Auto Loan - Ask Rich / Money 101

*mcstapleton* · 04-01-2009, 06:15 PM

We are trying to get another vehicle. We are looking into getting a used vehicle. Our credit score is around 715ish, last time I checked. We pay everything on time and only have one credit card, but we only have that to build credit and we pay WAY over the min payment. Why can't we get a loan for anything? It sounds crazy to me.

Roboto · 04-01-2009, 06:18 PM

Well, lending requirements are quite strict right now, so that is probably the biggest reason why.

*mcstapleton* · 04-01-2009, 06:21 PM

Originally Posted by Roboto

Well, lending requirements are quite strict right now, so that is probably the biggest reason why.

I was thinking that, but we don't want a big loan. Just enough for a good down payment.

kitkat · 04-01-2009, 08:55 PM

maybe it's your debt to income ratio

The only company that would give DH a loan was Chrysler, no credit union or bank he tried would give him one. That was last year too, before everything hit the fan.

ily.mmw · 04-02-2009, 02:02 AM

Originally Posted by stapletonlove

I was thinking that, but we don't want a big loan. Just enough for a good down payment.

Are you actually applying for an auto loan or a personal loan to put a down payment on a car? If it's the latter then wouldn't that have you paying back two loans?

I'm confused a bit.

Amy · 04-02-2009, 02:06 AM

Originally Posted by ily.mmw

Are you actually applying for an auto loan or a personal loan to put a down payment on a car? If it's the latter then wouldn't that have you paying back two loans?

I'm confused a bit.

I'm confused too...typically you would already have the money for a down payment and then take out a loan for the rest...if you take out a loan for the down payment then you would need 2 loans.

andreacn · 04-02-2009, 02:15 AM

Dh an I only put 500 down for my Durango.

*skittles* · 04-02-2009, 02:21 AM

where are you trying to get a loan from...i have a credit score around 760 but only make maybe 900 a month since I'm underemployed and subbing while looking for full time employment...

df had a credit score of around 550 with tons of delinquencies yadda yadda. Hence why I had to cosign on his loan.

He got a loan for 25 grand with only 4.9% financing for 5 years. We went through chase auto loans but the dealership seemed to have a lot of pull getting us that deal. If I made more money we probably would have been fine...but if anyone is a credit risk I'd say we should be.

*and we only bought the car cause he got a bonus for reenlisting and we took out a loan so we could just make payments for a year and start fixing his credit...lol we're not really stupid enough to get ourselves in a huge auto rut.

Good luck finding someplace to give you a loan. Have you talked to dealerships yet?

360Sweetie · 04-02-2009, 04:11 AM

I had the same issue as you I had only one credit card and wanted a used car. I only got one because my mom cosigned for me. They kept saying I needed more credit history to get it all on my own. I was annoyed also because they made me give a down payment.

*mcstapleton* · 04-02-2009, 07:55 AM

Well, because of our age we can't get a loan for the price of the entire car and everywhere around here the down payment for a vehicle is around 4000, even for a used car. I know that we would have two loans, but thats the only way it would work right now. We have money in savings, but not quite 4000 and we want to keep some in savings, but in reality the loan would only be for about 1500-2000.

04-01-2009, 06:15 PM	#1 (permalink)
mcstapleton Formerly known as stapletonlove Join Date: Jun 2008 Location: Fort Stewart, Ga Posts: 4,122 Classifieds: (0) Activity: 0% Longevity: 23%	Auto Loan We are trying to get another vehicle. We are looking into getting a used vehicle. Our credit score is around 715ish, last time I checked. We pay everything on time and only have one credit card, but we only have that to build credit and we pay WAY over the min payment. Why can't we get a loan for anything? It sounds crazy to me. __________________

04-02-2009, 02:15 AM	#7 (permalink)
andreacn How did I get here? Join Date: Nov 2006 Location: Camp Lejeune Posts: 11,972 Classifieds: (0) Activity: 66% Longevity: 50%	Dh an I only put 500 down for my Durango. __________________

04-02-2009, 04:11 AM	#9 (permalink)
360Sweetie ~Mrs. L~ Join Date: Jun 2007 Location: Olympia, WA..Germany this fall! Posts: 2,408 Blog Entries: 6 Classifieds: (0) Activity: 28% Longevity: 42%	I had the same issue as you I had only one credit card and wanted a used car. I only got one because my mom cosigned for me. They kept saying I needed more credit history to get it all on my own. I was annoyed also because they made me give a down payment. __________________

04-02-2009, 07:55 AM	#10 (permalink)
mcstapleton Formerly known as stapletonlove Join Date: Jun 2008 Location: Fort Stewart, Ga Posts: 4,122 Classifieds: (0) Activity: 0% Longevity: 23%	Well, because of our age we can't get a loan for the price of the entire car and everywhere around here the down payment for a vehicle is around 4000, even for a used car. I know that we would have two loans, but thats the only way it would work right now. We have money in savings, but not quite 4000 and we want to keep some in savings, but in reality the loan would only be for about 1500-2000. __________________

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04-01-2009, 06:18 PM	#2 (permalink)
Roboto bend...and snap! Join Date: Nov 2008 Location: Somewhere over the rainbow Posts: 4,107 Classifieds: (0) Activity: 89% Longevity: 17%	Well, lending requirements are quite strict right now, so that is probably the biggest reason why.

04-01-2009, 08:55 PM	#4 (permalink)
kitkat Senior Member Join Date: Oct 2007 Posts: 2,263 Blog Entries: 2 Classifieds: (0) Activity: 0% Longevity: 35%	maybe it's your debt to income ratio The only company that would give DH a loan was Chrysler, no credit union or bank he tried would give him one. That was last year too, before everything hit the fan.

04-02-2009, 02:21 AM	#8 (permalink)
skittles MilitarySOS Jewel Join Date: Mar 2009 Location: Savannah, GA Posts: 2,539 Classifieds: (0) Activity: 92% Longevity: 11%	where are you trying to get a loan from...i have a credit score around 760 but only make maybe 900 a month since I'm underemployed and subbing while looking for full time employment... df had a credit score of around 550 with tons of delinquencies yadda yadda. Hence why I had to cosign on his loan. He got a loan for 25 grand with only 4.9% financing for 5 years. We went through chase auto loans but the dealership seemed to have a lot of pull getting us that deal. If I made more money we probably would have been fine...but if anyone is a credit risk I'd say we should be. *and we only bought the car cause he got a bonus for reenlisting and we took out a loan so we could just make payments for a year and start fixing his credit...lol we're not really stupid enough to get ourselves in a huge auto rut. Good luck finding someplace to give you a loan. Have you talked to dealerships yet?