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I need a 2nd car. Imperfect credit but good debt/income. Help?
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Question I need a 2nd car. Imperfect credit but good debt/income. Help? - December 5, 2011, 12:02 AM


Hey gang. I know posting personal info on here opens oneself up to all sorts of attacks and judgments... but I need some advice/help. Thanks in advance, long post I know.

I need a second car. My wife drives our small sedan to/from work and drops off / picks up our son from daycare. We had sold our SUV back in the summer when we moved down to Woodbridge, because the bike got me to/from work just fine. We'd planned to buy a second car, and that time is coming up soon (January). Now, with having to go between Woodbridge, Crystal City and Tyson's Corner, the bike won't cut it in the winter and public transportation is eating up about 4-6 hours per day.

My credit score was 520 in 2007 when I found a crappy loan (15.9% APR ). Shitty rate? Yes, but I did it. Having a safe, late model fuel-efficient vehicle with warranty has been worth the extra $$$ I've been paying all this time in interest alone. It's now been 47 months of on-time payments, my credit score has increased to ~670 and my income has tripled.

In January, I'd like to buy a new(er) car. I have $2,500 for a down payment (if that matters to a lender), and a decent debt/income ratio. I finished paying off my late/bad debts/judgment just 2 years ago, my score isn't great, and I simply cannot get a co-signer... so I'm not sure that I can just walk into a car dealership and start making demands.

A few months ago I applied to RoadLoans (same place I went to 4 years ago) for a car loan, was approved for 11% APR, $19k max loan, but apparently I cannot have two loans with them. I'd need to pay off my Cobalt first (~$8k loan balance), which might take until May.

My questions:
1) Is it true that certain car manufacturers' finance departments are more lenient or more willing to lend than others? If so, who do I look to?
2) Is financing easier on a used car over a new car (or vice versa)? Or does that even matter?
3) Anyone know any reputable companies (like RoadLoans) that can approve loans, just at a higher APR? (Kinda like those credit cards that are for college students or those with limited/no credit)?
4) Would buying a cheap-o ($2,000) car be smarter? Or would it be more hassle than it's worth to pass emissions/safety and fix things on it? If I went this route, it'd have to be my car for driving on the interstate approx. 350 miles per week. Wouldn't make my wife drive an old unreliable car with my son in the backseat.

And FYI, the Buell has been very practical since I purchased it in April - $7k for an '09 with a $1000 exhaust and 800 miles at the time, a great transportation option this past year, cheap insurance, high on fuel efficiency (40mpg), haven't dumped money into mods or unexpected maintenance (I have a warranty, thank God).

Alright. Flame suit on. Thanks in advance for the help.
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December 5, 2011, 01:08 AM

New cars are always lower interest rates. I would recommend your local credit unions for the better interest rates. 670 is a decent rate now a days.

If you don't wanna take on an expensive long commitment right now you can also consider getting a two year lease.
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December 5, 2011, 01:12 AM

Quote:
Originally Posted by nootherids View Post
New cars are always lower interest rates. I would recommend your local credit unions for the better interest rates. 670 is a decent rate now a days.

If you don't wanna take on an expensive long commitment right now you can also consider getting a two year lease.
Do credit unions usually allow folks to just join up without a checking/savings account and apply for a car loan?

I'd be fine with a lease, but I thought those were for folks with really good credit (750+)?
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December 5, 2011, 01:50 AM

I can help.
Answer all your questions nd get you into a new or used car at a
decent rate. Yo did the right thing taking the high rate loan and making good payment. I will PM you some info from the office today.


Everytime you cook up...a little boy gets crushed by a bridge. -JTG40cal



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December 5, 2011, 04:01 AM

Wildjester is the resident expert, but to give you some expectations:
Yes, some manufacturers will be lenient and arrange financing for softer scores. No surprise it's typically your lower end manufacturers, Mitsubishi, Kia, Suzuki. Saturn used to finance anyone with credible pulse.

Historically, with the spiffs, dealer holdbacks, and incentives for both parties - financing on a new car has always been easier than a used car.

Roadloans was a pretty decent company. I had a relationship with their Director of Business Development, Don, a few years back. I was surprised how easy and attractive their rates were considering the risk pool they dipped into.

Outside of this, I've always found Credit Union rates very competitive. Getting a co-signee with attractive credit always helps your cause.

Hmmm, well, the station car route is something you can consider for a commuter car. Not all $3,000 cars are necessarily bad. In those instances you want to stay with brands known for tank like reliability regardless of mileage, you want service records, and must have them throughly checked by a mechanic before hand so you know what youre getting into. Plan to put $1,000- 2,000 into it the first year.

To put this in perspective, cars are durable goods that only decrease in value anyway. Buy a $3000 car and drive it for a year - you've already amortized your investment and gotten positive dollar for value out of it vs what you would have made in car payments. Drive it until the wheels fall off and you've maximized your dollar value.


This is the way I rationalize some of my purchases. This logic may or may not work for you depending on your circumstances and wants.



