having a 700+ score does not mean ****! if your a first time buyer, thats all the reason they need not to give you 0%APR. its all about the life of your credit......if you only have had a credit history for about 4-5 years but never have made a big investment purchase like a car, or ever payed off a big credit card bill ($8k+) your credit score can still be high, but your history still aint jack ****. for people like myself who's credit score is 690-710 (different between the 3 main unions) i was able to get the 0%apr w/ only 2k down because of my history. (homeowner, 10+ years of credit, and have paid off my first car which was $13k which makes me a non-first time buyer.) thats what there really looking at, not just the score.

 

yeah our home is payed off....everything is....and with my last 2 cars i payed cash so i didnt get any credit on that...grrrrr....honni's angry

 

Actually there are several factors -

Debt/income
History
Credit Score
Income

However all of those "FACTOR" into your score. So you are correct on part of that statement 2hot, but incorrect on the rest.

BTW, 4-5 years of history with a good score is more than enough to get a 0% rate with 0 down, providing your income is good to make the payment.

 

true..........i just wanted to make a simple point. and yes those are all factors, plus other variables that god knows they might use.

 

If for whatever reason the dealer deciedes to give you 0.0APR do not put all 10K down. I just explained this is another thread. You are not paying any interest on that car, keep the 10g in the bank and earn interest. At the most put a few down and keep the rest. Oh yea for credit I have a 670 and I got the 0.0 APR....

 

+1

There's no reason to put that much money down- just use it to pay off the car as you go. Also, if the dealer isn't going to give you the 0% as they promised, go somewhere else- you saying the deal is off may be enough for them to give it to you. If you can't get the 0%, just buy it from another dealership that isn't jerking you around.

 

It's 700+ to qualify for 0%. There are several people on this list who had the same problem, including myself. The "salesmen" will say you've qualified for 0% and send you home with the car. You'll then get a call one week later saying you did not qualify for the 0% but rather a higher rate. They'll give you all kinds of reasons, most of which are BS. I had the car for six days, had the windows tinted, changed out the head unit. The salesmen count on us not wanting to return the car and thus, we swallow a higher interest rate. And it's all perfectly legal apparently. My advice, do not take the car. If they then say you qualify for 0%, make them put it in writing and wait until the dealership has the money from the bank, for the car. Only then would I pick the car up. Otherwise they're yanking your chain.

 

Have your mom buy the car. Then you'll get the 0%. In your situation you are still the primary buyer. Have your mom be the primary. That may work. Also 2.9% is still very good.

 

this has to be one your best post

 

The dealer doesn't decide whether or not you get the 0%, the bank does (in this case Mitsu). If the dealer is telling you the truth, any dealer you go to will tell you that you don't qualify for the O%.

When I was a kid (about 15 years ago) I had great credit but not enough of it, and I also was rejected for a car loan.

I know it sucks, but if you take the loan with the 2.9%, you'll still get you Evo and establish credit at the same time. Good Luck!

 

$10,000 in a savings would be around $400.00 a year...
Get the 2.9% if all else fails and keep your downpayment for interest.

 

but the more i put down, the less my payments will be....instead of 515 a month it was 400

 

That's true...but if you place that $10,000, or even half, in a money market account at 4%, you'll make money. Take the other half and put it in a good mutual fund which generally pull 10% a year (although several of mine made 20% and greater the last two years). Use the money market for auto-payment withdrawl and add what you can afford monthly (instead of modding the car!) to the money market account. As needed, withdraw from the mutual fund. You'll get hit with capital gains depending on how well you do, but in the long run you'll come out WAY ahead. Now the question is, can you stick money in a mutual fund and not spend it on car modifications?

Almost forgot...banks sometimes require a certain monthly payment. They also expect the underwriting by the Mitsu finance guy to be correct. A lot of times they'll try and push it through only to have the bank reject it due to bad underwriting. It's a ****ty practice because in the end, it only hurts the person buying the car. Combine that with salesmen who'll promise you anything and you have a lot of pissed off consumers. And rightfully so! It's all about getting that car out the door.