Oh and just a plug for the new 02 Altima this car kicks butt. It is so gorgeous, it looks like a Lexus. It is the same size as the Maxima and the 3.5 lt V6 Altima SE has 240 hp which is more than the 01 Maxima has currently(222hp) This car is awesome and I recommend anyone who is looking for a new car to take a peek at this car. But I will let you know that they will probably not negotiate with this car at all. It will sell for sticker or more But you will love this car if you get in it, and drive it Okay enough of my adverstising=) wink, wink.
Don't even ask for "special finance"--if they get wind ofthe fact you may have previous credit issues they will try and take you for a ride! Back in 1995, when we first started looking for a new vehicle after my husband had filed bk, he was very upfront about "prior credit issues." One dealership was like "oh, I don't know if we can do a thing...let me see...here, try this: bring us utility bills, pay stubs, 3 references, first born child blah blah blah...."--meaning you have to jump through 1000 hoops to try to get a loan at 19% APR. We left and several months later bought a new Jeep at a Chrsyler dealership that also owned a GMC/Pontiac dealership (thus had access to GMAC). Just go in, do the test drive, let them appraise your trade (it sounds like the car is paid for, which is good: if you don't want to sell it outright, you could use it as a straight trade-in) and don't disclose a thing to them. Let THEM do the work, not you and be willing to negotiate (my husband really gets mad at me when I make him go to 5 or 6 different dealerships and play the numbers game, but it works and can save money in the long run). Trust me, you probably aren't as bad off as you think--but the dealerships want you to think that you are just the worst risk out there so they can make tons of money off financing (it's like they can make money off the actual sale, and then the financing department in turn can make even more off the rate they get you with). Another thought, too, is that there are often better rates for new cars--used ones are often considered a higher risk with lenders if you can't pay cash, so you may actually get a better APR and terms with a new car than if you were looking at a used one (obviously this is different if you can pay cash). I do hope this helps...but trust me, we've only learned this through trial and error...we're trying to rebuild and improve our credit in other areas and get out of debt, but we have done pretty well with the car purchasing/financing. I may not have much to sing about in other credit areas, but we've done well with the car stuff!!! Do you know what kind of vehicle you are looking for at this point? Let us know what happens! You also might want to check with a credit union or a bank you've used for a long time--while we've not had the best rates/success with them, sometimes they can push things through if they know you are a good customer. The thing to remember is that this IS a secured loan, so they are somewhat protected. Good luck!
Andrew, I am very sure. I have had a ton of customers with scores in the low 500s drive home in a car about 2 hours after they first met me Now, they do take a hit in interest but you will probably be somewhere around 18-19 % on a new car but you never know you could get better than that too, it really depends on several factors and score is not the only one. Rebate, Rebate, Rebate is going to help you get approved because it appears as you are putting money down. A 2 thousand dollar rebate is a big big help, especially if you don't have any other money to put down. I live in the KC Area and this area is flooded with car dealerships so we have a lot of competition, not so much with Nissan but with the Ford and GM products because one of the main ford plants and Gm plants are in this area, which means a lot of union workers around here. Are you going to be trading your other car? Do you owe anything on it? If not that is just another plus for a little more money(equity) down off the loan and better approval rates.
car dealerships will go on the income of the folks signing the loan. So basically, no co-signer you can't count her nor her credit. with the market in its current slump and the prime rate so low, now is a good time to finance no doubt.. specially going near the end of the year..
Melissa's right--love those Altimas! We have a 1997 Altima and love it...zoom, zoom, zoom!!! We also have a 2001 Chevy truck which is the kid-hauler (extended cab), but I love driving the zippy Altima. We bought it used last year with 30k miles (got a great deal, even though I've never been a fan of used cars--we were trying to pay as close to cash as possible and only financed a little bit) and have had no problems whatsoever. It's a 5-speed and definitely peppy--we liked it so much better than the Camrys and Accords we looked at. When it dies (and I have ultimate faith it will go to well over 150K miles--husband works with another Altima owner with more than 150K miles on his and -0- problems) we will definitely look at another Altima or a Maxima.
Sam actually you can count spousal income in the loan all you have to do is state your income when it is asking for employment information on the credit application and then there is another spot for other income which you can just write in an amount and when it asks for source, you just write in spouse. I did that for my loan on my new 01 Nissan Sentra SE that I bought in July. However, the main applicant does have to have actual employment income of at least 18 thousand dollars to be considered for a loan. That is required.