“Any man who tries to be good all the time is bound to come to ruin among the great number who are not good. Hence a Prince who wants to keep his authority must learn how not to be good, and use that knowledge, or refrain from using it, as necessity requires”.

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December 5, 2011, 06:36 AM

+2 on wildjester. Or you can buy my 07 malibu. Lol


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December 5, 2011, 08:15 AM

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Originally Posted by thefitzvh
+2 on wildjester. Or you can buy my 07 malibu. Lol
GM's actually hold together well for about 6-7 years - good maintenance will add another 3 years to that, but like any entry level line GM non-truck product, after that you'll want to dump it. Quickly.



“Any man who tries to be good all the time is bound to come to ruin among the great number who are not good. Hence a Prince who wants to keep his authority must learn how not to be good, and use that knowledge, or refrain from using it, as necessity requires”.

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December 5, 2011, 08:27 AM

Quote:
Originally Posted by Heist View Post
Wildjester is the resident expert, but to give you some expectations:
Yes, some manufacturers will be lenient and arrange financing for softer scores. No surprise it's typically your lower end manufacturers, Mitsubishi, Kia, Suzuki. Saturn used to finance anyone with credible pulse.

Historically, with the spiffs, dealer holdbacks, and incentives for both parties - financing on a new car has always been easier than a used car.

Roadloans was a pretty decent company. I had a relationship with their Director of Business Development, Don, a few years back. I was surprised how easy and attractive their rates were considering the risk pool they dipped into.

Outside of this, I've always found Credit Union rates very competitive. Getting a co-signee with attractive credit always helps your cause.

Hmmm, well, the station car route is something you can consider for a commuter car. Not all $3,000 cars are necessarily bad. In those instances you want to stay with brands known for tank like reliability regardless of mileage, you want service records, and must have them throughly checked by a mechanic before hand so you know what youre getting into. Plan to put $1,000- 2,000 into it the first year.

To put this in perspective, cars are durable goods that only decrease in value anyway. Buy a $3000 car and drive it for a year - you've already amortized your investment and gotten positive dollar for value out of it vs what you would have made in car payments. Drive it until the wheels fall off and you've maximized your dollar value.


This is the way I rationalize some of my purchases. This logic may or may not work for you depending on your circumstances and wants.
Roadloans has fine print and limitations on what you can buy.

Buying a $3000 is a good idea if you have good credit. If you have less than perfect credit and are looking to establish good credit, unfortunately you need to buy a car and make regular payments. Car credit is one of the fastest and most effective ways to increase you credit score and over all buying power for all major life purchases.

PM Sent


Everytime you cook up...a little boy gets crushed by a bridge. -JTG40cal



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2007 ZX14 SOLD
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December 5, 2011, 08:31 AM

McFly, Just work one on one with wildjester. he will set you up.


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December 5, 2011, 08:32 AM

Thanks for recommendations guys.


Everytime you cook up...a little boy gets crushed by a bridge. -JTG40cal



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December 5, 2011, 08:33 AM

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McFly, Just work one on one with wildjester. he will set you up.
This. He'll take good care of you


-Fitz

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2012 V-Strom 1000 Sold!
2009 Buell 1125R Sold!
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December 5, 2011, 08:35 AM

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Thanks for recommendations guys.
dont get too big a head sally, you still get the poop on.


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December 5, 2011, 08:46 AM

Not sure what product line Wildjester sells but if you find yourself wanting a Chevrolet, I can help as well. With what you have (good down payment and 660+ score) you should have no problem obtaining an approval with a good rate on any new car. Ally has been giving out some phenominal approvals lately on Cruze, Impala and Traverse. On Friday, we got an approval for someone with similar credit, etc as you 4.9% for 72 months on a new Cruze.

Not trying to take anything away from Wildjester, just presenting an option.


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December 5, 2011, 09:29 AM

If you can, try to save your money (the down payment). See if you can get in one without anything down. If you've ever been in the military then go with USAA.

I say try to save your money because generally 2500 will only lower your end payment by $40-$60. Im sure you're like everyone else and could use that money elsewhere. I mean do it if you have to.

These guys on here will take care of you.


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December 5, 2011, 09:38 AM

Quote:
Originally Posted by hfam95 View Post
If you can, try to save your money (the down payment). See if you can get in one without anything down. If you've ever been in the military then go with USAA.

I say try to save your money because generally 2500 will only lower your end payment by $40-$60. Im sure you're like everyone else and could use that money elsewhere. I mean do it if you have to.

These guys on here will take care of you.
Yep. As a general rule, every thousand dollars financed is about 20 bucks a month.


-Fitz

2016 Harley Softail Slim S
2012 Harley Ultra Limited in Ultra Annoying Orange Sold!
2012 V-Strom 1000 Sold!
2009 Buell 1125R Sold!
2005 Superhawk Sold!
2001 Superhawk Abandoned!
1981 CB650C Destroyed!

Brace Yourselves... the cries of "It's too cold to ride" are coming...
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