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Old 07-10-2009, 11:36 AM   #1
Jessie James
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Thumbs down Is it really this hard to get a loan for a new car?

So it's time to get the wife a new car. She's been driving the dog fur infected station wagon for the past two years. We found a nice Mini at a reasonable price ($26k or so). We applied for a loan.

BMW - no
Chase - no
BBT - yes, $6k down payment please
2 others - no
CapitalOne - yes, then no, now it's still under review.

I don't get it. She's 27, has a late pay from 2003 and then everything else is on time. She only has a few cards and has only been making the minimum payments because we have been saving for the house for the past 6 months, but ... really?

I have a bankruptcy and totally screwed up credit and was able to get a loan 6 months ago.

Are things really that hard now?
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Old 07-10-2009, 11:38 AM   #2
elucas730
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stop being poor
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Old 07-10-2009, 11:38 AM   #3
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only for irresponsible people with ****ty credit
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Old 07-10-2009, 11:41 AM   #4
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Quote:
Originally Posted by RS25.com View Post
We found a nice Mini at a reasonable price ($26k or so).
Mistake right here.

I'm never going to buy a new car again. I like them less than old cars and the idea of paying a bank a bunch of extra cash for the privilege of driving something I don't like is a joke.
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Old 07-10-2009, 11:47 AM   #5
Matt A
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Quote:
Originally Posted by St3fan View Post
Mistake right here.

I'm never going to buy a new car again. I like them less than old cars and the idea of paying a bank a bunch of extra cash for the privilege of driving something I don't like is a joke.
yeah, but its easier to get a loan for a new car than a used car.
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Old 07-10-2009, 11:49 AM   #6
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Look for cheaper car?
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Old 07-10-2009, 11:50 AM   #7
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Wife?

Yeah, you're what's screwing her up....even if you aren't on the loan, they're looking at your credit.
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Old 07-10-2009, 11:54 AM   #8
jacobsen1
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$26k MINI?

'S'? Or LOADED? Either way, get her a cheaper car if you're house shopping, she's making minimum payments, and you've had a bankruptcy... The fact she's got CC debt alone hints that a new $26k car is probably more than she needs or can afford realistically.

(my wife drives a MINI, but it's the ~$17k flavor )
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Old 07-10-2009, 11:55 AM   #9
cnw
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Quote:
Originally Posted by jacobsen1 View Post
$26k MINI?

'S'? Or LOADED? Either way, get her a cheaper car if you're house shopping, she's making minimum payments, and you've had a bankruptcy... The fact she's got CC debt alone hints that a new $26k car is probably more than she needs or can afford realistically.

(my wife drives a MINI, but it's the ~$17k flavor )
have you ever spec'd out a mini? they quickly shoot north of $texas when you start fuggin' with options.
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Old 07-10-2009, 11:57 AM   #10
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Is your house in both of your names?
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Old 07-10-2009, 11:59 AM   #11
jacobsen1
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Quote:
Originally Posted by chicken n waffles View Post
have you ever spec'd out a mini? they quickly shoot north of $texas when you start fuggin' with options.
<------- did you miss this part?

or this:

Quote:
Originally Posted by jacobsen1 View Post
(my wife drives a MINI, but it's the ~$17k flavor )
yeah, I've spec'd out hers, you know, when we ordered it? And I've also spec'd out my own when we were considering a second.... One under $25k for me ('S' no less with lots of nice options) and then of course the ~$35k cooper works version I'd get if I had stupid money. Yes MINI's have one of the deepest parts/options list on the planet, but it's pretty easy to get one reasonably priced if you're not an idiot. But yeah, the base cooper is also up to a shade under $20k now ($19,980 last I saw) where it was $15,990 when we got ours.
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Old 07-10-2009, 12:00 PM   #12
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Quote:
Originally Posted by Matt A View Post
yeah, but its easier to get a loan for a new car than a used car.
All the cars I want seem to be about two grand these days.
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Old 07-10-2009, 12:01 PM   #13
cnw
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Quote:
Originally Posted by jacobsen1 View Post
<------- did you miss this part?