Hello Everyone. I left work on Friday feeling confident that I could get a car loan, so Saturday morning, the family and I headed of to a local dealer that sells both Ford and Toyota (we wanted either the Toyota Rav4 or the Ford Escape). The dealer was out of Rav4's so we test-drove their only Escape and we loved it. The car was almost $26,000, and before we could even negotiate, they wanted me to sign a form that allowed my credit report to be pulled. Before I signed, I explained my credit situation and the salesman consulted his manager. He told me before we procede, we would be looking at a payment in the $600-$700 range. Yikes! Anyway, $26,000 is way too much for a car for me, so we looked at another dealer that had a few for $20,985...a little more in my range. Tonight, we're going to try to buy it! My God, am I nervous! Keep your fingers crossed for me, please!!!
Thanks Sam, I did some calculations at edmonds.com and I see that you're right. However, $500.00/month works well with my budget.
i recommend http://carpoint.msn.com/loancalc ^^^ My favourite loan calculator. my bro got gmac financing with 15% down, 20K car loan, 19% apr with 590 score. $4000 cash down, 16K financed at 19% apr ~~478/month i believe is what he said.. (48 mos)
Andrew- First of all, good luck. I have my fingers crossed for you! Second, and most important, TAKE IT SLOW. Don't let your emotions take over. Seriously, I have been at the other side of your table and I know what goes on. Money down is your friend....if you really need the new car look into cash advances on your cards, etc....even at 20% or so on the cash advance, you still might come out ahead over time if you pay it off quickly. Again, good luck! Do your research, edmunds, carpoint, etc, and ask a LOT of questions...make sure you understand EVERYTHING that is going on. Have Fun! Shawn
If you like the Escape, look also at the Mazda Tribute. It's the same car. I looked at it and the prices were a lot lower than you are quoting. The dealer was talking more like $20,000 for one very nicely equiped. Also, keep in mind that the Ford Escape had 5 recalls within the first 2 weeks after introduction. Ford quality leaves a lot to be desired.
I looked at the mazda and there aren't amny around. The one I liked that was comparable was $22,000. How does Mazda's financing compare to Ford's?
Dealership financing varies, but many try to stick with one 'main' company. For example, my Family has Ford, Mazda, Chevy, Olds (going away), Suzuki, Gm Trucks, Buick, Pontiac, Cadillac, and several used stores. Yet, 95% of their loans are written through Ford Motor Credit. They do use three 'local' banks for some loans, but most, even sub-prime, is written through FMC. Another exception is special lease deals, i.e. Cadillac offers a nationwide lease for 499.00 a month or so, these HAVE to be written through GMAC. Other than that, they all go through Ford. (and I think Ford may not be writing motorcycle loans at this time, though that may be incorrect) The benefit of that is being able to 'roll' questionable credit purchases. Say someone comes in on a Saturday and has poor credit, the dealer can 'roll' them, meaning not get bank approval if there is no CSR working that day, and work the deal on Monday. The dealer can usually use all the prime loans as 'collateral' to get the sub-prime approved. This let's him 'rool' the sub-primer Saturday at a high rate and send him home in the car instead of giving him the weekend to think about paying 22.999% interest (the bastards). Hope this helps! Shawn
ABSOUTELY! My credit score is 529 and my husband's is 540, on Equifax, around the same on the others. I got a brand new $18,500 car with Nuvell Financial (a subsidiary of GMAC). I have an interest rate of 9.9%! I made a measly downpayment of $600.00. Hope this helps... Lucy
Andrew, you should really shop around for loans. I don't know how you ensure this, but the CRA's are supposed to count inquiries for car loans made within a short period of time as ONE inquiry. Maybe someone here knows how you can insure that your 'shopping' is counted as ONE and not multiple. I believe it's written directly into the revised FCRA.
here's the deal, the dealer will stick it in your arse one way or another. If you knock down the price to bare minimum, they are going to cover their asses on the interest. I'm sure you get get the 2.9% financing if you pay MSRP on a car with any credit and a decent down payment, but if you pay anywhere near MSRP you should be shot. I never pay more than invoice on cars in demand.
Invoice, definately. I know what it is and that's what I'm paying. P.S. I used to be a carsalesman 3 years ago.
Better to get the best deal on the car itself. You could always re-finance your loan with another bank or credit union later for a better rate. Of course, you'd have to work to get your scores up but if you are ontime with all your obligations for a number of months it should (barring any errors or fraudulent accounts finding there way to your file) go up anyway.
