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Discussion in 'Credit Talk' started by Reshod, Jul 21, 2001.
Any suggestion will be helpful.
He only makes 24K a year.
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Also, he needs a co-signer and does not have one.
NEVER HAD A CAR LOAN...but I have seen ads with special FIRST TIME BUYERS FINANCING...
Or big BUCKS$$$$$ down payment...
Ford is pretty easy and gives decent rates for poor credit. Be careful of those buy here pay here types.
Big down payment helps. Buying a model that's not very popular helps too (more incentive for the dealership to get him financed).
When I was trying to finance my car by myself, I spoke with the finance manager or whatever title he has at the dealership and he worked with me. Once I decided how much I was going to spend on a car I asked how much I had to put down for me to be able to be financed. We worked out an amount through his experience with the banks and I came up with the down. They want your business, and at least in my case they were really helpful.
I think your friend may be in luck. Are his charge-offs paid off? If so he should not have any problem. Car dealers, at least used car dealers, will bend over backwards for his business. If he puts $500 to $1k down they know he's serious. I work for a subprime lender and we have been known to headhunt recent bk's to solicit car loans. Finance companies know that you cant file bk for another 10 years and have the vehicle as collateral. They also know that this is the last acct, aside from the rent, that will lapse as people usually need a vehicle for work.
The bad side though is we have also charged up to 31% apr. But as long as your friend improves his credit he can ask for a lower rate. If not he can then afford to shop around.
I recently bought a truck for $8k with $1k down with two paid collection accounts and a Sears card with only 2 months of history. Got at 15% apr.
When the dealer tries to sell your friend a car I'm sure he may use the negative credit history as a selling point. The dealer who sold me my truck said I needed him to sell me the truck to rebuild my credit. What a sales pitch!
Being that the vehicle will be used as collateral he may not need a co-signer. I didn't need one. Just throw some money in their face. Also, if he is buying a used vehicle shop around for a model no more than six years. Prime lenders may not be interested in lending on anything older. Allow for the possibility that the dealer can hook your friend up w/a prime lender. My dealer did.
Go to the largest NEW, THAT'S NEW car dealer
around, go with a reputable brand, and put
down as much as possible, 10-15% miimum,
tell the Finance Dept. upfront, they will work
with you, especially towards end of the month and
especially at this time of year, mid to late July,
a-lot of people on vaca., any way you don't need
to pay 31%, and stay away from the used car lots,
they will PORK you big time with an overpriced
junker, New car dealer doesn't want any hassles
with problem vehicles, so if you end up with
used, atleast it will, most likely be above
average. You might even be able to go New,
they will usually pick a car with a BIG REBATE,
to add to your down payment, rate depending on
score 14 to 21.
If you want one...look at so called "gas guzzlers" ALMOST NOBODY WANTS ONE (EVEN THOUGH YOU ARE SAFER IN BIGGER CARS AND TRUCKS THAN "CRACKER BOXES").
Some guy totaled his "CRACKER BOX" at work by hitting a parked "GAS GUZZLER"...(wasn't paying attention).
The "GAS GUZZLER" will be fixed with one can of rubbing compound, a car wash and wax...
Very good point. Apply the last day or two of the month. Don't underestimate what a loan officer will do to meet his quota.
I just got a car loan and currently have a 592 FICO score (although it should "hopefully" improve pretty soon) I went through my credit union and have 10.99 % APR. My husband co-signed with me, but his credit is only 643. If I were him, I'd try joining a credit union, they are much easier to get a loan from, I'd already tried all the banks.
I had a friend with a 3 yr-old BK and he got a 6.5% loan for a new car at a credit union. AND they also offered him an unsecured credit card at 11% fixed. He had re-established credit since the BK, but I thought that was pretty impressive.