Auto Financing???

[OH3MGSVT]

Well, all day Friday ive been trying to get approved on this 03 z06 thats for sale. I owe 9k on my car and the dealer (small place) was gonna give me 3500 for trade in, and with 2500 down my loan would be 26k for the vette w/ the negative equity of my car in there. Its a 50th anniversary with all the add ons and it blue books for 24k wholesale and 29k retail. Well anyways the loan isnt outrageous for the situation since ill be paying off a car in the process. The problem is the run my credit and say that either that it doesnt have enough history (which doesnt make sense because I have over 4 years of payment on my car which is GOOD and a credit card still in good standing.) I do have a creditcard from Wells fargo that was written off BUT I paid it off a week ago but just hasnt got to my credit report yet, which in turn should boost my score some. My score now is 638, not great but not horrible either. I make about $2300 a month so they said income wasnt an issue as far as payments. Ive also worked at my job for jsut over 6 months and a year at my previous job so I guess thats not good enough work history. But anyways, is there not ONE PLACE THAT WILL GIVE ME THE LOAN?!?!?!?! Its not a ridiculous amount im asking for. I can more than afford it and my car payment history is good so I dont understand. Ive tried to go through Azfed, Chase, US Bank, First One bank, Desert Schools, and Sun west all with no luck. Anyone know of a place that might approve me? I have check stubs, a vehicle purchase order, kbb paper and everything ready I just need an approval. ANY help would be greatly appreciated!

P.S. Or if anyone wants to cosign for me I will give them $500 cash if im approved :hyper:

[wickedcobra]

Lots of banks are being stingy right now. It might be tough.

[BurnTire]

You need to get that score to 750+.

[OH3MGSVT]

You need to get that score to 750+.

:eek: I wonder how long/hard that will take me...Well I have a credit card I just paid off (even though it was written off) will show up as paid in full, not sure how much that will effect my score...any advice/tips on how to get my credit that high? Alls on there is 4 years of my car payment, a zales card (which is open and always paid on time) and that wells fargo card I just paid off

[BurnTire]

:eek: I wonder how long/hard that will take me...Well I have a credit card I just paid off (even though it was written off) will show up as paid in full, not sure how much that will effect my score...any advice/tips on how to get my credit that high? Alls on there is 4 years of my car payment, a zales card (which is open and always paid on time) and that wells fargo card I just paid off What is on your credit report? Have you been late on something before?

Good reading

http://www.bankrate.com/finance/credit-debt/tips-for-boosting-your-credit-score-1.aspx

[Chris]

First Credit union.check em out they worked for me when i had hardly any credit.I bought a 93 LX 5.0..Man i miss that car!

[OH3MGSVT]

What is on your credit report? Have you been late on something before?

Good reading

http://www.bankrate.com/finance/credit-debt/tips-for-boosting-your-credit-score-1.aspx

I have a year of my car payment from when I first got financed for my car which shows that it was never late and paid off when I refinanced through az fed.

I have my loan through Az fed that I was late on 3 times back in 07 but thats it, been on time ever since then.

I have a zales card that ive bought a couple things on and paid them right off so it shows that I have no late payment.

Only bad thing was my Wells Fargo card that I had a couple years ago that eventually got written off, went to collections and I just now paid it off so it should say Paid in full when its reported to the bureau. Other than those thats all thats on my credit.

[OH3MGSVT]

First Credit union.check em out they worked for me when i had hardly any credit.I bought a 93 LX 5.0..Man i miss that car!

Actually I did check them out, if I can get a loan from anyone it will be from them, but it wont be for 26k, only 23k since thats what the wholesale value of the vette is. But If I do it might be a 3 year loan depending on which bracket I fall into via my credit score in which case payments would be to high for me. But they are my last hope but even then I need to somehow come up with another 3k on top of the 2500 I was gonna put down on it so I doubt I can come up with that kinda dough....but we will see what happens

[Mr. Austin]

I just went thought this mess too. except i was trying to get 4k and it didnt work out. NOONE is doing signature loans. Its awful out there.

[wickedcobra]

That 750+ comes with years of perfect credit.

[BurnTire]

I have a year of my car payment from when I first got financed for my car which shows that it was never late and paid off when I refinanced through az fed.

I have my loan through Az fed that I was late on 3 times back in 07 but thats it, been on time ever since then.

I have a zales card that ive bought a couple things on and paid them right off so it shows that I have no late payment.

