with this new company and that you are relatively new to the work force, you might have to bite the bullet and pay the higher interest rate. We all go through it, I don't know many guys who get out of college and get 0% APR on their first car. At least those who grew up w/o silver spoons. Link to comment Share on other sites More sharing options...
gOOters July 20, 2003 Author Share gOOters Member July 20, 2003 [Mmmm]Homer Posted on Jul 20 2003, 01:29 AM Is it possible that you are overextending yourself and that's what the bank is trying to tell your ego?Hmmm...perhaps in a way. My plan was to keep my truck and buy the car...THEN sell my truck, so I am not car-less. I have a lot of equity in my truck and a quick sale will still put me way ahead. You might be right though Homey...the banks might not be willing to front me on two cars! colonel sanders Posted on Jul 20 2003, 01:56 AM If i was you i would take advantage of the 0% financing for up to 60 months. Have you read this thread? DJ, you make some great points. It is my understanding that the lenders are getting ALOT of pressure from the insurance companies lately...exactly because of the inordinate number of defaulted loans in the last couple of years. I will probably just take the 6% or whatever the best I can get is. I have heard that Nissan has a recent grad lending program so maybe I will just scope the dealer lots for a slightly used vehicle that meets my budget. Funny thing is DJ, I grew up with every oppourtunity...my parents do allright, but they NEVER put that silver spoon in MY mouth...and I'm glad! It makes me happy to do things for myself, a feeling of satisfaction is the one thing that money can't buy! Link to comment Share on other sites More sharing options...
[Mmmm]Homer July 20, 2003 Share [Mmmm]Homer Member July 20, 2003 What about trading in your truck, so that everything is taken care of in one transaction? Private sale will get you a little more money, but if the truck isn't selling.... Link to comment Share on other sites More sharing options...
gOOters July 20, 2003 Author Share gOOters Member July 20, 2003 I haven't tried that hard yet! My truck is my best friend Link to comment Share on other sites More sharing options...
White Knight July 20, 2003 Share White Knight Member July 20, 2003 I agree, your college is one of the top universities in the country...bar none...in fact...its probably the best. Ok, DJ hit the nail on the head. Until you've lived somewhere a year and had your job for a year, you are still 'on probabtion'. Sucks, but its the truth. My opinion, is that you should take the money and save it so that when your year is up, you have a super-massive downpayment. Out of curiousity, how much are they willing to finance for you now? btw...I needed ol Pop's help to finance my RSX...you might too. Link to comment Share on other sites More sharing options...
gOOters July 20, 2003 Author Share gOOters Member July 20, 2003 32 is all I asked for. 8% is what I got. Pops is my last alternative...but he doesn't mind if I do ask him so I will if needed! Link to comment Share on other sites More sharing options...
White Knight July 21, 2003 Share White Knight Member July 21, 2003 nah dude, i meant how much did they tell you that they would be willing to finance? Link to comment Share on other sites More sharing options...
gOOters July 21, 2003 Author Share gOOters Member July 21, 2003 (edited) 32. 32K $32K thirty-two thousand dollars, that is what I asked for, that is what they approved. is that wthat you meant? ya...my wording sux sometimes. me no too smart. Edited July 21, 2003 by gOOters Link to comment Share on other sites More sharing options...
White Knight July 21, 2003 Share White Knight Member July 21, 2003 wait...now you confused me. i thought you couldn't get a loan? i misunderstood. i r smrt Aggie. nm (that means not married). Link to comment Share on other sites More sharing options...
gOOters July 21, 2003 Author Share gOOters Member July 21, 2003 (edited) gOOters Posted: Jul 18 2003, 10:34 PM I can afford the car, I just can't get a lender to approve me at a halfway reasonable rate! Are you sure you're an Aggie? Edit: BTW, at the cost that I am willing to pay up to, the difference in monthly payments between 4% and 8% is nearly $80/mo. I am just not willing to pay that much for interest! Edited July 21, 2003 by gOOters Link to comment Share on other sites More sharing options...
Gond July 21, 2003 Share Gond Member July 21, 2003 I got my Maxima from a Nissan dealer. It was 3 years old, turned in from a lease. I've been very happy with it for the past 5 years. Buying from Nissan gave me the benefit of their extended warranty too. Think I got like a 1.9% rate at the time...course it was only a 15k car, not 32k. Guess my point is, don't count the dealer out when your shopping around. Link to comment Share on other sites More sharing options...
General J July 21, 2003 Share General J Member July 21, 2003 I wouldn't be too ashamed to ask your parents to co-sign for you Goot. If it means a lower interest rate, I would go for it. Screw being completely independent for the moment and take the cheaper route. I am already asking about parents cosigning for a bike, and thats a good 5-6 months before I can really afford it. Link to comment Share on other sites More sharing options...
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