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Any car salesman or dealers? (trying to buy a new car)

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Prospect
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Posted: #1
Im trading in my car which will net 10k the car im getting is 30k total. 20k loan.

I have no credit history whatsoever

i get paid 1k in check month. some under the table.

will they approve my loan? i would be putting down 33% down payment.

how can they not approve?
 
Captain
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Posted: #2
Quote Originally Posted by otp:

Im trading in my car which will net 10k the car im getting is 30k total. 20k loan.

I have no credit history whatsoever

Answer: i get paid 1k in check month. some under the table.

will they approve my loan? i would be putting down 33% down payment.

Question: how can they not approve? 


You will not be approved and in the slight chance you are it will be @ 20% APR or higher. If you make a thousand dollars a month you have no business buying a $ 30,000 car.
 
Prospect
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Posted: #3
Quote Originally Posted by Kelly_Slater:



You will not be approved and in the slight chance you are it will be @ 20% APR or higher. If you make a thousand dollars a month you have no business buying a $ 30,000 car.


I make more under the table

I can easily afford the down payments

I have no other bills
 
All-Star
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Posted: #4
Why would you trade in your car if it has value? You do know you never make out in the car business
 
Prospect
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Posted: #5
Quote Originally Posted by chilitokid:

Why would you trade in your car if it has value? You do know you never make out in the car business


So I don't pay taxes on the new car.
 
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Posted: #6
If you make such great scratch under the table, pay cash for the car, or at least pay some cash + trade in


If your trade in is worth 10k, why trade it in?
 
Captain
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Posted: #7
I work for an auto lender. Personally my bank would never approve you since we are a "Prime Bank" meaning we deal with stronger credit which is 620 (near prime) and up. Some banks might take a chance on you but as someone stated before, they will offset the risk with some absurd rate.

As far as income goes, yes you get an actual paycheck of 1000 each month but if you consistently deposit your money into your bank account, most lenders will take bank statements as proof of income.

My question from a lending perspective, if you have no credit then how did you get the car with a loan? You might want to get them to co-sign with you which will greatly reduce your rate.
 
Legend
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Posted: #8
If you're only making 1k/month you might just want to hang onto your $10k rig....
 
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Posted: #9
Quote Originally Posted by THEMUGG:

If you're only making 1k/month you might just want to hang onto your $10k rig....

I don't know if he has a choice, he's probably sleeping in the back seat every night 
 
Captain
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Posted: #10
nuggetmonster sells cars 
 
Prospect
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Posted: #11
Quote Originally Posted by DTher85:

I work for an auto lender. Personally my bank would never approve you since we are a "Prime Bank" meaning we deal with stronger credit which is 620 (near prime) and up. Some banks might take a chance on you but as someone stated before, they will offset the risk with some absurd rate.

As far as income goes, yes you get an actual paycheck of 1000 each month but if you consistently deposit your money into your bank account, most lenders will take bank statements as proof of income.

My question from a lending perspective, if you have no credit then how did you get the car with a loan? You might want to get them to co-sign with you which will greatly reduce your rate.


That car was paid off by my dad and the title is in my name. No one will co sign and dads credit has gone bad due to recession. Last year i had over 25k in my bank account can i show that to the finance guys that i had money at one point and im not some broke guy.
 
Captain
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Posted: #12
Quote Originally Posted by otp:



That car was paid off by my dad and the title is in my name. No one will co sign and dads credit has gone bad due to recession. Last year i had over 25k in my bank account can i show that to the finance guys that i had money at one point and im not some broke guy.


 
Legend
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Posted: #13
If you make more under the table than the 1k per month you talk about above, the smartest idea would be to save 30,000 and pay for the car in cash straight up


 
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Posted: #14
Quote Originally Posted by otp:



That car was paid off by my dad and the title is in my name. No one will co sign and dads credit has gone bad due to recession. Last year i had over 25k in my bank account can i show that to the finance guys that i had money at one point and im not some broke guy.

You and Antoine Walker should get together and compare systems.  In all seriousness, If your not some "broke guy" now, making financial decisions like this will soon lead you to it.
 
Prospect
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Posted: #15
Listen, i dont need ur advice on how i spend my money. Just answer the original question posted.

i am a stranger on the board i dont need strangers to worry abt where i sleep or telling me to keep the car i own.


 
Legend
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Posted: #16
Quote Originally Posted by otp:

Listen, i dont need ur advice on how i spend my money. Just answer the original question posted.

i am a stranger on the board i dont need strangers to worry abt where i sleep or telling me to keep the car i own.





 
Legend
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Posted: #17
Quote Originally Posted by otp:

Listen, i dont need ur advice on how i spend my money. Just answer the original question posted.

i am a stranger on the board i dont need strangers to worry abt where i sleep or telling me to keep the car i own.


atta boy 
 
Legend
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Posted: #18
Quote Originally Posted by otp:

Listen, i dont need ur advice on how i spend my money. Just answer the original question posted.

i am a stranger on the board i dont need strangers to worry abt where i sleep or telling me to keep the car i own.





Sorry, you don't fit the criteria of what the Corporate Banking Fukks want you to be.  Loan Denied.  That's the fukked up Corporate World we live in today.  Sorry.
~~~~~ZOSO~~~~~
 
Legend
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Posted: #19
Quote Originally Posted by TheGoldenGoose:




Sorry, you don't fit the criteria of what the Corporate Banking Fukks want you to be.  Loan Denied.  That's the fukked up Corporate World we live in today.  Sorry.


Would you lend this guy 20k GG?
 
Legend
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Posted: #20
Consumer Reports says NEVER tell them that you're trading in your old car until you agree on a price for the new vehicle.
 
Legend
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Posted: #21
Quote Originally Posted by searchwarrant:

Consumer Reports says NEVER tell them that you're trading in your old car until you agree on a price for the new vehicle.
Thats the 1st order of business for sure.Many people go into a dealership and right off the bat tell them what they can afford monthly.
 
Captain
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Posted: #22

OTP disregard any insensitive comments like sleeping in your car.

I was in the business for several years. What model/year is your trade in ? How many miles on your trade in ?

Knowing this, I can help advise and recommend your best option.

I believe the interest rate any dealership will charge you will be exorbitant . Not to mention the high pressure technique they will put on you if you are approved.

 
Captain
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Posted: #23
credit score?? Above 6 yes below no
 
Captain
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Posted: #24

Highly doubt they will give you a loan with no credit history but why are you asking others who mostly don't have a clue like myself when you can walk into a dealership and get the answer right from the source?

 
 
Legend
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Posts: 55592
Posted: #25

Quote Originally Posted by otp:

Listen, i dont need ur advice on how i spend my money. Just answer the original question posted.

i am a stranger on the board i dont need strangers to worry abt where i sleep or telling me to keep the car i own.


Yes you do. You dont need a new car. You are being foolish.

 

Stop it.

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