Answers
I am currently interested in a pontiac grand prix at a carmax dealership near my home. I have tried to apply for some auto loans but most ask that I make at least 1500 dollars monthly. I make a little bit less than that so i am automatically declined. However I know that I could easily make payment because I do not have any other major bills besides basic food and minor living expenses. I do not even have a monthly rent to pay. I believe that if I talked to a loan rep. that they could understand, or is that out of the question? So according to most applications I should be denied, butin reality I can easily make monthly payments. This may be a silly question. I am a 20 year old 1st time buyer with a limited credit history.
You made an interesting point. You have no rent! Do you live at home or with relatives? If so, will they co sign with you? With a co signor your income is not a factor and you will also qualify for a lower interest rate than on your own. Also with them on the loan, you can add the vehicle to their insurance which will qualify you for alower rate because of a multiple vehicle discount on their policy.
If not, how are you paid, weekly, biweekly, semi monthly, or monthly? If anything besides semi monthly amd monthly, you need to multiply your weekly income by 52 or biweekly income by 26 then divide it by 12 for your true monthly income. Many people just take their weekly income and multiply it by 4 weeks when in reality it works out to 4.3 weeks per month. For example a person making a gross income of $350 per week is only at $1,400 income how most people calculate but at 4.3 weeks per month you are at $1,505 per month and meet the minimum requirement. 52 x 350 divided by 12 is actually 1516 per month. This is how an experienced finance manager will call in your income.
Finally, Carmax owns controlling interest in the bank they finance through and have their own separate division that purchases only their loans. Many times a person that is turned down by the bank at another car dealership and will get financed at Carmax because they own the bank.
In closing, you will not be able to speak with the loan officer the dealership is calling the loan into and trying to will only guarantee that you will not get the loan.
If your provide more exact details about your income, time on job, and what credit you do have, I can give you other options to pursue.
For more information on FHA Streamline visit www.quickenloans.com Quicken Loans now offers FHA Streamline, the easiest way to refinance your FHA ...
I love him and he loves me but, he has not been consistent and has kept serious things from me. Major red flag! I see a very bad cycle and I can't commit to him. He is very persistent that we work things out even though this is our 2nd time reconciling. How do I end things when we have so many joint things like a marriage? Should I cancel our common thing 1st before cutting all ties? He has all keys to my life literally.
yes...protect yourself
I currently have 2 auto loan
1st loan- $9000 balance 9.9% interest
2nd loan- $32,000 balance 8.9% interest
i will be getting my tax refund very soon. which one should i pay first?
WRONG WRONG WRONG
You don't compare interest rates, you compare rate of accrual!!!
The 32k loan is accruing interest at the rate of $237.33 per month
The other loan is accruing interest at the rate of $74.25 per month
if you pay off the smaller loan the other loan is still accumulating interest at a faster rate.
Knock that 32k loan down as much as you can. if you can pay $10k on it, the next month and going forward it only accrues $163/mo in interest. $15k -> 126/mo in interest. big money difference over the life of the loan!
My sister has horrible credit and needs a car. I don't want to just out- right co- sign for her. I heard that there are loans out there where as long as the loan is paid on time and there isn't any delinquency issues with the loan then the co-signer can be removed from the loan after a certain amount of time?! Has anyone heard of this or know any more information about it? I want to look at being removed from the loan with-in the 1st year?! Let me know. Thanks
Auto finance is what I do for a living and I have never heard of a co-signer being removed from a loan without the loan being refinanced without the co-signers signature.
And even if this type of loans existed there is no way the lender would let you off that quick.
I forgot to mention please pay no attention to any offers you may get here they are all scams and will be reported and removed.
I went from a 19% interest rate to a 9% intrest rate and this is why I decided to refinance. The laon officer that helped me told me there were no fee's for doing any of this and he would just take my payoff and pay off the 1st loan and open a new loan with the new intrest rate. Well everything went well and then I check my credit report to see that my new loan balance is 1000.00 higher than my payoff was on the original loan. I went through all the loan papers and see that it was for credit insurance and gap waiver agreement. Does anyone know what this is and if I have any rights even though I signed the papers already? thanks(My vehicle is already negative equity and having an extra thousand dollars put on top of the balance isnt helping.)
The insurance is on there probably because of the negative equity. you should have been aware of this before signing the paperwork. Gap is another insurance which I definitely reccomend if you already owe more on the vehicle than the vehicle is actually worth. If you total out your car, your insurance company is only going to give you what they feel is a fair value for your vehicle. Anything else you owe on the loan after that is your responsibility. Gap insurance will pay off any remaining loan balance that your insurance company does not cover.
Lawmakers seek to extend $8000 tax credit for first-time homebuyers
One idea now being discussed is to combine the homebuyers’ credit with legislation, strongly backed by the Obama administration, to extend federal assistance to the millions of people in danger of exhausting their unemployment insurance benefits. That bill is likely to reach the Senate floor next week.
While the White House says there will not be a second stimulus package following the $787 billion economy booster enacted last February, extending the homebuyers’ credit and unemployment benefits are among several primary means being pushed to help people get through the prolonged economic downturn.
Others include continued subsidies for laid-off workers trying to keep their health insurance and a proposal by President Barack Obama to provide seniors and others with a $250 payment to make up for the lack of a Social Security cost of living increase next year.
...Who's Credit Score Do Lenders Use When Considering An Auto Loan ...
I am in college with limited credit. About a year and a half ago I financed a new car, and am currently upside-down. My transportation needs have recently changed, and I need out from under it and into a different vehicle. I’m shopping used instead of new this time to avoid making my negative equity problem even worse in the future. My dad has a credit score of 800, and is signing as a primary applicant with me as a co-signer since credit is becoming harder and harder to get. Will my limited credit (score about 580) hurt the chances of approval since I’m upside-down on my trade, even though I’m not the primary applicant? I’ve maintained the car note by myself the entire...
News
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The Grand Rapids Press - MLive.com - Oct 14, 2009
One area where Michigan credit unions have been seeing strong increases is auto loans. adamsnew car loan volumes increased 32 percent between June 30, and more »