Finance guys I could use help

[usafboy]

also double check with your state and county tax rules. i know here in arkansas where stationed at, any vehicle purchase over $2500 you have to pay taxes on before you can register the vehicle. make sure you also can make that payment when the time comes.

[phenixdragon]

You credit sounds a bit like mine when I picked up my SS. I financed about 40K with about only $2,000 down and got an APR of 4.5%. I also was late on 2 car payments a few years prior because I was out of work and I do have a ch. 7 on my credit. Best place for me, and probably for most, is a credit union. I believe that I only was able to get the APR I got and the $40,000 loan because the prior several years I had a $900 a month car payment. But those several years prior I was shafted in my interest rate being 18%. 2-3 months after I bought the car I ended up refinancing the car down to 3.9% but had to also pay a bit more down on the loan.

Tell ya, don't buy at 18%. You probably could get a loan through a high credit lender. Its not worth it at all. But americredit.com is one the dealers use. There is another place I know of but I can't think of the name right now. I used them for my bike at 25%, but I only did that because I paid the loan off in less than 3 months.

[phenixdragon]

Originally Posted by Black GT

Don't ask for a credit increase on your credit card, it will show you are more in debt than you actually are.
A bank would be your best bet for a lower intrest rate.

No, it shows you have more available credit which could hurt you or maybe not. When I recently increased my credit card before buying my house, my score went up. It was only like at $1,000 and yes, I kept a high balance on it, but when I upped it by a lot, it showed that my debt ratio was dramatically lower. Just didn't go max it out.

[Presidentty]

So should I ask to increase the credit card or no? I only use it once a month to get gas and that's only about 40 and then I pay it off at the end of each month. I thought it would go up if I had more available credit. And my student loans are my only debt. And my plan is to apple for all the places I'm going to apply in a 1 week period, but is there a limit to how many I should eve do then?

[Shurenuff]

Originally Posted by Jeanius

Save more money to put down or you will be getting screwed.

I had 0 debt and scores of 750+ and only was approved for 20k from a local CU, told to take a hike from BofA. Only place that approved me was Pen Fed CU for 40k, that was over 2 years ago

I'm also going to apply with Pen Fed for my ZL1. I had issues with the housing market a few years ago that negatively affected my credit. My credit has been pretty much perfect besides those blemishes with pretty much zero revolving debt. I'm at about 690-700.

With that said, I plan to apply with Pen Fed for a $30-35k loan as I'm putting down about $30k. I just have a bad feeling that I'm going to get denied. I'm hoping the large downpayment saves me. If not, I'll work financing through the dealer or my bank.

[Darth_Emma]

I know you don't want to hear this, but please don't get into debt over your head.

I hate to see young people get so heavily into debt that they end up paying for it their entire lives. It sounds like you really can't afford this car at this time.

Why are your student loans on your credit card? Your student loans should be from a lender at low rates.

Good luck with everything.

[Shurenuff]

Originally Posted by phenixdragon

No, it shows you have more available credit which could hurt you or maybe not. When I recently increased my credit card before buying my house, my score went up. It was only like at $1,000 and yes, I kept a high balance on it, but when I upped it by a lot, it showed that my debt ratio was dramatically lower. Just didn't go max it out.

That's my problem, I only have one credit card with a low limit ($3200). I don't carry much debt, but when I do charge things, say $1500 for Christmas shopping this year, it really affects my credit score since I'm using half my available credit. My score dropped 20 points because of Christmas even though I've already paid off the card. A higher limit would help prevent that from happening. My score was 700 now it's 680 because of that.

Now a high limit with a lot of debt = bad.

[Presidentty]

Its reasons like this that make me prefer not buying from a dealer.

http://nashville.craigslist.org/cto/2716190636.html

[1SoCalGen5SS]

Im in the same situation with student loans, not the credit card late payments, but the two minimal late payments shouldn't be a huge factor.

A couple months ago, I put $1,000 down on $30,000 bankruptcy buyout and got my payment locked in at $515 with a 3.1% rate out here in CA. Find a credit union to work with, get a payment that suites you, and stick to your guns

[2010SS2SS]

Problem is no trade lines! Student loans will not count and you have 1 card that shows negative history. Down stroke will help but you will likely need a co-signer, unless you have a credit union open to use. They sometimes step up for customers who have done business with them

[JoshBobGuptaMarley]

I'll be honest. Maybe take that 2000 an buy a cheap car. Then save for a year for a much better down payment. Then use the beater car and your saving as a down payment. In the mean time buy all your gas and groceries with a credit card. This is the tough road so I'm just presenting it as an option. These cars will continue to get alittle cheaper every year....

[kiteman]

try myfico.com. they are better equipped to help you with credit questions.

but little credit history + no cosigner means poor APR or no APR, there is no doubt about it.

also, applying for CLI (credit limit increases) is an inquiry on your credit report, which lowers your score. ideally you should only have 1 inquiry a year. if you apply for a car loan, that's another inquiry. multiple inquiries + a short credit history hurt your credit a lot more than you think. the late payments is not the only thing in your credit history that is affecting the low scores.

[monstertodd]

You can't afford this car. I couldn't afford a car like this when I was 21, that's why I waited until I could. Work your butt off, save cash, and wait until you're at least 25 and graduated from college, and then buy yourself an SS (because that's the car you really want anyway). You're already 10K in debt. Do you really want to be 21 and 34K in debt (assuming a 24K car)?

[MyIBMssRS]

Originally Posted by Darth_Emma

I know you don't want to hear this, but please don't get into debt over your head.

I hate to see young people get so heavily into debt that they end up paying for it their entire lives. It sounds like you really can't afford this car at this time.

Why are your student loans on your credit card? Your student loans should be from a lender at low rates.

Good luck with everything.

Kids today don't like to hear that, but it's really not worth it just for a car. Keep saving and paying off your student loans until you can afford your own brand new Camaro. You'll feel much better about it and yourself.