I am trying to get a new car under my name for the first time. Here is the situation I am in. - I have $15,000 in cash for a down payment - I am looking to get something around $25,000 - I have a bad credit - My salary is pretty dencetly high I have gotten turned down with auto loan application from 3 major banks. What is the best option for me at this point? Thanks for the help.
Is there a credit union that you can join? They tend to be more lenient with loans. I find it hard to believe (not that I don't believe you, it just surprises me) that a loan company would turn you down if you are only borrowing $10,000 on a $25,000 new car.
wel.. no where in the application it asks how much dwn payment I am making. It just asked how much $ I need to borrow...
If you are convinced to by a car > $15k .... my guess would be to try to buy a new car (better financing options) and get financing through a lender via the dealership. That way you're also addressing your credit issue if you make your payments.
A $25,000 new car for anyone with bad credit who doesn't make a considerably large sum of money = just plain stupid. As others have suggested, get something less expensive but still reasonably nice ($8-10k) and focus on fixing your credit first and foremost.
But I agree, I would buy a car with part of the cash and use the rest to pay down the debt causing the bad credit (assuming that is what is giving you the bad credit).
you won't have a problem purchasing a new vehicle. just finance it through the dealership. naturally, your interest rate will be a bit higher because of your credit, but with your huge down payment i wouldn't worry about it. if i were you, i would split the funds into two separate accounts. deposit half of it to one of your family members account and have them write you a check. you write a check for the other half. any single exchange over 10k is recorded to the government. by splitting it between you and another, i think this is a way around it.
Maybe he's already paid off his debts but his score is still low due to the amount of time it takes to get bad debts off one's credit report.
$15,000 cash is a lot of money. Who knows how he came up with this much cash with bad credit. You do the math. I'm not saying it was obtained through illegal means...but you never know.
so many ways this could happen. Not having a credit card, not paying your bills on time in the past, but now you have a decent job, and on and on.... I'd take a loan from the dealership (its going to be high interest)....and pay that sucker off as fast as you can. should improve your credit too
I'm pretty sure he isnt talking about a suitcase with 15 g's in it, its probably in a bank and the govt already knows about it.
Dont forget to remove the severed hand that was handcuffed to the suitcase. That will affect your ability to get a loan.