Only bad thing was my Wells Fargo card that I had a couple years ago that eventually got written off, went to collections and I just now paid it off so it should say Paid in full when its reported to the bureau. Other than those thats all thats on my credit.

Well plain and simple it is going to take time to improve your score. If you did get a loan now it would be at a higher rate which costs you and in the long run.

[BurnTire]

That 750+ comes with years of perfect credit.Yep and it gets the best rate. I have been 800+ for a long time.

[Rev'n Kevin]

"You don't always get what you want, but if you try sometimes, you may just find, you get what you need" Mick Jagger

Ask yourself "Do I REALLY need that vette or do I just WANT it?" And "Do I really WANT to go $26k in debt or do I just NEED to pay off the $9k debt I'm in."

My advice, be happy with what you got, as so many around you are losing everything they have, that vette is probably sitting on that car lot because someone lost their job or could no longer afford the payments, maintenance, insurance and gas for it, jmo.

[BLK03SVT]

"You don't always get what you want, but if you try sometimes, you may just find, you get what you need" Mick Jagger

Ask yourself "Do I REALLY need that vette or do I just WANT it?" And "Do I really WANT to go $26k in debt or do I just NEED to pay off the $9k debt I'm in."

My advice, be happy with what you got, as so many around you are losing everything they have, that vette is probably sitting on that car lot because someone lost their job or could no longer afford the payments, maintenance, insurance and gas for it, jmo.

Couldn't have been said better. Judging by the nubers Alex, it's my opinion that you should just get that 9k paid down. Rolling negative equity into a depreciating asset like a car can snowball on you quick. Pay the stang off, own it outright, and go into the vette loan with some $ down, not to mention you can work on your credit score in the meantime!

BESIDES...A VETTE??? :bitchslap: jk!

[silvrsvt]

listen to what these guys are telling you! Take the 2500 and either put on on your loan or buy this! http://www.on3performance.com/mustanggt.html

If your dead set on getting that vette, or any other car. Do not take 3500 for yours! The dealer I work for will give you more than that and you wouldnt have to buy anything from us!

OR

put your car on CL for 6k OBO someone offers you 5k and you are $1500 ahead than if you just trade it in for the vette.

you have a lot better options than finding that lender who will just turn you upside down.

[OH3MGSVT]

listen to what these guys are telling you! Take the 2500 and either put on on your loan or buy this! http://www.on3performance.com/mustanggt.html

If your dead set on getting that vette, or any other car. Do not take 3500 for yours! The dealer I work for will give you more than that and you wouldnt have to buy anything from us!

OR

put your car on CL for 6k OBO someone offers you 5k and you are $1500 ahead than if you just trade it in for the vette.

you have a lot better options than finding that lender who will just turn you upside down.


Well that turbo kit is MIGHTY tempting! :biglaugh:

I have to sell my car for what I owe, which is 9k, like I can go a little less and cover the difference, but not much. I just need to sell the car so im free of that loan and not upside down anymore, and hopefully that paid off car will boost my credit a bit. Oh, and im lookin to get into either a BLACK OR RED ONLY C5Z or Terminator.

[wickedcobra]

I think you would have an easier time paying 2500 towards your car which brings the balance around 6500. Could you get that much if you sell it outright? Then try and get into something for zero down. Then you dont have to worry about getting seriously low balled on a trade.

[OH3MGSVT]

I think you would have an easier time paying 2500 towards your car which brings the balance around 6500. Could you get that much if you sell it outright? Then try and get into something for zero down. Then you dont have to worry about getting seriously low balled on a trade.
Yeah I was thinking about that, that may be a better way to go then getting low balled on trade in. Should I de-mod my car (rims, cobra bumber, smoked/clear corner headlights, etc) and get some money and put it back to stock? Or sell it for whats already on it, because it makes it look better right now for what I have on it.

[OH3MGSVT]

Couldn't have been said better. Judging by the nubers Alex, it's my opinion that you should just get that 9k paid down. Rolling negative equity into a depreciating asset like a car can snowball on you quick. Pay the stang off, own it outright, and go into the vette loan with some $ down, not to mention you can work on your credit score in the meantime!

BESIDES...A VETTE??? :bitchslap: jk!

Yeah thats the conclusion ive come to, just start putting any extra money I can get to my car loan and im sure it will come down before I know it. In the meantime Ill try to work on my credit score, but not sure what ways I can boost it. Should I try getting a credit card and buy little things on that and then pay it right off? Not sure if I can even qualify for a card but If I do, even a small one, Ill put maybe some gas on it, then pay it right off as to not accumulate interest.