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Anyone know much about car financing?
    #13036627 -

I'm thinking of throwing down on a nice Shelby Cobra in the next 9 months to a year.

Was wondering if anyone knows how financing works. If I'm willing to throw down 15k on like a 35 thousand dollar vehicle does it open me up to much more financing in addition to a decent income even if I don't have a stellar credit history?

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Re: Anyone know much about car financing? [Re: Tesla]
    #13036676 -

No bad credit sucks even with huge downpayment...good luck

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Re: Anyone know much about car financing? [Re: Tesla]
    #13036678 -

I think you'd need more than $15k to put down if your credit sucks.  Even if you only need a few thousand at that point the banks won't touch you.  A decent income helps, but a larger deposit helps it more.

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Re: Anyone know much about car financing? [Re: Newbie]
    #13036727 -

Probably should hold off another extra 6 months I would be able to put away enough to at least throw down an even 20 or so.

Fuck these bad utility bills from a couple of years ago are really killing me lol..

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Re: Anyone know much about car financing? [Re: Tesla]
    #13036765 -

Yeah I hear you dude.  I have bad credit and looked and felt like a complete toolbag at the dealership trying to get a lease, loan, clunker ANYTHING.  Denied.  I'm using my 401k loaner money to get a street bike.  I can't be without a car anymore, I can't stand it.

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Re: Anyone know much about car financing? [Re: Newbie]
    #13038695 -

Best to use the money you have to negotiate wiping your credit clean by paying off past stuff you can get the to erase bad credit once you agree to a payment settlement..

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Re: Anyone know much about car financing? [Re: muddypotter]
    #13038800 -

I'm not real sure about financing a car. But if you have shitty credit why don't you just get a car that is in the 15-20K range? That would solve the financing problem, no?

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Re: Anyone know much about car financing? [Re: muddypotter]
    #13038877 -

muddypotter said:
Best to use the money you have to negotiate wiping your credit clean by paying off past stuff you can get the to erase bad credit once you agree to a payment settlement..


this.

you can probably restore your credit with that down payment (dont know the extent of your debt), then qualify for much better loan terms

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Re: Anyone know much about car financing? [Re: KillerPicklez]
    #13038907 -

KillerPicklez said:
muddypotter said:
Best to use the money you have to negotiate wiping your credit clean by paying off past stuff you can get the to erase bad credit once you agree to a payment settlement..


this.

you can probably restore your credit with that down payment (dont know the extent of your debt), then qualify for much better loan terms


this is the best idea. Also just find an older 6cylinder stang w/ a supercharger on it. Cheaper and just as fast.


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Re: Anyone know much about car financing? [Re: TrancedShroom]
    #13038917 -

plus even if you have like 8k in debt or something, you can negotiate it down to like 3k if you have cash.

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Re: Anyone know much about car financing? [Re: Tesla]
    #13038934 -

Yeah, pay off your debt first, and then worry about compensating for your tiny penis.

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Re: Anyone know much about car financing? [Re: MisterPink]
    #13039013 -

Sorry, but I've worked finance for several years and I can assure you that what you're talking about is next to impossible.  From what I think you were all saying, I imagine a few things are working against you.

1.)No Previous car loan history?  Very difficult to get financed without a co-signer or for more than a few thousand with about a matching down payment.  Any bad credit better be pretty aged (~4 years) and have some positives in front of it if you even want to get looked at.

2.)Most banks consider the type of vehicle to be purchased when deciding on the loan.  All banks that deal with less than great credit will consider it.  A shelby cobra is not going to look like a great idea to the bank as far as risk is involved for multiple reasons.

3.)Open charge offs (those utility bills) make thing even more bleak than I was mentioning in #1.  Most anymore will update monthly and are a huge red flag to banks.


Again, sorry to be so negative about it.  Maybe I can redeem myself with some advice.  You can probably get a loan to add several thousand to what you've got and get something nice and sporty, albeit not a shelby.  Problem with this is that the loan will be expensive and will not do much good to you in the long run as it would not be for a very high balance (unless the bank is willing to be creative with you which is rare anymore).

My suggestion?  Pull your credit report and see who's all got it out for you.  Contact them and see if they're willing to settle.  You'd be amazed how low some will go.  Pay everything off and use whats left to buy a car for straight cash.  Get a credit card or go to a electronics or furniture store that sells on and reports credit and buy yourself something nice.  Make payments towards that and build your credit, in a couple years trade in what you've been driving and what you've still been saving on something badass.

I know my recommendations lack all that instant gratification we all crave, but I promise you if you work it right it will pay off in scores in the future.  I can tell you from experience that it absolutely sucks to have shit credit, and that the benefits of a +700 credit score are very nice.

Good luck!

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Re: Anyone know much about car financing? [Re: makersmarc]
    #13039064 -

lol.

When I sold/financed cars we used to get bad credit customers in that would want a Cadillac and end up getting a Dodge Stratus. I use to call them Stratillacs.


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