KamikazeTL

Ok as I last checked my credit score was 670. Currently of right now I owe 2 credit cards. I owe $1600 in my Fry's card and $1000 in my Bank of america. I will pay these 2 off once I get my tax refund back. Problem is right now I applied for 2 banks Capital one and Orange county credit union. I got denied by both. They will mail me to state the reasons. I am in a rush to buy this car since the owner is hooking it up real cheap for $13,000. I need advice from you guys because I don't know why these 2 banks denied me for. I always pay my credit on time and i pay more than the minimum. Would it be better to pay these 2 credit cards off first then apply for an auto loan at a credit union? I just don't get how some guys at age 21 and under are getting approved already and some don't have any credit history.

greco9885

iTrader: (1)

sounds like a private seller. personal loans are harder to get, as opposed to financing

subinf

Borrow it from your parents if you really need the cash. Or have one of them cosign

KamikazeTL

I only have my mom. F* my dad! but yeah she won't since her credit is already kind of bad. Plus she has 2 cars she is financing for my sister and her!

Pure Adrenaline

iTrader: (2)

1. How is your debt to income ratio?

2. The revolving debt on your credit cards isn't going to help, either.

3. Financing a used car is usually more difficult than a brand new car.

4. Credit crunch.



I would recommend applying at other places and hope for the best.

S14 n Tsx

yup, definitely hard to get a loan for used car...especially now days.

sho_nuff1997

iTrader: (2)

If your cards are maxed out, that looks bad. Why not pay off your debts first and then buy a car. Rushing to buy a car is never a good idea. There will always be deals, always.

KamikazeTL

I fell in love while I was test driving it. Its a White G35 coupe with brembo brakes. HKS dual exhaust and invidia test pipes. A 6-speed with only 61,000 miles. Also has the JIC suspension. He put almost $4k on the car which is why I want it so bad. If the car was stock I wouldn't want it. He has my DREAM setup on a G35 but yeah Thank you guys for your advice. It always cheers me up for a reason. Yeah My goal now is to sell my integra then pay off my 2 credit cards. Then save some money and wait for my tax refund then just put $5k down on a car from a dealership since its so much easier than a personal loan right?

subinf

Where is the car? What part of CA? Is there anything wrong with it?

KamikazeTL

I bet you want to buy it lol. Nothing wrong with it! Its located in San diego

Crazy Bimmer

How did you get approved for your 350z then? Talk to the bank that gave you that loan...

BLUE07TLS

With the current state of the economy, it's extremely hard to get a loan regardless of your credit score. Banks are looking mostly at your debt to income ratio, and even if that is extremely low, they are hesitant (especially with car loans).

I tried to get a $5k loan last month and my bank basically said that without collateral it was no dice. I have a high 700's credit score and my current debts including my car loan are only 1/3 of my 2007 taxable income (which is substantially more than the $5k loan amount). It's tough out there!

KamikazeTL

Its under my moms name. I wonder if that bank she's financed with could give her a bigger loan and just consolidate the Z with another loan while I continue to keep paying her for it. You guys think its possible?

teranfon

If you don't mind me saying, that's asking a lot of your mom. Perhaps she could, however, introduce you to someone from the branch she deals with and they may be somewhat more receptive because of an existing relationship with a family member.

Personally, I wouldn't get too wrapped up in car and become overly disappointed if you can't get the proper financing. If you need to knock on everyone's door just to find the one institution that will offer the credit that you need, then perhaps this isn't the right time.

Terry

subinf

Try to get her to co-sign then. Your responsibility but you'll have her helping you get the loan.

Will Y.

Your mom is overextended; she doesn't need more debt.
Let me rephrase what terry just said so politely: grow up, drop the different car idea and live with that 350Z POS (on which you are upside down) while you straighten out your credit-- both debt and score.
Selling the Integra was a step in the right direction, but neither you nor your family needs any further debt, esp. when you're driving a decent car which isn't leaking fluids or dropping parts as it's going down the street.

DAYTA

Wait, I'm confused...you already have a 350Z, and now you want a G35 as well?

It's one thing if you're looking to buy a car if you don't already own one. But looking to drop further into debt on an unnecessary (and redundant) second car seems like a poor decision .

Derk's K24

I believe the Z is his moms.


To me it sounds like you've never financed a car before so basically this puts you in a first time buyer's situation which right now is just as bad as bad credit. Also if those cards are near their limits that's another reason you would get denied. Sounds to me like you need a co-signer, I know you said the only one available is your mom and hers isnt that great but unfortunately you need one. Whether it's a dealership or private seller the loan should've been for a car in the first place, not a personal loan.

Bearcat94

Pay off the credit cards and then consider trying again.

Also, no offense, but if the banks don't think you're credit worthy for this, perhaps you can't afford the car.