or this:



yeah, I've spec'd out hers, you know, when we ordered it? And I've also spec'd out my own when we were considering a second.... One under $25k for me ('S' no less with lots of nice options) and then of course the ~$35k cooper works version I'd get if I had stupid money. Yes MINI's have one of the deepest parts/options list on the planet, but it's pretty easy to get one reasonably priced if you're not an idiot. But yeah, the base cooper is also up to a shade under $20k now ($19,980 last I saw) where it was $15,990 when we got ours.
yes, i saw it. thanks for asking .

then you should know how easy it is to come home with a ridiculously-expensive clown car. tsk tsk.
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Old 07-10-2009, 12:01 PM   #14
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Quote:
Originally Posted by St3fan View Post
All the cars I want seem to be about two grand these days.
when did this turn into a thread about you?
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Old 07-10-2009, 12:02 PM   #15
cnw
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Originally Posted by Matt A View Post
when did this turn into a thread about you?
he's a brit. that's what they do. cheerio.
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Old 07-10-2009, 12:02 PM   #16
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are you trying to $0 down this car?

That used to be a plus for credit providers, now they are looking for stronger, less risky opportunities, and not so focused on raking in high interest rates.


What percentage rate are bbt and capital one offering you , if you don't mind me asking?
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Old 07-10-2009, 12:02 PM   #17
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Quote:
Originally Posted by Matt A View Post
when did this turn into a thread about you?
It's St3fan, what the **** do you expect?
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Old 07-10-2009, 12:03 PM   #18
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Have you tried a local credit union?
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Old 07-10-2009, 12:03 PM   #19
jacobsen1
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Quote:
Originally Posted by chicken n waffles View Post
then you should know how easy it is to come home with a ridiculously-expensive clown car. tsk tsk.
if you let your WAPCE wife get everything she wants, then maybe?
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Old 07-10-2009, 12:03 PM   #20
rexfan555
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She may not have bad credit but it doesn't sound like she has any good credit either. If she is a first time car buyer she will probably need a cosigner. Especially if she has some negative credit, even if it is from a few years ago.
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Old 07-10-2009, 12:04 PM   #21
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If you are still saving for a house, buying a new car will be counted against you when you go for a house loan. Especially if you apply for a home loan within a year after you've bought a new car. Find a nice certified used car and pay off your debt.
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Old 07-10-2009, 12:05 PM   #22
cnw
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Originally Posted by jacobsen1 View Post
if you let your WAPCE wife get everything she wants, then maybe?
that's one road i haven't traveled *fist pump*
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Old 07-10-2009, 12:05 PM   #23
ekw
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Quote:
Originally Posted by RS25.com View Post
I don't get it. She only has a few cards and has only been making the minimum payments because we have been saving for the house for the past 6 months, but ... really?
umm, yes, really.
I would be hearing alarm bells when I saw this.
perhaps the bank hears them too.
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Old 07-10-2009, 12:06 PM   #24
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Quote:
Originally Posted by RS25.com View Post
So it's time to get the wife a new car. She's been driving the dog fur infected station wagon for the past two years. We found a nice Mini at a reasonable price ($26k or so). We applied for a loan.

BMW - no
Chase - no
BBT - yes, $6k down payment please
2 others - no
CapitalOne - yes, then no, now it's still under review.

I don't get it. She's 27, has a late pay from 2003 and then everything else is on time. She only has a few cards and has only been making the minimum payments because we have been saving for the house for the past 6 months, but ... really?

I have a bankruptcy and totally screwed up credit and was able to get a loan 6 months ago.

Are things really that hard now?

What percentage of currently available credit is tied up? meaning if you have a total of 30,000 in credit available how much of it is in use? I believe minimum payments reflects badly on you too.

If you've been declined credit you have a right to request copies of the credit reports and scores used to decline that credit.

It's always possible she's got stuff on her report you don't know about; she may not know of it either.
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Old 07-10-2009, 12:08 PM   #25
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I am curious, whats her credit score and yours, do they combine/average them out?

Also didn't you just buy a house? Maybe thats whats making the lenders nervous?
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