joseej1

How easy was it for you guys to get financing for an Evo? or what bank/credit union gave you the loan. Let's say someone with good credit to finance an 06 worth like 20K with a good down payment. Some family members have said it's really hard to get a loan on a used car and bla bla that the car's too old. I thought if it was 7 years to date it's not too old. Thanks in advance

EvoVIII_03

I had a hard time trying to get and evo ix with a 2 thousand down payment with little credit. I ended up getting an 03 under 18,000 with 54,000 miles, but I almost cut the price in half. That was the only way I got financed. If it wasn't for the big down payment I dont think I would have got it. The price on 06 evo are pretty high because for 1: they are sport cars 2: almost all evo 9 have less than 40,000 miles and 3: the condition they are in-interior/exterior. They are worth it trust me.
My dad told me the same thing. He said i could have got a brand new Volkswagen for that price, but i said, "yea but that car is nothing compared to an evo" lol

joseej1

Dang I guess that's the only way I can do it. I just have very little credit history. that's what makes it hard I guess, haven't tried anything but I don't want a sky high interest rate

EvoVIII_03

Nah man I'm almost sure you can get one with low interest as long as you get a co signer. What killed me was that no one co sign for me. But what matters to me is that I got a good deal for the year it was and the mileage. Let me know how it turns out man

joseej1

Yeah man hopefully. Ill post up if anything.

Jtoys

iTrader: (9)

Estimate on income? Credit score? DTI ratio? How long is the credit history? Anything delinquent on your record?

akley88

the banks near me just increase the interest rate when the vehicle hits a certain year old.

joseej1

Income is roughly 18,000 take home. Have 0 rent to pay as I'm going to college right now. Basically no bills except credit card when I use it. Just driving some old beater for now. Credit history is probably around 6 months old. Got the credit card from my bank last summer. Also my record is clean clean. Not even a ticket. If that helps

akley88

most lenders want you to make 2 or 3x the monthly payment. plus many ususally have issues financing a car that costs more then you make in a year.

joseej1

Oh and I'd put 4-5K down. Forgot to add if that helps

DeeezNuuuts83

It's more like four or five times as much.

I had my Evo financed through Chase when I first bought it, but I needed it that day (long story that doesn't really have much to do with it), so I just took it. Luckily I was only financing about $8600, so it wasn't too big of a hassle. At that time, I had a credit score of 768, though I was only 23 years old at the time and didn't have a big credit history, but I was able to get the financing anyway. But rates at that time weren't really all that spectacular, though admittedly I let the dealership handle it and never tried to get financing elsewhere, though in hindsight I should have switched to a credit union.

Chase wasn't bad, but I'll say that I probably wouldn't get another auto loan through them, ever. Their advertised rates are applicable only if you already have a premier checking account (not a regular one) and sign up for other stuff, so unless you have all of that already, your rate will likely be between .5 and .75% higher than their lowest advertised rate. Also, since I didn't bank with Chase, making an online payment had a $10 service fee.

I'd recommend going through a credit union since their rates tend to be a lot better anyway, especially if you have an account with them already. You can open one up to get a slightly better rate while possibly just using that account solely for your auto loan anyway. That's how I'd do it if I had to do it over again.