Maybe you'd be better off waiting until you are in better financial shape (Credit Score 720+) and then find another car. It's not like this G is the only nice car out there.

mitch14

isn't applying for loans and getting denied really bad for your credit score? or atleast that's what my brother keeps telling me.
he works at a honda dealership and says that if ppl go out and try to inprove their credit by getting credit cards, loans etc... but end up getting denied, then it makes their credit score even worse, especially if you go to a bunch of different places to try that.
Just wait, my

Derk's K24

^Kind of. Basically that means you have bad credit already or you're reaching too far. Because if you have good enough credit you shouldn't have to go to more than one place for an approval for anything. So the more inquiuries you have the worst it looks because it shows you are stuggling to get approved for something.

juniorbean

iTrader: (5)

Exactly what I was going to say. If the OP keeps getting denied... there's a reason.

In this economy, banks are not giving money out unless you are not a risk. You should get out of debt and build up your credit score. People getting into more debt is exactly why the economy is where it is now. Plus, it's a buyers market now in real estate... start looking for your own place to live and stop living car rich and house poor

NSXNEXT

iTrader: (2)

this story is just another reason why our economy is sooooooo fucked up. People overextending and blaming everyone but themselves for their problems.

mrsteve

iTrader: (1)

Wait... you still own an Integra? Is there a loan on that as well?

Ken1997TL

Lots of unanswered questions here.

But my advice, if you don't already have a car that is YOURS and you still want/need a car, get something cheaper!! Plenty of $5000 to $10,000 cars that are quite nice.

Whats your debt to income?

!!!

GreenMonster

Sounds like a college kid with a small income trying to live like a baller... Exactly the type of attitude that got US in this financial mess...

When i was in college I was driving a $250 1976 Pinto... and really loved that car.

GreenMonster

13 bucks an hour...

https://acurazine.com/forums/money-investing-17/i-got-weird-paycheck-today-701758/

Has an integra:

https://acurazine.com/forums/car-talk-5/need-help-selling-my-integra-714028/

and a 350Z

https://acurazine.com/forums/car-talk-5/fastest-way-sell-car-394795/

Been asking about financing for months:

https://acurazine.com/forums/car-talk-5/buying-car-best-time-buy-right-now-dealership-700751/

juniorbean

iTrader: (5)

^

Ken1997TL

Yeah.. true example of the "American way" that got us into this mess. And now me being a financially responsible person, I'll have to pay for other people's financial mistakes.. but thats another thread...

CL6

Pretty much.

GreenMonster

I just get tired of reading threads that don't include important info...

People ask about RWD or convertibles but don't tell you that they live in Buffalo NY, or tell us they got a great deal on their new car, but forget to mention that they got fucked on the trade in...

The fact that there may be existing loans on other vehicles owned by the OP is a pretty important thing to leave out of the thread like this...

It's like me wondering why I can't refinance my house, but I leave out the fact that I don't have a job right now

1killercls

charliemike

Every time you think you've got the best deal in the world, another comes along that's better.

The economy is in the shitter and there are going to be plenty of people ditching their cars to pay bills.

Pay off the credit cards and then go get a loan. Trust me, it's better that way. If you lose this G35, so be it. I guarantee another will come along that will be as good or better ...

Costco

^^^^^^^I thought this thread sounded familiar..... what a waste of time.





Here's a hint: every time you try and get a loan or get your credit looked up, your credit goes down.

gatrhumpy

iTrader: (1)

Paying off the two loans first will not help you in the short run. It will take 3-6 months before you see any reflection on your credit score.

Banks nowadays want perfect credit, higher than 720, and unfortunately, you won't get that by paying off your loans early. My advice is to save your money. There will be other cars that come along that will be a killer deal.

Gfaze

The way I understood loan inquiries was that if you shop around for the same type of loan (in this case a car loan), as long as they are within a certain amount of time, they are considered as one loan inquiry. This prevents you from hurting your credit rating when you're shopping around for the best finance deal. I'm not sure how it affects you if you keep getting turned down though.

charliemike

Well, yeah I mean I didn't mean to say it'd get better in a week

CL6

When I get a customer in and pull their credit the more inquiries I see the more it looks bad. The more declines you get the harder it becomes to get an approval. Basically the bank sees you're going everywhere you can think of to get a loan. This makes you look desperate.

Sign up with a credit union and meet with a rep there and explain your situation and see what they say. Try and get your debt down as much as possible and it might help to put your money with the credit union.

If Cap One turned you down, and they do almost anybody, you might have to work on it and try again in 3-6 months.

You could try Road Loans or Fireside but those places charge bank fees and that can get expensive.

Credit Unions do not like to finance negative equity (you owe more than your car is worth) on used cars. Expect a rate in the high teens I'd think. Also if you can put 1/3 down that will help. A co-signer helps with unestablished credit but not so much with bad credit. I don't know where you fall in those categories.

Sounds like you're looking at too much car. Also, borrowing on private party cars is tougher so try dealers... and not Joe's Used Cars either.

JS + XES

iTrader: (1)

you won't be able to pay off your bills. just forget everything. done.

and stop making stupid ass threads you dumbass. you've made enough threads already.

black label

With all due respect, way back when you were in college, a $250 Pinto was a pretty expensive ride, it's basically the equivalent of a $13,000 G35 today.