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07-10-2009, 11:36 AM | #1 |
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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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07-10-2009, 11:38 AM | #2 |
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stop being poor
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07-10-2009, 11:38 AM | #3 |
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only for irresponsible people with ****ty credit
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07-10-2009, 11:41 AM | #4 |
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07-10-2009, 11:47 AM | #5 |
This space for rent
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Vehicle:. 2005 OBXT LTD 2017 Chevy Bolt EV |
yeah, but its easier to get a loan for a new car than a used car.
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07-10-2009, 11:49 AM | #6 |
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Look for cheaper car?
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07-10-2009, 11:50 AM | #7 |
*** Banned ***
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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. |
07-10-2009, 11:54 AM | #8 |
Scooby Newbie
Member#: 16711
Join Date: Mar 2002
Chapter/Region:
NESIC
Location: Bozeman MT
Vehicle:2005 OB XT 5MT 2015 Outback |
$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 ) |
07-10-2009, 11:55 AM | #9 | |
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Quote:
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07-10-2009, 11:57 AM | #10 |
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Is your house in both of your names?
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07-10-2009, 11:59 AM | #11 | |
Scooby Newbie
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Vehicle:2005 OB XT 5MT 2015 Outback |
Quote:
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. |
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07-10-2009, 12:00 PM | #12 |
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07-10-2009, 12:01 PM | #13 | |
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Quote:
then you should know how easy it is to come home with a ridiculously-expensive clown car. tsk tsk. |
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07-10-2009, 12:01 PM | #14 |
This space for rent
Administrator Member#: 15382
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Vehicle:. 2005 OBXT LTD 2017 Chevy Bolt EV |
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07-10-2009, 12:02 PM | #15 |
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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? |
07-10-2009, 12:02 PM | #17 |
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07-10-2009, 12:03 PM | #18 |
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Location: Land of No Turn Signals
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Have you tried a local credit union?
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07-10-2009, 12:03 PM | #19 |
Scooby Newbie
Member#: 16711
Join Date: Mar 2002
Chapter/Region:
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Location: Bozeman MT
Vehicle:2005 OB XT 5MT 2015 Outback |
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07-10-2009, 12:03 PM | #20 |
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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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07-10-2009, 12:04 PM | #21 |
Scooby Newbie
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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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07-10-2009, 12:05 PM | #22 |
Scooby Specialist
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07-10-2009, 12:05 PM | #23 | |
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Quote:
I would be hearing alarm bells when I saw this. perhaps the bank hears them too. |
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07-10-2009, 12:06 PM | #24 | |
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Quote:
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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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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