CLOS_38

Well i work at carmax and we bought a IX today and its going wholesale for $18000. Well i am going to go to a credit union tomorrow and see if i could get a loan. Now i know i wont get a loan on my own because i have no credit history so my dad is going to co sign for me. and he has good( 700+ score) credit. So what do you guys think the chances are of me getting a 6-10% APR are?

dbotkin5

iTrader: (4)

Chances are very good. I actually work for a bank AND have been in your exact position before. To compensate for a lack of credit history you have to replace it with either a LARGE downpayment, a cosigner to guarantee payment, OR, if the lender is willing, they can look for proof of character (your willingness to pay back your debts) by using unconventional sources such as rent, bills, etc. Plus, as far as the rates are concerned, the Fed just dropped the rates again!

CLOS_38

Well i am glad to hear that. Hopefully everything goes well tomorrrow. Is there anything else i should look out for when getting the loan?

dbotkin5

iTrader: (4)

ahh, they'll probably ask your dad if he's SURE he wants to cosign for you because he'll be liable for the debt if you don't pay lol but other than that you should be fine. They may want to give you a slightly higher rate because you, as a first time buyer, represent a little more risk but don't let them make too much off of you.

rjdevo9_mr

it might be a tough task but if your dad's score is high enough and the lender's willing to go through, you can get a loan with that apr

clearskies

I took a $7,500 loan for my first car, and the way I phrased it to the banks i called requesting for loans was...

"I'm shopping for a loan and wanted to see what you had to offer"

Banks want your $$$ so make them think you know what your doing.

Does this statement have any weight dbotkin5?

j3ffw19

iTrader: (3)

why are they wholesaling it, frame damage/ aftermarket mods/ paintwork/. i work for carmax aswell and sometimes a new vehicle that goes to wholesale has to have a reason. Make sure you not buying a problem, cause that car could be alot more then 18k if you know what i mean. Remember if it has aftermarket mods you may have to return it to stock for it to pass inspection. Then you have to think about tax on that 18k. It may sound like a deal and it may not. just a thought.

the Roseville store has a 03 for 22k depending on how long that vehicle has been on the lot you may beable to get a discount. and it won't have any hiding problems that may show up later.

dbotkin5

iTrader: (4)

It certainly won't hurt to appear knowledgeable about both the loan process and the vehicle you're shopping for lol. I think the most important factor will be for you to have a cosigner for your first loan just to establish some credit. JUST DON'T MISS PAYMENTS! Missed payments are very detrimental to your credit history and are generally only looked over if there is a legitimate reason for the occurence. Good luck though man!

RalliArtEvoVIII

iTrader: (30)

21 here with 3 auto pay offs and 720+(experian) score i got a 5.9% APR for my gf's camry and a 6.99% for my own car(3 weeks apart). 5.99% through toyota and 6.99 through local credit union. you'll be fine with the co signer. Reminds me a few years back when i started off with 11.74% for my first car...like they say...it pays to obtain credit.

PS: awesome deal if the car's clean

laxhero2

iTrader: (6)

haha yea right i got an evo a house now, your looking at getting raped for an APR rate buddy probably in the 11- 17%, but you might get lucky since your dad co signing his credit, downfall is your young like I and its a used car too.

dbotkin5

iTrader: (4)

he shouldn't get that high of a rate, ESPECIALLY not in today's market. I started off with a much lower rate than that for my first rate but also had to have a cosigner

EVOlution561

iTrader: (13)

I had no history credit either and got 3 cars financed under my name with very good rates. That would be a nice deal for you. 18,000 is a steal

laxhero2

iTrader: (6)

I got my evo @ 18k to i spent about 20k at the end and I ended up getting a 9%, thats at no co-signer because of the fact i already had a car in my name and Insurance but yes 18k is a steal.

djslik408

yeah you'll be fine. What you could also do after 8 months, you could also refinance if youre not satified with the APR youre getting. Thats what I did. I went from a 9.9 to 5.9 APR.

EvoJoeIX

iTrader: (16)

i had no credit and bought my car brand new, no money down. of course my dad cosigned for me

my APR is 6.9% too, im getting it refinanced shortly though