klutch814

iTrader: (3)

Hello all, most of you don't know me. I mainly lurk and read on here allot but i'm looking to by my first evo. Some background on me. I'm 19 active duty Navy E-3 at the moment possibly E-4 soon, Came from a base model built and big turbo cobalt i built. Ready to move from FWD to the AWD scene. Looking to buy an evo when i get to my next duty station out in Washington. Only problem is i'll need to finance. I've only had a credit card for about 5 months now. All payment on time. I did apply through Navy Federal for a loan but only got approved for $12.6k. I need about $20k. If i were to get a co-signer (my dad w/great credit) would i most likely get approved? yes i know i'm taking a big leap on payment but i have some money saved up so please don't tell me to get something else. I know how much payments, insurance, maintenance, etc. will be. Thanks in advance for the help i appreciate it

EvoXE

iTrader: (1)

Personally, I would never ask anyone to cosign for me, especially for such a big purchase.

Not to say you would default on your payments, but sometimes life does happen and if you screw up, you screw up whoever is cosigning for you, too.

Navy Federal is a great option, though, and I have my loan through them at 2% for my X, but I also had very good credit and was well established with them for years.

Wait a little while, save up some money for a bigger down payment, then buy your Evo all on your own. It will feel so much better not having to rely on others.

Runker

iTrader: (2)

You would most likely get approved for a larger amount and a smaller interest rate if you cosigned. If your dad agrees to cosign, I say go for it. If you cant get your dad to cosign, your next best thing would be to build your credit up (at least a year of on-time credit card payments) and then apply for another loan. In the mean time, you can save up some cash to put some money down or use that saved cash to add to the loan to equal the price of the Evo. I was an E3 when I bought my Evo 8, and did exactly what I just described.

Foxbody302

You should be fine with a cosigner I'm an e2 in the navy and just financed 19k for an evo 9 at 4%. Where you headed in Washington?

klutch814

iTrader: (3)

what bank you guys use? im going to Bremerton to the John C. Stennis. ill have some money saved from selling my last car. i was planning on taking 20k out and getting whatever i want weather its 23-24k. pay the difference and still have some money saved in a emergency fund.

Foxbody302

I used navy fed. , I'm a sub guy in Groton Ct, but I'd like to go to Bangor Wa.

cfdfireman1

iTrader: (11)

EVO IX's are now 8 years old. You shouldn't have too hard of a time finding one for about 17K. Check the rates at your credit union, if you're not in one get in one.

klutch814

iTrader: (3)

well i got approved on my own through USAA for 15k at 8% ill be getting about 5k from old cobalt and about 3k from parts so i have about 20-22k to play with.

scopy

iTrader: (2)

20 year old e4 in the navy here too, just bought an evo9 in cali, (im now in GA) i guess this is a trend huh lol, listen bro, it might take some more time and youll get impatient in the process but get a loan for like 5 grand with a high interest rate, i got a subaru forester for 5, with 16% interest rate, kinda sucks, but pay on it for about 5 months and your credit score will jump up like crazy, i went from no credit, to a 722 in a matter of 5-6 months, credit card plus car payment was all i did, then go to a dealer that has an evo you want and trade in on it, whatever you have left over on the 5k car will roll into the evo payments, but youll get like a 4.49 interest rate maybe lower, thats what i got and i put zero down, but if you can make like 1-3 grand on your trade in itll knock most of that out and roll the rest into the price of the evo, which really isnt that bad, plus you get out from under that 16% interest rate, i went through the bmw dealer i got mine through so they paid the balance on my loan straight to navy fed, just my experience, i love my evo and would do it all over again, but make sure you budget properly, im lucky enough to get language pay and some other stuff, split the payments up, set aside half the payment on the first and put it with the second half on the 15th and then pay it, or vice versa, depending on when your payments due, just dont be one a DBS like a lot of sailors and not budget and then miss payments. oh and make sure you inspect the **** out of those northern evo's mother ****ers get rusty and the ACD pump and what not isnt really protected so it can get corroded and damaged too. id buy from the south and then drive it up or something. (bought mine in cali the day i pcs'd to georgia, 3000 mile trip or so) thats also a good way to test it out. if you have any questions pm me

meckert

iTrader: (11)

since you feel you NEED to have this car I guess you will pay that rate... BTW thats outrageous. I too have used USAA for a recent purchase was less then 5%-- Being young and eager you should really listen to others and save and shop. When you look at the additional cost you will pay from 5-8% which will be a more then a grand over 5yrs--well maybe that would ring true and make sense-- but maybe not. At least your financing your own debt. Good luck with your purchase, thanks for serving.

klutch814

iTrader: (3)

yeah man ive herd of that. if i cant get what i want i may do that. ive wanted one for awhile now and have been saving up. Im learning to budget way better. i went from spending every pay to cobalt parts to joining the navy and not spending any money except for food and occasional fun.

JoeyEvo9

iTrader: (3)

I am financing mine around the same price, i pay 510$ a month and 385$ insurance. I am 21, had no credit and a first time buyer so we are close of age but luckily i have a good job. Seeing that you have a cosigner definitley helps out the situation. good luck with purchase

scopy

iTrader: (2)

0.0 i thought my payments were of a decent size (448 car and 247 insure, i dont have **** on you lol) did you get a 10? or a 9

JoeyEvo9

iTrader: (3)

Lol i bought a 9 with low miles, completlely stock. i was the first owner to molest it

scopy

iTrader: (2)

i bought mine with 52,000 miles and completely stock from a beemer dealership lol