Financing questions

[Tamadrummer88]

In my experience, Ive never had a dealership ask me for pay stubs or proof of income. They just asked for monthly income before taxes and length at your current job (i have found this to be a VERY important factor when trying to get a good rate, as this shows the bank what kind of risk you are) When i bought my Taurus i was 3 months into a job at the time and they were kinda leery about approving me (my score was a 631 too) but i had a cosigner and got a really good rate. Shop around at different credit unions and banks in your area for the best rate.

But now im doing things much differently. Been at a job for awhile, my credit score is a hair under 700, and ill have a decent down payment. I hope i get a better interest rate than what i have now (4% on a 72 month loan)


Oh, something funny too. My bank that i have been with for almost my entire adult life told me that the dealer or a credit union would offer me a better rate on an auto loan, and that their lowest personal loan rate was better than their auto loan rates!

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[Tamadrummer88]

Damn!!
Are you buying a car or a freaking Gulfstream G4 private plane

Debt-income ratio plays a HUGE part in getting an auto loan and a mortgage. It also plays a huge factor in your credit score too.

 

[RocketGuy3]

I have excellent credit, and I just got denied a loan from a credit union because they couldn't verify my company exists. :doh:

I guess that's the problem with working for a fledgling startup... I think I was too honest with them. "Is that a cell phone or a land line?" "Uhh... land line. Definitely the office number for HR."

Good to know that things will be easier with the dealership if I decide to go that route.

 

[easymoney]

Best rate i could get here in the deep south was at my dealer. 1.9% I was going with state farm bank at 2.19 but the dealer got me better. No pay stubs needed and I am self employed.

 

[SVTFreak]

Best rate i could get here in the deep south was at my dealer. 1.9% I was going with state farm bank at 2.19 but the dealer got me better. No pay stubs needed and I am self employed.

I'll be pushing dealership for better. I know they like to get that money too. If I ever get a damn car...

 

[RisingForce]

My credit union is offering me 1.9 I have a credit score of just over 700 I'm 22 but I'm putting it in my moms name and cosigning for her due to insurance. Would it help my credit if I go through ford instead of my credit union?

Not really. Your Credit union is giving you a great rate.
The only way you could get a better rate is if you're going for 36 months loan, at which you can get it for 0.9% through Ford.

 

[Tubalkayne]

Not really. Your Credit union is giving you a great rate.
The only way you could get a better rate is if you're going for 36 months loan, at which you can get it for 0.9% through Ford.

CONCUR that is a Great rate, I'm looking at a higher rate due to the fact that I have a rental property that is going through modification/Short Sale. My credit union told me it shou8ld be no issue.

 

[POOPonYOU]

Not really. Your Credit union is giving you a great rate.

If you live with your mom, make sure your name is on the insurance policy. If you live in the same home and get in a car accident, you will NOT be covered unless your name is on the policy as a driver.

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