financial advice needed!!!
May 22, 2008, 06:35 AM
#16
Evolving Member
Join Date: May 2008
Location: NC
Posts: 128
Likes: 0
Received 0 Likes
on
0 Posts
May 22, 2008, 08:01 AM
#17
Evolving Member
Join Date: Sep 2005
Location: Chicago, IL
Posts: 241
Likes: 0
Received 0 Likes
on
0 Posts
Just the let the op know. The best place to look up you credit score, is www.annualcreditreport.com. Its free.....but only allows you to do it for free once a year. It does not show as an inquiry, since your not actually asking for credit. I know for a fact since I am in the credit/collection industry.
May 22, 2008, 08:58 AM
#18
Newbie
Thread Starter
Join Date: Dec 2007
Location: irvine
Posts: 61
Likes: 0
Received 0 Likes
on
0 Posts
Personally I wouldn't put 10 grand down on a car. Start up an investament plan and start using your money to make more money. A car is a seriously bad investment. As far as your intrest rate, check with what Mitsubishi Motors is currently running as this will often be your best bet. Most car rates start around 5%. As long as your over a 650 you are going to be ok and will be able to negotiate with the Finance guy at the dealer. What you need to ask him is what your "buy rate" is. Make him show ou on paper and the computer. This is the rate the bank is loaning you the money at not what the dealer is trying to get you to pay. It might take a bit of persuading but he will. Also never take the first payment they give you but always let them make the first move. Just sit there as long as it takes and tell him where you need your payments to be. Make him come down without putting any more money down. Lastly do not be affraid to get up and walk away, don't be unrealistic or get upset stay calm and collected. If you think you are at a stale mate then stand up and thank him for his time and tell him you belive you can do better at another place. Then thank him again and walk out. If he doesn't stop you or your saleman doesn't call you back immediately then he was more than likely at the end of the road. Stick to your guns and don't give up but be realistic. I was a finance manager for 2 years and a finance director for 3 1/2 years at one of the largest Chevy dealers in Central Teaxs. Best of luck and I hope you get what you are looking for!!
May 22, 2008, 09:05 AM
#19
Evolving Member
iTrader: (4)
Join Date: Dec 2006
Location: ohio
Posts: 469
Likes: 0
Received 0 Likes
on
0 Posts
shopping your credit doesn't exactly hurt your credit as long as it is done in a 30 day time frame. their was a law passed that your score can't be affected for shopping rate. When you do shop your rate it will only hurt your score for that 30 day window.
Yes I do financing for a living and there isn't a "commission" for going thru a bank that is illegal. there is a process that is done to make money but that is a different thing all together, nobody would do financing if you couldn't make some money.
I agree with the previous statement, i wouldn't put 10k down i would invest it or save it. if your getting 10k for a trade free and clear that is a different story and make sure they are giving you 10k for it then.
STevo
Yes I do financing for a living and there isn't a "commission" for going thru a bank that is illegal. there is a process that is done to make money but that is a different thing all together, nobody would do financing if you couldn't make some money.
I agree with the previous statement, i wouldn't put 10k down i would invest it or save it. if your getting 10k for a trade free and clear that is a different story and make sure they are giving you 10k for it then.
STevo
May 22, 2008, 09:17 AM
#20
Newbie
Thread Starter
Join Date: Dec 2007
Location: irvine
Posts: 61
Likes: 0
Received 0 Likes
on
0 Posts
o ya i heard 14 days from bank, no its just money i saved up from selling my previous car its not all the money i got i have extra incase some months get tough, but ya so dealer can give me a lower interest rate if i tell em what their buy rate. lol im goin to south coast so has anyone dealt with their finance dept so i can know what to expect?
May 22, 2008, 10:44 AM
#22
Evolved Member
iTrader: (2)
Join Date: Apr 2008
Location: DFW, TX
Posts: 624
Likes: 0
Received 0 Likes
on
0 Posts
It's not just your credit score that is affecting if you qualify, your debt to income ratio is a huge factor of it and also your monthly income in general. I'm 24 and just bought mine with a 700 FICO score and the problems I was having to begin with was related to monthly income. 720 is not considered A+ usually only 750 and up is really considered A+ credit from what I've seen (work in residential/commercial mortgage ind). If you have a steady monthly income but with other bills even if they have never been late and the new evo payment pretty much using up all of your assets/monthly income they are going to want a cosigner almost definately becaue you will be looking at a 8% or so rate I'd assume, somewhere between 8-11%. I'd be highly impressed if you got anything below 8% unless you have a high 700 score and a high monthly income.
