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Thread: Car loans

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    #1

    Car loans

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    Have any of you had any problems getting a car loan? Basically DH's credit doesn't match his income because he has no credit and since I'm unemployed I can't be the cosigner.

    We're trying to figure it out soon so we can get a second car (trying for an SUV) that way we are safer, especially when we get 2 feet of snow this coming winter.

    The current car we have is mine and is paid off and so is his truck. His truck just is broke and would cost more to fix than it's worth.

    I mean we have basic bills: rent, electric, car insurance, cell phone, and cable. So we have more than enough income to support a car payment.

    We're just stuck and don't know what to do. My mom lost her job about a month ago so can't cosign, and my MIL and FIL won't cosign.

    Any help or advice would be great!
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    I had an issue when getting my car. I got a new honda and the guy went on and on about this great financing deal. When it came to doing the paperwork though, the rate he originally gave me skyrocketed. Turns out my credit wasn't bad, I just didn't have enough of it to get the rate. I held my ground and asked them if there was something they could do.

    They eventually gave it to me at the original rate. I know it can be frustrating. Perhaps you should save and by a used one outright instead of financing.
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    Quote Originally Posted by ArmyCupcake View Post
    I had an issue when getting my car. I got a new honda and the guy went on and on about this great financing deal. When it came to doing the paperwork though, the rate he originally gave me skyrocketed. Turns out my credit wasn't bad, I just didn't have enough of it to get the rate. I held my ground and asked them if there was something they could do.

    They eventually gave it to me at the original rate. I know it can be frustrating. Perhaps you should save and by a used one outright instead of financing.
    See, we are making a 3-4k down payment we just want something that travel. I have to commute 2 hours each way to school starting in a few weeks and at that point I'll be 13-14 weeks pregnant. My car isn't unsafe by any means so far now it would be fine but again the further along I get the more we want something safer. We were looking at a new or used Dodge Journey which is only around 20k. Since I got preapproved for 12k and we are making around a 4k down payment they are just raising a big deal over 6k. Mind you they claim there is nothing they can do to work with the military.

    Plus our families live 300 miles away, so it's more practical for us to get something we can travel for awhile in. I hope that makes sense.

    I've heard some banks work with military members, but haven't encountered that yet.

    The interest rate we were told was 6.99% they just can't get one of their lenders to loan us the remaining amount without me having a job or a cosigner.
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    Do you bank with USAA? They have a fantastic car-buying service, and they do car loans so that you don't have to deal with financing at the dealership, where they tend to be pushy. I would look into that if you can.
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    Quote Originally Posted by Loving View Post
    Do you bank with USAA? They have a fantastic car-buying service, and they do car loans so that you don't have to deal with financing at the dealership, where they tend to be pushy. I would look into that if you can.
    We do and we tried there too already.
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    I think you just need to look at something cheaper. You have the money but not the credit. It is a long process to go from no credit to good credit. Just because a car does not cost $20,000 does not make it less safe.
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    Quote Originally Posted by Katarianna View Post
    I think you just need to look at something cheaper. You have the money but not the credit. It is a long process to go from no credit to good credit. Just because a car does not cost $20,000 does not make it less safe.
    I agree. Are you looking at pre-owned vehicles?
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    #8
    Quote Originally Posted by corpsmanwife83 View Post
    Have any of you had any problems getting a car loan? Basically DH's credit doesn't match his income because he has no credit and since I'm unemployed I can't be the cosigner.

    We're trying to figure it out soon so we can get a second car (trying for an SUV) that way we are safer, especially when we get 2 feet of snow this coming winter.

    The current car we have is mine and is paid off and so is his truck. His truck just is broke and would cost more to fix than it's worth.

    I mean we have basic bills: rent, electric, car insurance, cell phone, and cable. So we have more than enough income to support a car payment.

    We're just stuck and don't know what to do. My mom lost her job about a month ago so can't cosign, and my MIL and FIL won't cosign.

    Any help or advice would be great!
    Is he not getting approved AT ALL or just getting approved for higher rates?!
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    We are looking at pre-owned vehicles too, but are wanting one from a dealer since those usually come with a warranty. And if we can find the car we want for cheaper, then of course we would go for that. I'd just rather not have 2 cars than have a car that is going to break down on me trying to drive it since I know nothing about cars.

    He wasn't told if he got approved at the dealer and for how much, but with the other banks we applied as him primary he wasn't approved. The rate we were quoted was 6.99%

    I was preapproved for 12,000k without having a job, but there are no SUV's at that dealer for that price.


    Also, I think this might be illegal but the dealer we did try tried to put me as primary on the vehicle under his income. Let's just say they weren't the nicest people in the world either.


    And I think we've decided to just wait and save up money to put a larger down payment on the car we want rather than getting something we don't want.
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    #10
    thats crazy, as an e-3 my DH was able to get a car loan for his car (26,000) in november through USAA, and in Feb we got aa car loan through toyota (18,000 cause of being upside down in the car we traded in)
    And I was barely working (maybe $200 every 2 weeks)
    oh and we barely put a down payment down.
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