I've never bought a car on my own. I'm a student thus I don't have an income, but my credit is decent at 780 on Transunion. My current car is breaking down too often, thus I'm looking to purchase an used car from an independent dealer. I see they offer financing for the car. I've never purchased a car via financing so I'm not even really sure if I would be allowed to since I don't have actual consistent income at this point. Will I be able to finance a car at the dealer? Any tips I should know beforehand going to the dealer to talk about a purchase of a used vehicle? Advice appreciated.
you will need someone to co-sign. and your interest rate will not be good through the dealership. look to see what your bank can offer for financing the car through them.
chase offered me a significantly lower rate than the dealership. and i have a somewhat crappy credit score. i don't envy you. so glad i'm done with car shopping
I can only go by my recent experience as I just bought a car as of last Friday. I went to a credit union with people telling me I would get better interest rates. My credit score is in the upper 600s. Bot great, but not bad either. They offered me 8.9%. Went to Sterling McCall Toyota and got finance at 3.75%. Now, it helped that I was buying a Certified car which could finance me as if it was a new car. I say check a couple of different sources, but not too many otherwise your credit gets dinged in the process.
This. The score is great but if you can't show any means to pay the loan back, you will find it hard to get approved. Like someone said, you will probably need a cosigner.
You have great credit but need income to show. Most high interest /used car dealerships are needing at-least 1500 monthly income or so I've heard
Yeah it seems the obvious question, and one a lender is probably going to ask, is how do you plan on paying the loan with no income?
Reminds me of that thread where a CFer's little bro bought a new Mustang from the dealer and they gave him a 25% interest as a gift.
You can go to school with no income and incur a 100,000 debt but you cant get a 4,000 car? What a world.
My credit score is low. Around 490 to be exact. I put 3500 down on a 12k car. Got approved with 18% apr over 72 months. Go to roadloans.com
I feel you man. They raped me in interest with my first car too, but sometimes you don't have much of a choice.