93hardtop: As far as insurance goes...I'm not sure how in the world they calculated your rate to be worse then a new M3...it shouldn't even be close to that, it should be cheaper based on the cost of the cars new for starters, the m3 being about 30k more than the Evo X. I went from a F150 to the Evo X and my rate only went up about $225 a year so 112.50/6 months with nationwide.
~Trent
93hardtop: As far as insurance goes...I'm not sure how in the world they calculated your rate to be worse then a new M3...it shouldn't even be close to that, it should be cheaper based on the cost of the cars new for starters, the m3 being about 30k more than the Evo X. I went from a F150 to the Evo X and my rate only went up about $225 a year so 112.50/6 months with nationwide.
~Trent
May 22, 2008, 11:00 AM
#23
Newbie
Join Date: Apr 2008
Location: Dallas, TX
Posts: 61
Likes: 0
Received 0 Likes
on
0 Posts
If we "should'nt" put down $10k, how much should we put down?
May 22, 2008, 11:10 AM
#24
Evolving Member
iTrader: (2)
Join Date: May 2007
Location: SPACE
Posts: 281
Likes: 0
Received 0 Likes
on
0 Posts
CREDIT SCORE only matters to a certain point. It depends on whether your going with a bank or credit union. Also you should have 90-100% of your credit cards/ revolving debt paid and show up paid on your credit report. Banks also factor in if you have ever had a auto loan before. They factor in how long you have established credit and your income. There is more than just the factor of what your score is. I would not put down more than what it takes to cover tax and license because the other money can MAKE YOU MONEY. You put 3 or 4k down and invest the rest even in somthing simple like a savings account. Not only would that money turn some small interest, but it is available upon hard times. I have worked at a dealership in the past and done some financing. The only other reason you would put a HUGE amount down is if the bank requires it, or your interest rate is out the A$$.
May 22, 2008, 11:12 AM
#26
Evolving Member
iTrader: (4)
Join Date: Dec 2006
Location: ohio
Posts: 469
Likes: 0
Received 0 Likes
on
0 Posts
STevo
May 22, 2008, 11:21 AM
#28
Evolving Member
iTrader: (4)
Join Date: Dec 2006
Location: ohio
Posts: 469
Likes: 0
Received 0 Likes
on
0 Posts
CREDIT SCORE only matters to a certain point. It depends on whether your going with a bank or credit union. Also you should have 90-100% of your credit cards/ revolving debt paid and show up paid on your credit report. Banks also factor in if you have ever had a auto loan before. They factor in how long you have established credit and your income. There is more than just the factor of what your score is. I would not put down more than what it takes to cover tax and license because the other money can MAKE YOU MONEY. You put 3 or 4k down and invest the rest even in somthing simple like a savings account. Not only would that money turn some small interest, but it is available upon hard times. I have worked at a dealership in the past and done some financing. The only other reason you would put a HUGE amount down is if the bank requires it, or your interest rate is out the A$$.
ok another quick explination.... K.I.S.S. principal. your credit file gets you bought your SCORE determines your interest rate!!!! higher score better rate. this is 99% accurate unless you are borrowing against your own money. even a credit union your in good standings with will not give you the best rate if your score is say a 680. read closely on tv adds for 0% or anything under 5% it says 740+ credit score and same for lease specials. they don't make the ish up just to say it.
QUALIFIED credit is score and history!!!! one of the banks i deal with has a rate of mid 5% range available. but you have to meet all the requirements... it is all relative!!!!
STevo
May 22, 2008, 11:24 AM
#29
Newbie
Join Date: Nov 2004
Location: Austin, TX
Posts: 95
Likes: 0
Received 0 Likes
on
0 Posts
I would join a credit union which most of the time have the best rates for almost all loans. Most will guarantee the rates if you are a member and setup a withdrawal with your account. Its one of the best ways to start your credit. Just apply for the loan and the credit union will tell you how much you are eligible for. Then go down to the dealership and don't tell them how much you were approved for and use this to your advantage. Once you have negotiate the deal then tell them you are already approved by your credit union.
www.starone.org - this is my credit union and I financed my Evo back in 2005 at 3.5% and I purchased GAP.
Everyone who has posted to your thread has given excellent advice. Just do the research.
www.starone.org - this is my credit union and I financed my Evo back in 2005 at 3.5% and I purchased GAP.
Everyone who has posted to your thread has given excellent advice. Just do the research.